Whether you're a bus driver in Meridian or a construction worker in Caldwell, the cost of living in Idaho continues to grow. The dream of homeownership in the Gem State is causing many Idahoans to worry about having enough money to buy their home or to keep their current one.

Idahoans love challenges, whether it’s the great outdoors or building the latest project at the ever-expanding Micron facility. We’ve all seen home prices continue to explode as more folks continue to move to the Gem State.

Home prices continue to go up as realtors tell us the area cannot build homes fast enough. Affordable homes are priced over $400,000. Ten years ago, that would’ve bought someone a multibedroom home with land; today, it might get you a townhouse if you’re lucky. During the Great Recession, the median home price was $140,000 in Ada County and $70,000 in Canyon County.

Affordable Idaho?

The once-affordable ‘bedroom communities' of Meridian, Nampa, and Caldwell are no longer affordable. All of those cities now have their own shopping centers and high-density homes.

Rental costs are not exactly affordable in our region. A quick look at the average cost of rent is around $1,600 a month. That’s a house payment for some Idahoans who bought their homes years ago. If you’re looking for a studio apartment, you’re looking at around $1,300 a month.

The good news is that rents in the Boise area are below the national average. However, wages are also below the national average. How do we compare with other rental markets in major western cities?

A quick Google or AI search should reveal the following cost for rent:

Billings, MT $1,485

Salt Lake City, UT $1,586

Boise, ID $1,674

Portland, OR 1,708

COWS invasion of Idaho Continues

Can we blame it on the COWS? No, not the beloved animals that provide us milk and steak, but Californians, Oregonians, and Washingtonians. The high taxes, liberal government, and other issues have created a mass exodus to the Gem State.

Getty Images / Sean Gallup/

But there’s another compelling reason for so many COWS migrating to Idaho.

Folks in those states tend to be retirees on state pensions, meaning they have a lot of cash from selling their higher-priced homes and an unlimited amount of stable cash.

Combine rich folks with unlimited money and a scarce housing market, and you have crazy price inflation. Let’s not forget we also had historically low interest rates that made money cheap. Although those days are gone, the influx continues.

It would be nice if areas such as Star, Kuna, Garden City, and other Treasure Valley cities offered a secret, affordable solution. The massive building continues as infrastructure lags behind.

Getty Images / Christopher Furlong

There Is Some Good News For Idahoans

The state has an organization called the Idaho Housing and Finance Association (IHFA) that can help with loan programs and down payment assistance. There are programs for veterans and specific programs to help buyers in Ada and Canyon counties.

The good news for those who continue their dream of an affordable Idaho is that it may be difficult, but not impossible, to live your perfect yet challenging Gem State dream.

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