It's no secret that housing values have soared over the past few years across the country. But which state has seen prices rise more rapidly than anywhere else in the nation. Which state? According to data from Zillow’s Home Value Index, Idaho saw the most significant change in typical home value over the past five years.
Based on the real estate platform’s assessment of home values, the value of a typical home in the Gem State jumped from $222,122 in July 2017 to $472,272 in July 2022.
That’s an astonishing increase of just over $250k, which translates to a growth of 112.6%. Idaho’s growth far exceeded not just the rest of the country, at a time when every state saw gains of at least 34%.
How have the wages changed in Idaho during this time?
Well, if we look at Idaho Falls, the current average salary is only $2,983 after taxes. That does not paint a pretty picture for a mortgage of $472,272. Assuming a 20% down payment and a 5.1% interest rate, the payment would be around $2,021 according to Mortgage Calculator. How about another town in Idaho such as Boise? The average salary there is only $2,772 according to Numbeo. That means the numbers don't add up well for many homeowners in Boise either. When you take into account other expenses, it's hard to see how many people are paying their bills. Thankfully, there is a bright spot as Idaho has a tax rebate coming which can send you thousands of dollars. Just click here for more info.
What do you think about the cost of housing in Idaho?
Share your thoughts in the comments.
Disclaimer: Please note that this article is only for educational and informational purposes.
If you'd like these articles sent right to your phone, you can download the Newsbreak App here with this link. I will get a small commission at no cost to you. Thanks!