Idaho Rental Costs Causing Great Harm to the Poor
You’re paying far too much. You probably already reached the same conclusion. Idahoans who rent are spending in some cases a whopping one third of their income for housing. It’s squeezing out other needs for a great many people who don’t make much money. No matter where you look, you see new housing going up. Some of these buildings are designed as rental properties. What may be elusive is a simple solution.
For the market to cool, we would likely need a deep recession or worse.
People are coming here faster than builders can keep pace. Additionally, a builder in North Idaho posted on social media last week that he’s seeing a spike in costs for materials.
"Just checked 15/32 CDX at Home Depot - now $51.25/sheet. I thought it was 30 - 50% too expensive in September when I paid $21 something a sheet. In 2015 I bought a unit for $14 a sheet, and over the last fifteen years I have usually paid $14-17."
Two people have told me recently they don’t believe the bubble can last. They don’t work in government. People serving in public office don’t share the belief we’ll see the market cool off anytime soon. For the market to cool, we would likely need a deep recession or worse. Keep in mind, the Great Depression only increased migratory patterns. People went hunting for work in agricultural areas because people still eat during bad times. Southern Idaho could especially become an even greater magnet in just such a scenario.
Last year as COVID-19 was spreading across the country I would've thought people would stay put but it only accelerated the desires of some to move. In a post last week I mentioned 1,000 people a day are moving to Idaho.