Idaho's Rapid In-Migration Drives Common Market Trends

Image of Downtown Boise, Idaho

The Idaho Business Review highlighted TOK's Market Health data in a recent article addressing what has now become a commonplace topic - Idaho's incredible in-migration which is driving population growth at a rate three times the national average.

The Business Review article offered more detailed insight into the upper-middle and middle-class households which are the primary demographic groups moving into the state.  Additionally, the reporting focused on data that shows Idaho's median household incomes have increased roughly 26% since 2015 (according to SmartAsset).  Idaho is a "Top 10" state for upper-middle class households (defined as incomes between $100,000 and $200,000 by SmartAssets) looking to relocate.  Idaho is also the nation's #2 state with the highest middle-class household migration.  These trends are largely driven by Idaho's attractive housing market and have resulted in Idaho's ranking as the second-best state for homeowners - while home prices have experienced a 10% increase in median value per square foot in 2019.

The increased in-migration, strong income levels, and housing sales prices have also caused multifamily rental rates to soar.  Amidst the crushing demand, TOK's October Market Health data found that COVID-19 related issues initially resulted in a downturn for multifamily permits, in both number and value.  Fortunately, the last months of 2020 posted evidence of a turning point in the number and value of permits.

To learn more about Idaho's commercial real estate market conditions, subscribe to our Market Health email reports here.

      

 

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