by Kevin Hughes
on Saturday, June 4th, 2011 at 3:45pm.
When considering Idaho real estate, potential real estate investors and home buyers should take into consideration several factors that can effect real estate options and prices. Among these factors should be Idaho income trends over the last ten years, and how Idaho income is projected to perform over the next ten years.
Despite the economic downturn, Idaho, Boise in particular, has maintained a relatively steady median household income trend. The median household income for Boise in 1999 was $42,432. The latest numbers for 2008 show the Boise area median household income to be $47,420. Over the ten year analysis, the highest median income was in 2007 at $51,073 and the lowest in the same period was in 1999 at $42,432. Overall the median income trend in Idaho is positive and shows consistent growth for the region.
There are several interesting reasons why the income trends in Boise Idaho have been generally steady and positive.
1. Idaho businesses continue to maintain consistent productivity with some promising growth. Mining, quarrying, oil and gas extraction businesses as well as food production and services have been a staple part of the Idaho economy for decades. The high technology industries, however, have greatly added to Idaho’s growth, particularly the growth in urban areas like Boise. High Technology accounted for 7% of Idaho employment and 17% of Idaho wages in 2008. This is expected to continue as High Tech investments in Idaho continue.
2. Urban population growth in Boise, Idaho Falls, and Coeur d’Alene has helped to keep the income trends stable.
This trend would mean the demand for real estate in Boise and surrounding Idaho areas will grow in the coming years.
3. Unemployment has recently fallen in Idaho, which indicates even more positive trends for income. Private sector jobs in manufacturing and construction have increased, and new jobs from the High Tech industry have contributed to this new trend.
With these steady, consistent median income trends, Boise Idaho real estate investment opportunities should follow suit with even more positive results. Investors who are considering Boise Idaho area properties as well as prospective Boise Idaho area home buyers should consider these median income numbers when making their home and property investment decisions.