How Much Does it Cost to Own a Home in Idaho?
The state of Idaho is experiencing an economic boom. Thousands of people are moving to there for various reasons. Housing costs are much cheaper than the national average. The median home price is only $218,000. However, people who live in Idaho have to deal with cold winters and short summers.
Several companies have relocated to Idaho due to favorable labor costs. By moving to cities like Boise, many companies save millions of dollars per year.
Cost of Land
Another reason that people enjoy moving to Idaho is the cost of land. There are thousands of acres available to purchase in Idaho for a reasonable price. In some areas, an acre of land costs less than $5,000. Some people want to own a home on dozens of acres of land to grow their own food and raise cattle. Other people want a lot of land to enjoy nature. But even if you’re not big on owning your own lot of land, you can always look for many affordable homes in Idaho. For people who want a suburban or city-like lifestyle, in Idaho Falls, owning a home is very possible, for example.
The median household income in Idaho is $51,807. This statistic is approximately $5,000 lower than the national average. However, the cost of living more than makes up for the lower average income.
Some people can work online from anywhere in the world. Many online workers move to states like Idaho to enjoy lower housing costs. With the strong economic growth in the area, many economists predict that wages will increase in the years ahead.
There’s absolutely nothing worse than falling in love with a home, only to realize that you can’t afford the asking price. A lot of sellers won’t budge on their listing price if they know they’re being realistic in the first place. You’ll want to make sure that you have a good budget set aside before you start actively searching. Try to save up for a bigger down payment than you might think you need. According to City Creek Mortgage, you should be aiming for at least 20% to avoid paying for mortgage insurance. If you are able to stick to your budget, then this will be a great opportunity. If you need to spend a little more, this can open up the market.
A USDA loan is a popular lending option for people moving to Idaho. A USDA loan has lower financial requirements for home buyers. This program is intended specifically for borrowers who have a low income and want to live in rural areas.
Many cities in Idaho are small enough to qualify for this lending program. People moving to the area should work with a local bank to check their qualifications for this program.
Various housing trends will determine the future cost of real estate in Idaho. The average home is increasing in value by five percent each year. In Boise, the rate of appreciation is slightly higher. Most economists predict that Idaho’s economy will remain stable in the future, and this should help bolster home prices.