The undeniable influence of Short-Term Rentals (STRs) on Bear Lake County's economy stretches further than what one might expect at a cursory glance. For a well-rounded understanding of STRs' monumental economic sway in the region, let’s immerse ourselves in both localized and broader data.
1. Bear Lake’s STR Footprint
According to US census data1, Bear Lake County boasts 4,011 housing units, with 80.1% owner-occupied. This leaves us with 798 non-owner occupied units, of which merely 291 are active short-term rentals. Yet, this minority exerts an influential economic force upon our county.
2. The Job Landscape
STRs and their associated sectors directly and indirectly support roughly 35% of the jobs in Bear Lake County. Direct employment in STR management accounts for 7.9% of the workforce, and supporting industries, such as construction (13.3%), installation, maintenance and repair (6.67%), building and grounds maintenance (6.21%), and food services (3.95%), considerably add to this figure2.
3. Tax Contributions and Property Valuations
Non-resident-owned STR properties, with their median value of $761,300, stand out starkly against the county's median owner-occupied home value of $160,2001. This disparity empowers Bear Lake County to accumulate substantial fiscal resources via differential tax rates. Beyond this, state taxes, including the 6% Sales and Use tax and the 2% Idaho Travel and Convention tax3, offer invaluable support to Idaho's educational apparatus.
4. Local Business Booster
The southern part of Bear Lake County, which captures the lion’s share of STR-related visitor influx, witnesses a palpable uptick in local business revenues, demonstrating the deep-rooted economic integration of STRs within this region.
5. A Glimpse Beyond Our Borders
The VRMA studies in states like California, Texas, and Florida offer a fascinating comparative perspective456.
- In California4, every STVR stay pumps $3,048 into the economy. This visitor spending results in a substantial $255 tax savings per household.
- In Florida6, each STR stay pushes $1,491 into the economy. The net outcome? A commendable $481 tax savings for every household.
- Texas5 echoes similar patterns with each STR stay contributing $1,491, translating to a $114 tax savings per household.
When we project these figures onto Bear Lake County's backdrop, the economic implications become even more pronounced. Every dollar spent on STRs fuels additional spending in associated sectors, amplifying overall industry growth.
6. Bear Lake's Economic Horizon
Given Bear Lake's steady 5% annual growth rate1, further nurturing of STRs is not just beneficial—it's crucial. Constraining STRs will hamper the influx of potential investors, leading to stagnation in job creation, especially with traditional sectors like mining and agriculture on a downtrend7. The bright beacon in this scenario is the growth in STR-related occupations, burgeoning at a rate of 16% annually2. This paves the way for a brighter future for our youth, offering them opportunities in a thriving and sustainable industry.
7. Concluding Thoughts
While this article primarily focuses on Bear Lake County's economic dimensions, it's important to note the potential intrastate gains from STRs that remain unexplored here. The overarching narrative remains clear: Bear Lake County stands at an economic crossroads. The continued nurturing and integration of STRs within our economic fabric will determine the vibrancy and prosperity of our future.