Boise, Idaho became one of the havens for remote workers during the pandemic. Boise saw a 194% migration to the city compared to people leaving the city and has been called one of the best places to live for millennials. They have found much lower living costs, a better work-life balance, as well as easier access to nature. This has been a popular trend among millennials looking to find better housing prices compared to coastal cities. Boise led the migration wave from big cities back at the start of the pandemic and is leading another wave, dropping home values.
Typical home values in Boise, Idaho increased only .4% last month, down from 4.1% back in June, making it the first to play with decreasing home values. The pace of gains in the housing market was not sustainable and although the slow down is hitting western mountain towns currently, we are likely to see a slow down in other places like Texas and Florida. Although growth is slowing, this does not mean that prices will automatically start to drop. Many buyers are coming from other states, like California, with higher wages and more spending power, the same story goes for the Miami-Dade county. However, with rates increasing at their fastest pace in 40 years, we are likely to continue to see a decline in growth.. At least we hope so.