Overview
Idaho has transformed from a quiet agricultural state to one of America's fastest-growing destinations. Boise has emerged as a tech and startup hub, while the state's natural beauty, outdoor recreation, and lower cost of living attract migrants from California and Washington. The "Gem State" offers mountain towns, river valleys, and genuine Western lifestyle.
Idaho Real Estate Market
Idaho was one of the fastest-appreciating markets during the pandemic, with Boise home prices more than doubling in some areas. The market has since corrected significantly, with prices down from peaks but still well above pre-pandemic levels. Growth has spread to smaller cities like Meridian, Nampa, and Coeur d'Alene. Inventory remains tight in desirable areas.
Property Taxes in Idaho
Idaho has moderate property taxes with a homeowner's exemption for primary residences.
Average effective rate: 0.69%
Annual tax on median home: ~$3,105
Homeowner's exemption: 50% of value up to $125,000
First-Time Buyer Programs
Idaho Housing and Finance Association:
- First Loan - Competitive rates for first-time buyers
- Second Mortgage - Down payment assistance up to 3.5%
- Mortgage Credit Certificate - Tax credit for mortgage interest
Closing Costs in Idaho
Idaho closing costs are moderate, typically 2-3% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Escrow fees: $400-$800
- Recording fees: County-dependent
- No transfer tax
Frequently Asked Questions
Boise experienced massive in-migration during the pandemic, primarily from California and Washington. Remote work, lower costs, outdoor lifestyle, and business-friendly environment attracted thousands of new residents to a relatively small market.
While Idaho was once extremely affordable, rapid price appreciation has changed the equation. Boise is now comparable to many mid-sized Western cities. Smaller towns and eastern Idaho remain more affordable.
Idaho offers a homeowner's exemption of 50% of the home's value (up to $125,000), which can significantly reduce property taxes for primary residence owners.