Aside from Idaho’s seasonal declines in home inventory, the market is expected to remain steady with inflation rates rising. Higher rates will also continue to raise median home values which have already been up 32% this past year. Even though the federal government extended forbearance and foreclosure protections, they expired in August of 2021. The end of these types of protection plans have subsequently restricted the housing supply, making it harder to meet the rush of demands.
It is predicted that if home prices keep rising, Idaho homeowners will begin to earn more equity from their real estate investments. The more homeowners we have, the more equity there is for them to potentially gain. We hope to see a lift in Idaho and surrounding states after the overwhelming number of foreclosures and job losses that struck the American middle class with force during the beginning of the pandemic.
The overall economy for Ada County has maintained a high ranking in Laffer-ALEC’s State Economic Competitiveness Index. Their report is published each year with all 50 states numbered according to performance and future outlook. 2020 proved to be one of Idaho’s best rankings, taking 3rd in the nation for economic growth, and 11th for economic performance.
Idaho has a standing history attached to agriculture, but it is quickly becoming a state known for business where franchises see opportunities for financial growth. The next 3 to 5 years are expected to bring a variety of new developments. Unconfirmed but on the radar, is a family-oriented sports pub called Beef ‘O’ Brady’s. They have scouted the Boise area and would potentially open 20 locations throughout the entire state, offering close to 700 new jobs.
Why is Idaho a focus for franchises now? Well, it’s simple really, our regulations are not as restrictive. We are a “non-registration” state carrying less “red tape” when it comes to opening a business. This gives new businesses a chance to open faster without paying extra rental fees than the typical period of time that is required in other states before being approved to open.
Businesses aren’t the only thing expected to evolve here. 2022 is serving as a massive relocation center for 400 Afghan refugees who assisted U.S. Military overseas. Boise and Twin Falls are set-up to assist with their relocation needs. Idaho has some other big changes lined up across different counties. Check out what’s coming to your area!
Published: January 28, 2022
By: Faith Malloy