Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Boise City | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $339,259 | $355,887 | $242,182 |
| Price Trend (Annual %) | 10.0% | 14.8% | 8.2% |
| Median Gross Rent | $1,347 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 7.4% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boise City is about 5% lower than in Idaho. Rent is about 17% higher than the Idaho average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Boise City, up about 10.0% and 7.4% a year respectively. Home prices are changing faster.
Median rent in Boise City rose about 69.5% between 2015 and 2023, from $795 to $1,347. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Boise City.
Buying the median-priced home in Boise City costs roughly 21.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boise City. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Boise City | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $339,259 | $355,887 | $242,182 |
| Median Household Income | $79,500 | $74,676 | $78,145 |
| Price-to-Income Ratio | 4.3 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Boise City rose about 85.2%, while median household income rose about 65.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boise City | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.8% | 64.7% | 58.2% |
| Rental Rate | 36.1% | 24.7% | 31.3% |
| Vacancy Rate | 5.0% | 10.7% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Boise City has a homeownership rate of 58.8%, lower than the Idaho average of 64.7%. Its housing vacancy rate is 5.0%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Boise City | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 1982 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Boise City was built around 1982. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Boise City, ID Housing Compared With Nearby Cities
How Boise City, ID compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Boise City, ID | 220,959 | $339,259 #2/2 | $1,347 #2/2 | 62.0% #2/2 |
| Meridian, ID | 116,470 | $548,318 | $1,716 | 76.5% |
Frequently Asked Questions
Common questions about the housing market in Boise City, Idaho.
What is the median home price in Boise City, Idaho?
The median home price in Boise City, Idaho is $339,259, lower than the Idaho average of $355,887.
What is the average home price in Boise City, Idaho?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Boise City, Idaho?
The median gross rent in Boise City, Idaho is $1,347 per month, higher than the Idaho average of $1,150.
What was the median gross rent in Boise City in 2020?
In 2020, the median gross rent in Boise City, Idaho was $997 per month.
What is the price-to-rent ratio in Boise City, Idaho?
The price-to-rent ratio in Boise City, Idaho is about 21.0, meaning it would take roughly 21.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boise City.
Are home prices or rent rising faster in Boise City, Idaho?
Both home prices and rent are rising in Boise City, up about 10.0% and 7.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Boise City, Idaho?
58.8% of households in Boise City, Idaho own their home, lower than the Idaho average of 64.7%.
What is the vacancy rate in Boise City, Idaho?
The housing vacancy rate in Boise City, Idaho is 5.0%, lower than the Idaho average of 10.7%.