This document provides an overview of the Boise, Idaho real estate market. It discusses Boise's strong population and job growth, low cost of living, and high quality of life. Some key points:
- Boise has experienced rapid population growth, with a 3.6% increase in the last year. Domestic migration to the area increased 304% in recent years.
- The local economy is also strong, with 2.5% unemployment and 4.5% annual job growth. Major local employers include Micron, hospitals, and universities.
- Housing demand has outpaced supply, keeping apartment vacancy low at 2.2% and fueling price increases. The median home price in Ada County
2. BOISE AREA PROFILE
• Key Metrics
• Idaho Jobs Profile
• Why Idaho
• Education Emphasis
• National Scene
• Cost of Living
• Major Employers
• Business and
Technology
• Higher Education
• Healthcare
• Public Safety and
Quality
• Transportation
• Population
• Population Growth
• Demographics
• Net Migration
• Household Formation
• Corridors of Growth
01
Why Idaho
02
Boise Area Profile
03
Population Growth
04
Jobs and Housing
• Access to Capital
• Idaho Tax Climate
• Job Growth
• Absorption Rate
• Trends
• Rent Comparisons
Pages 3-14 Pages 16-21 Pages 23-28 Pages 30-35
3. BOISE AREA KEY METRICS
2.2% Vacancy
2.5% Unemployment
4.5% Job Growth
Average Commute
17.2 Minutes
1.2 Months Home
Inventory Supply
304% Increase in
Domestic Migration
3
Bureau of Labor Statistics, Oct 2018
4. IDAHO JOB
PROFILE
#1
Nation's
Fastest-Growing State
#2
Best State to Land
Your Dream Job
#8
Best State for Future
Job Growth
#1
Best Places in US
to Live
#6 Public Safety and
Quality
#7 Economic and
Fiscal Stability
#12 Overall
Best State
2018
2019
2018
20192018
4
2019
5. WHY BOISE IDAHO
Spirit of Boise Balloon Classic
#1
Nation's Fastest-
Growing State
2018
2019
#8
Best State For
Future Job
Growth
2018
#1
Fastest Growing
Software
Industries
2018
#2
Best State to
Land Dream Job
2018
#1
State for
Wage Growth
MAR
2018
Commerce
Department
#2
Top Growth
Cities
JAN
2018
Top 20
Best Cities for
Young
Professionals
May
2017
Top 25
Best US Towns
"Best Rocky
Mountain Secret"
JUN
2017
Top 20
North America's
Coolest
Downtowns
APR
2017
Top 9
9 Best Places
to Live Now
2019
#1
Best Places
to Live
2019
#1
Fastest Rate
of Job Growth
2018
Top 10
Best Cities for
Recreation
JUL
2018
#12
Best
Performing
Cities
JAN
2019
#2
Best State Capitals
to Live in
FEB
2019
#1
Top
Performing
Economy
AUG
2017
#1
Best
Hot Springs In
America
FEB
2019
#1
The Best,
Affordable Places
To Live
MAR
2019
6. WHY IDAHO
One of the nation's highest %
of residence participating in
outdoor recreation
-Outdoor Industry July 2017 Report
photo by Jackson Hole Traveler
6
7. WHY IDAHO
Metrics include:
• Protected land
• Campgrounds per 1,000 people
• Outdoor recreation spending
• Outdoor jobs
• Trails per 1,000 people
• Air pollution
• Number of bike shops
• Number of running clubs
Idaho is the 3rd best
outdoor state in America
Island Park
World's largest caldera extending 58 x 40 miles
photo by islandparkidaho.com
7
8. WHY IDAHO
Journeys of a Lifetime
Middle Fork Salmon River
World's Top 10 Best White-Water
Rafting Destinations
photo by visitidaho.org
8
9. WHY IDAHO
Sun Valley is one of the
country’s best ski resorts, and
it is probably the most
distinctive.
World's Best Ski Resorts, 2016
photo by visitsunvalley.com
9
10. EDUCATIONAL EMPHASIS
Almost every city in Idaho
with a population over
20,000 has a college or
university.
