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Report names Ada County as nation's No. 1 'where housing is no longer affordable'

In Ada County, where homes have appreciated in value by nearly 60% in the last three years, median income for a resident sits at $35,086.

BOISE, Idaho — A new report examining homeownership affordability across the nation is underscoring what many residents of southwestern Idaho already know.

In Ada County, in particular, the housing market has seemingly grown only more expensive and competitive, with the median home price increasing to $575,000 last month - a 22% jump from the year before, and a new all-time record. 

Now, the company MoneyGeek - which bills itself as a collection of personal finance experts and analysts - has released a report citing Ada County as the U.S.'s top county where housing had become unaffordable. 

The analysis focused on counties with populations larger than 250,000 that had population growth above the national average. The homeownership unaffordability analysis was drawn from looking at counties' home price appreciation since 2019, the ratio of homeownership costs to rent, and homeownership costs as a percentage of median income.

Credit: Boise Regional Realtors

In Ada County, where homes have appreciated in value by nearly 60% in the last two years, median income for a resident sits at $35,086. Home prices are rising much faster than wages in Boise and the surrounding area, contributing to the affordability gap. 

MoneyGeek recorded monthly homeownership costs at $2,368 in Ada County, noting that housing costs make up 81% of the median income in the area.'

The Boise area is not the only county feeling the heat from a scorching housing market. The Top 10  counties "where housing is no longer affordable" are listed below. 

1. Ada County, Idaho (Boise)

 

2. Collier County, Florida (Naples)


3. Travis County, Texas (Austin) 


4. Williamson County, Texas (Austin) 


5. Washoe County, Nevada (Reno)


6. Douglas County, Colorado (Denver)


7. Davis County, Utah (Ogden/Clearfield)


8. Larimer County, Colorado (Fort Collins)


9. Salt Lake County, Utah (Salt Lake City)


10. Kitsap County, Washington (Bremerton/Silverdale)

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