Lack of housing supply
Burley’s hot real estate market is an inescapable topic these days. No matter if you are looking to purchase your first home, searching for an affordable apartment or just looking at your property tax bill, skyrocketing real estate prices have likely made an impact on your bottom line.
Currently on Zillow, the average rent for a one-bedroom apartment in the city is $625, with even higher prices for two- and three-bedroom apartments. At the same time, while rents have risen 20 percent over the last year, wages for the service industry, paramedics, or childcare workers remain stagnant, putting housing out of reach for a growing portion of Burley’s workforce.