87%
Graduation Rate
10
50,000+
Students Enrolled
In the Boise Metro, over
50,000 students are enrolled
in higher education
institutions
13. IDAHO'S
COST OF LIVING
Cost of Housing
87.9%
Cost of Living
92.5% *US Average
13
14. MAJOR EMPLOYERS
Micron Technology
St Lukes Regional Medical Center
St Alphonsus Regional Medical Center
Boise State University
WinCo Foods
J.R. Simplot
Lamb Weston
Boise Cascade
Hewlett-Packard
Trus Joist Corp
Plexus
14
15. BOISE AREA PROFILE
• Key Metrics
• Idaho Jobs Profile
• Why Idaho
• Education Emphasis
• National Scene
• Cost of Living
• Major Employers
• Business and
Technology
• Higher Education
• Healthcare
• Public Safety and
Quality
• Transportation
• Population
• Population Growth
• Demographics
• Net Migration
• Household Formation
• Corridors of Growth
01
Why Idaho
02
Boise Area Profile
03
Population Growth
04
Jobs and Housing
• Access to Capital
• Idaho Tax Climate
• Job Growth
• Absorption Rate
• Trends
• Rent Comparisons
Pages 3-14 Pages 16-20 Pages 22-27 Pages 29-34
21. BOISE AREA PROFILE
• Key Metrics
• Idaho Jobs Profile
• Why Idaho
• Education Emphasis
• National Scene
• Cost of Living
• Major Employers
• Business and
Technology
• Higher Education
• Healthcare
• Public Safety and
Quality
• Transportation
• Population
• Population Growth
• Demographics
• Net Migration
• Household Formation
• Corridors of Growth
01
Why Idaho
02
Boise Area Profile
03
Population Growth
04
Jobs and Housing
• Access to Capital
• Idaho Tax Climate
• Job Growth
• Absorption Rate
• Trends
• Rent Comparisons
Pages 3-14 Pages 16-20 Pages 22-27 Pages 29-34
23. 3.6% Population
Increase over
the last year
POPULATION GROWTH
23
Kensington at North Pointe Apartments, apartments.com
#1
Fastest Growing
City in America
FEB
2018
#1
Best Places
to Live
2019
Ada County Commission, Mar 2019
25. NET MIGRATION
304% Increase in
Annual Net Migration
Annual net domestic migration has
steadily grown from 6,500 in 2015
to 26,246 in 2018
Other
36%
Arizona
4%
Asia
4%
Texas
4%
Nevada
4%
Washington
7%
Utah
9%
Oregon
9%
California
23%
Source of In-Migration
83% In-Migration
Came From Out-of-State
78% Were People Under 50
25
28. BOISE AREA PROFILE
• Key Metrics
• Idaho Jobs Profile
• Why Idaho
• Education Emphasis
• National Scene
• Cost of Living
• Major Employers
• Business and
Technology
• Higher Education
• Healthcare
• Public Safety and
Quality
• Transportation
• Population
• Population Growth
• Demographics
• Net Migration
• Household Formation
• Corridors of Growth
01
Why Idaho
02
Boise Area Profile
03
Population Growth
04
Jobs and Housing
• Access to Capital
• Idaho Tax Climate
• Job Growth
• Absorption Rate
• Trends
• Rent Comparisons
Pages 3-14 Pages 16-20 Pages 22-27 Pages 29-34
29. ACCESS
TO CAPITAL
$2.4B invested in Idaho
companies through mergers,
acquisitions, private placement,
and public offers in 2017.
61%
in technology
companies.
photo by TSheets
29
30. IDAHO TAX CLIMATE
7% Corporate
Income Tax
6% Sales Tax
1.4% Average
Property Tax
As high as 30%
tax credit on income,
payroll, and sales tax for
up to 15 years
Qualifying
Corporations
30
31. JOB GROWTH
Photo: Jack's Urban Meeting Place, Boise, Wikimedia Commons31
2.5% Unemployment
4.5% Job Growth
#2
Best State to Land
Your Dream Job
#8
Best State for Future
Job Growth
2018 2019
Ada County had an employment increase of 4.5%
from March 2017 to March 2018
Bureau of Labor Statistics, Oct 2018
32. STRONG ABSORPTION
40% Increase
Average rent/sf over the
last 5 years
Red Tail Apartments, apartments.com
32
2.2% Vacancy
2018 Q4
Apartment Deliveries
2008-2012: 1,000
2013-2018: 7,500
650% Increase
Apartments delivered
over last 5 years
33. 0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Aug 2018
2.2%
2.8%
3.2%
2.6%2.7%
2.3%
4.0%
4.5%
5.7%
9.4%
Average
Ada Real Estate Surveys
VACANCY OVERVIEW
Valbridge Report Oct 2018
34. Units
Surveyed
Reported
Vacancy
Bed Count Vacancy
1BR 2BR 3BR
Aug 2018 17,421 2.2% 2.3% 2.1% 2.1%
Jan 2018 17,085 2.8% 2.8% 3.0% 2.3%
Jan 2017 16,515 3.2% 2.7% 3.7% 2.9%
Jan 2016 15,324 2.6% 1.8% 3.1% 2.8%
Jan 2015 14,434 2.7% 2.7% 2.7% 2.5%
Jan 2014 13,933 2.3% 1.6% 2.9% 2.6%
Jan 2013 13,788 4.0% 3.6% 4.1% 6.0%
Jan 2012 13,689 4.5% 4.0% 4.6% 6.3%
Jan 2011 13,689 5.7% 5.6% 5.9% 5.8%
Jan 2010 13,294 9.4% 7.3% 10.5% 13.6%
Ada Real Estate Surveys
VACANCY OVERVIEW
Valbridge Report Oct 2018
35. JOB GROWTH
0.0%
1.3%
2.5%
3.8%
5.0%
Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Aug 2018 Oct 2018
4.5%
3.4%
3.8%
4.2%
2.5%
3.5%
2.3%
3.2%
2.4%
Average
Ada and Canyon Counties Combined Year over Year Job Growth
Idaho Department of Employment, Bureau of Labor Statistics
36. INVENTORY VS MEDIAN PRICES
Single Family Existing / Resale
Ada County
MedianPrice
$0
$80,000
$160,000
$240,000
$320,000
Inventory
0
1000
2000
3000
4000
Mar 2008 Mar 2011 Mar 2014 Mar 2019
$309,900
$180,000
$130,000
$195,000
3,300
2,000
1,500
590
1.3
Months
Supply
38. EXISTING / RESALE INVENTORY
Single Family
Ada County
High: $309,900 in Mar 2019 | Low $126,500 in Jan 2011 | April 2019 $309,900
39. INVENTORY VS MEDIAN PRICES
Single Family New Construction
Ada County
MedianPrice
$0
$95,000
$190,000
$285,000
$380,000
Inventory
0
325
650
975
1300
Mar 2008 Mar 2011 Mar 2014 Mar 2019
$377,000
$310,000
185,000
215,000
1,250
590
720 760
2.6
Months
Supply