Save $200k When Buying a House In The Cheapest City In Idaho
The initial two years of the COVID-19 pandemic substantially transformed the United States housing market. Many Americans left pricey, densely populated regions in favor of mid-sized cities and adjacent suburban areas in more affordable parts of the country.
Idaho was one of those states that people came to, and the real estate market has been experiencing a remarkable surge in recent years, with property prices steadily on the rise.
Boise and the Treasure Valley became a hotspot for real estate activity. Its growing job market, vibrant culture, and excellent schools have made it a desirable place to settle down, not to mention that you could get more bang for your buck when purchasing a home here compared to where people moved from. This appeal has led to an influx of newcomers seeking to escape the hustle and bustle of urban life, especially from states like California, where housing costs are significantly higher.
As a result, demand for housing in Boise and the surrounding areas has surged, causing home prices to soar. The rapid price increase in Idaho's real estate market has raised concerns about affordability, and now people are looking for a reasonable place to purchase a home.
24/7 Wall St. released the cheapest city to buy a home in Idaho and shared that Among the 13 cities in Idaho for which data is available on the real estate market website Realtor.com, Mountain Home stands out as the most affordable option for prospective homebuyers. As of April 2023, the median list price in this city was $375,000, notably lower than the statewide median list price of $574,900.