Boise, ID, is as ripe for real estate investment now as ever before. It is Idaho’s crown jewel and state capital, ranking as the largest city in the state with a population of 730,483 as of 2022. Its qualities are attracting individuals from across the country to live, work, and invest in one of the most desired locations around.
According to Forbes, the population of Boise has grown 8% in the past three years. Most of these transplants are from California, for whom the Boise area's housing prices are comparatively low. Millennials in particular are fleeing larger cities in favor of smaller metros without sacrificing urban conveniences or job opportunities.
Forbes also notes that, unlike many urban areas that lost jobs during the COVID-19 pandemic, employment in Boise is three percent higher than it was before. This illustrates the resilience of Boise’s urban appeal and robust growth.
People of all life stages seek to live in locations where they can be sure of job growth, high quality of life, and a cohesive balance of work and play. Idaho’s capital city has more than enough of these characteristics to make it a lucrative investment for residents and businesses alike.
Boise is regularly acknowledged by major publications such as Forbes, Money, and Kiplinger’s for its access to reasonably priced real estate in the United States. Furthermore, Boise’s rankings from the US News and World Report has earned renowned status in the below categories out of 150 metro areas in the US, including:
#5 in fastest-growing places
#14 in safest places to live
#15 in best places to live
#17 in best quality of life
Not only do these rankings reflect some of the best qualities Boise has to offer, they help publicize and attract new people and businesses to the city. Anyone considering Boise for their next move is likely to see it referenced in reputable publications.
Technology and Business
The city of Boise has an impressive track record when it comes to employment. The unemployment rate in Boise was 5.9% in 2021, well below the national average of 8.7%. Boise’s job market also pays well, with the highest salaries in mining and extraction, utilities, manufacturing, and professional services.
Boise is headquarters to several major employers, including HP’s printer division, retail giant Albertsons, tech manufacturer Micron Technology, and engineering services company Washington Group International. The Idaho State government is also a major employer.
On top of robust employment opportunities, the status of Boise as a technology hub bodes well for the future of its status as a growing city for jobs. This is good news to anyone considering investing in the area.
Culture and Recreation
The Boise metro area is home to small businesses, fine-dining restaurants, independent coffee shops, and craft breweries. Residents and visitors alike enjoy the world-class Boise Art Museum and the quirky city-sanctioned murals that surround the urban landscape.
One of the biggest compromises of most city living is having limited access to the great outdoors. Boise serves as an exception for its residents, who are right on the edge of the expansive Boise National Forest. Closer to home, locals can enjoy the Boise River Greenbelt, a 25-mile tree-lined path along the river that runs right through town.
Quality of Life
The crime rate in Boise has historically been low, and shows no signs of changing. Boise is well below the national average for both property crime and violent crime, and has frequently been listed as one of the nation’s safest cities to live.
Boise is a city of neighborhoods with a strong sense of community. Residents and workers in Boise enjoy the perfect balance of urban living and access to the great outdoors. Anyone looking to get away for a vacation has access to the city’s Boise Airport to jet off to any number of US cities and destinations.
Work/life balance, too, is a breeze. Commute times average an impressive 22.6 minutes, more than 4 minutes shorter than the national average. With the increased prevalence of flexible and remote work, though, those commutes may be getting even shorter, when they’re needed at all, for workers in the area.
There are six colleges in the Boise area, including Boise State University and the University of Idaho, Boise. Boise State University alone has over 24,000 students and 3,000-plus faculty and staff. In addition to a well-educated population and workforce, these higher-education facilities are major employers in the area. The cyclical nature of the population of these institutions also means that new people are constantly coming into the area as students and visitors. Many graduating students may fall in love with their college town and stay to build their lives as adults, as well.
Real Estate Prospects
While the prices seem low to California transplants, or even to those from Pacific Northwest cities like Seattle and Portland, what matters for investing in Boise is growth. According to Realtor.com, the median home price in Boise was $585K in April 2022, which reflects a 22.7% year-over-year upward trend. The median price per square foot for April 2022 was $324.
There’s a little something for everyone in Boise, with the city’s many neighborhoods offering a variety of lifestyles and benefits. Popular neighborhoods include the Highlands, the North End, and the East End.
Boise isn’t going anywhere, and neither are its many happy residents and businesses. With impressive growth and resilience, an influx of young residents, and real estate prices holding strong, Boise, ID is an excellent prospect for investment. If you’re already a property owner and want help managing your property, get in touch with Rooftop Real Estate Management today.