Financial guidance company SmartAsset recently released its Best Cities for First Time Homebuyers in 2020 report, and Boise found itself fourth on the list. The company examined data on 185 cities and then compared them across four distinct categories. The categories include home market favorability, affordability, livability, and employment.
According to their research, Boise has a high under-45 homeownership rate and is a solid performer in home market favorability (including price-to-rent ratio, five-year home value appreciation, and foreclosure rate). Census Bureau data from 2018 shows nearly 46% of Boise households led by people ages 45 or younger own their own house or condo. The Capitol city also has the 24th highest five-year home value appreciation at almost 65%, and the Gem State has the 24th lowest foreclosure rate.
The top five on the list were Grand Rapids, MI, Henderson, NV, Virginia Beach, VA, Boise, and Fort Wayne, IN. Three of the cities in the Top 10 hail from western towns.
It’s fascinating to see Boise’s inclusion on this type of list, even with Treasure Valley home prices soaring, due to robust demand, low-interest rates, and lack of available housing inventory.
Boise’s convenient access to recreation, its blossoming technology sector, and the lower cost of living prove to be very attractive to prospective residents, helping to fuel the demand for housing in the region. As more people can telecommute, a city such as Boise will be very appealing, especially to those wanting to move from more regulated towns and states.
While home prices have steadily increased in recent years, there are still opportunities for first-time homebuyers to be had if they know where to look. Partnering with a REALTOR® will undoubtedly help with the new home search in Boise.
Photo Credit: iStock.com/knowlesgallery
