It’s Official: Affordable Housing Out Of Reach For Most Idahoans

The past five years have seen a remarkable transformation in Idaho's housing market. From Boise to Coeur d'Alene, the state has experienced significant shifts in supply, demand, and pricing that have reshaped the real estate landscape.

Are you or someone you know struggling to purchase a home or find a rental?

One of the most notable changes has been the rapid increase in home prices. A surge in demand, driven by out-of-state migrants seeking a more affordable and picturesque lifestyle, has driven up property values. Boise, in particular, has become a hotspot for tech workers and remote employees, further intensifying the competition for homes.

The rental market has also seen significant changes, with increasing rent costs and a decrease in available rental units. As a result, many residents have found themselves searching for alternative housing options. MyEListing.com has revealed a concerning trend. Home prices in several areas nationwide are outpacing wage growth.

Over the last five years, housing prices have increased by an average of 37.2%, significantly outpacing wage growth of 22.2%.

This misalignment between income and housing costs raises concerns about housing affordability, highlighting the need to address the widening gap and ensure that the dream of homeownership remains within reach for all, but there's a major concern for Idaho.

Below are the 10 states with the largest housing Vs. wage growth gaps and the 10 least housing Vs. wage gap growth.

Before we get into how bad it is in the state of Idaho, let's look at the national average so we have something to compare it to because it's a lot more significant in our state.

• National Wage Increase: $12,720
• Housing Price Increase: $91,200
• House Prices Outpace Wages by: $78,480
• Housing in the USA has increased in the last 5 years: 37.20%
• The wage in the USA increased in the last 5 years: 22.2%
• Housing Vs. Wages Growth Gap in the USA is: 15.0%