Rising Cost of Housing Driving People Out of Idaho

When I moved to Idaho 5 years ago, it was a buyers market. I bought my home for $100/square foot, an old standard that is impossible to find here in 2021. Many thought the global pandemic would result in the cost of housing going down, but that hasn’t happened at all. It’s quite the opposite really.

As expensive as the Boise area is, Northern Idaho has been hit the hardest. Very modest homes in Coeur d’Alene around 2000 square feet or less are going for $550,000-$650,000. You’ll also find luxury homes and apartments well into the millions.

It’s all about supply and demand. Thousands are moving to the gem state from surrounding areas every week. Real Estate agents say for every one seller there is usually 15-20 buyers for average priced homes and even the million dollar homes usually have multiple offers.

The very lowest price you can get in Coeur d’ Alene is $312,000. In Post Falls that jumps to $425,000. Those price points are simply too high for many first time home buyers and it’s driving people out of Idaho. (I bought my first home for $160,000 back in 2004. You simply don’t see prices like that these days.) I often say if I had to buy a home now, it would be impossible, and I have a good job!

Realtors also say that this problem is not expected to slow down anytime soon, so the best thing you can do is keep trying to get your foot in the door and try to get the best price.