The house next door might not be owned by your neighbor or someone who lives in Idaho at all.
Last year, BoiseDev reported that as many as one in five homes in Boise are owned by someone who does not plan to live there. This matches with national real estate transfer data tracked by real estate consulting firm John Burns Real Estate Consulting, which estimates a fifth of homes sold nationwide go to investors. The percentage of investors buying homes climbs to 31% for homes priced under $200,000 nationwide.
Who are these investors in the Treasure Valley? How many of them are Idahoans looking for extra income, and how many are linked to out-of-state interests cashing in on the real estate boom?
BoiseDev spent the past four months digging through hundreds of real estate property records in both Ada and Canyon counties, searching for investors to learn more about who owns homes in our neighborhoods and where they are. This analysis is not a complete picture of every single investor or property owner in the Treasure Valley due to the sheer number of records to review. Still, it uncovered the prevalence of large-scale investor-owned properties, particularly in the Treasure Valley’s outer suburbs.
Records reveal at least over 400 single-family homes in the Treasure Valley owned by investors out of state, with the vast majority held by publicly traded California-based company American Homes 4 Rent.
Are homes a new asset class of investments?
It’s not just in Idaho, where investment companies have taken a foothold, fundamentally changing the real estate market.