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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Elmore County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,000 | $355,887 | $242,182 |
| Price Trend (Annual %) | 22.9% | 14.8% | 8.2% |
| Median Gross Rent | $1,110 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elmore County is about 21% higher than in Idaho. Rent is about 3% lower 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 Elmore County, up about 22.9% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Elmore County rose about 46.7% between 2015 and 2023, from $757 to $1,110. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 7.3 yearly household incomes in Elmore County.
Buying the median-priced home in Elmore County costs roughly 32.3 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 Elmore County. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Elmore County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,000 | $355,887 | $242,182 |
| Median Household Income | $58,910 | $74,676 | $78,145 |
| Price-to-Income Ratio | 7.3 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elmore County rose about 293.7%, while median household income rose about 33.2% 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 | Elmore County | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.2% | 64.7% | 58.2% |
| Rental Rate | 30.9% | 24.7% | 31.3% |
| Vacancy Rate | 10.8% | 10.7% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Elmore County has a homeownership rate of 58.2%, lower than the Idaho average of 64.7%. Its housing vacancy rate is 10.8%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Elmore County | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 1991 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Elmore County was built around 1991. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elmore County, Idaho.
What is the median home price in Elmore County, Idaho?
The median home price in Elmore County, Idaho is $430,000, higher than the Idaho average of $355,887.
What is the average home price in Elmore County, 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 Elmore County, Idaho?
The median gross rent in Elmore County, Idaho is $1,110 per month, lower than the Idaho average of $1,150.
What was the median gross rent in Elmore County in 2020?
In 2020, the median gross rent in Elmore County, Idaho was $868 per month.
What is the price-to-rent ratio in Elmore County, Idaho?
The price-to-rent ratio in Elmore County, Idaho is about 32.3, meaning it would take roughly 32.3 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 Elmore County.
Are home prices or rent rising faster in Elmore County, Idaho?
Both home prices and rent are rising in Elmore County, up about 22.9% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elmore County, Idaho?
58.2% of households in Elmore County, Idaho own their home, lower than the Idaho average of 64.7%.
What is the vacancy rate in Elmore County, Idaho?
The housing vacancy rate in Elmore County, Idaho is 10.8%, higher than the Idaho average of 10.7%.