Boise, Among Nation's Best, Continues RecoveringPosted by Kevin Hughes on Wednesday, January 2nd, 2013 at 5:34pm.
The market crash of 2008 was rough by all accounts, but there is good news, however, for all those involved in the Boise Idaho real estate industry. The slow recovery over the years has been carefully tracked and brookings.edu recently noted that Boise now ranks in the top twenty nationally in economic recovery, according to a combination of qualifiying factors including unemployment rates, gross domestic product (output), and house prices. Boise tops New York City, Omaha, Miami, and Los Angeles, and stands fifth overall in the last quarter of 2012. As Boise's conditions continue to improve, it's real estate market becomes even stronger and more valuable.
Employment and UnemploymentSince 2009, Boise's employment rates have steadily increased. Although there have been several small dips in the jobs market, the trend maintains an overall upward climb. Opportunities for work in the Boise area are, though not what could be termed exceedingly plentiful or perfect, more frequent than in the average United States city. You are more likely to obtain a job after buying a house there than in 60 percent of locations throughout the nation (brookings.edu). This is incredibly important for a major portion of Idaho real estate purchasers: relocators who must find a job in Boise to be able to move here and enjoy all that this urban center in the wilderness offers.
Unemployment in Boise has fallen 2.2 points in the last quarter and is on a continued downward slope, entering 2013 at 6.8 percent, a three and a half year low, according to statistics from stateimpact.npr.org. Its continued lowering will boost the spirits of thousands of Boiseans while lifting Boise's economy quite signfigantly.
GDPBoise's gross domestic product stands $10,000 dollars above the national average (brookings.edu). With increases in education, real estate, business, manufacturing, and agriculture, Boise citizens have wiggle room where citizens of other major United States cities do not. The output by Boise businesses keeps the city an enthusiastic host to fine art, science, and cultural innovation. The community enjoys a myriad of activities, sponsored both publicly and privately, that feature local and guest musicians and artists.
House PricesThe Boise real estate market is at a huge advantage right now over regional markets. Ranked second in the nation for the lowest house prices by Brookings Metro Monitor, Boise is a great place for buying and getting more for what you buy. The average home in Boise sells for is still significantly less than it was in 2008; the availability of quality homes to buyers has never been so high. You can finally get your dream home at an affordable price in the beautiful Treasure Valley.
Boise's standing as one of the nation's top locations for economic improvement--fifth in the nation as asserted by Brookings Metro Monitor--sets it apart as one of the best places in the United States to live. Although the nation took a hard fall, recent economic and real estate boosts are letting Idahoans look forward more than look back. If current trends continue, Boise's thriving culture can only grow stronger. The opportunities for recreation, work, and enjoyment ensure that investment in Boise Idaho real estate now will bring great rewards in the future.