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 | Gem County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,622 | $355,887 | $242,182 |
| Price Trend (Annual %) | 147.8% | 14.8% | 8.2% |
| Median Gross Rent | $886 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 1.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gem County is about 68% lower than in Idaho. Rent is about 23% 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 Gem County, up about 147.8% and 1.7% a year respectively. Home prices are changing faster.
Median rent in Gem County rose about 12.7% between 2015 and 2023, from $786 to $886. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Gem County.
Buying the median-priced home in Gem County costs roughly 10.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gem County. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Gem County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,622 | $355,887 | $242,182 |
| Median Household Income | $67,053 | $74,676 | $78,145 |
| Price-to-Income Ratio | 1.7 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gem County rose about 203.4%, while median household income rose about 60.6% 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 | Gem County | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.8% | 64.7% | 58.2% |
| Rental Rate | 22.3% | 24.7% | 31.3% |
| Vacancy Rate | 4.9% | 10.7% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Gem County has a homeownership rate of 72.8%, higher than the Idaho average of 64.7%. Its housing vacancy rate is 4.9%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Gem County | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 1986 | 1987 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Gem County was built around 1986. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gem County, Idaho.
What is the median home price in Gem County, Idaho?
The median home price in Gem County, Idaho is $114,622, lower than the Idaho average of $355,887.
What is the average home price in Gem 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 Gem County, Idaho?
The median gross rent in Gem County, Idaho is $886 per month, lower than the Idaho average of $1,150.
What was the median gross rent in Gem County in 2020?
In 2020, the median gross rent in Gem County, Idaho was $663 per month.
What is the price-to-rent ratio in Gem County, Idaho?
The price-to-rent ratio in Gem County, Idaho is about 10.8, meaning it would take roughly 10.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gem County.
Are home prices or rent rising faster in Gem County, Idaho?
Both home prices and rent are rising in Gem County, up about 147.8% and 1.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gem County, Idaho?
72.8% of households in Gem County, Idaho own their home, higher than the Idaho average of 64.7%.
What is the vacancy rate in Gem County, Idaho?
The housing vacancy rate in Gem County, Idaho is 4.9%, lower than the Idaho average of 10.7%.