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 | Jerome County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,555 | $355,887 | $242,182 |
| Price Trend (Annual %) | 10.0% | 14.8% | 8.2% |
| Median Gross Rent | $862 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jerome County is about 24% lower than in Idaho. Rent is about 25% lower than the Idaho average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Jerome County, up about 10.0% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Jerome County rose about 21.2% between 2015 and 2023, from $711 to $862. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Jerome County.
Buying the median-priced home in Jerome County costs roughly 26.2 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 Jerome County. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Jerome County | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $270,555 | $355,887 | $242,182 |
| Median Household Income | $69,148 | $74,676 | $78,145 |
| Price-to-Income Ratio | 3.9 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Jerome County rose about 116.9%, while median household income rose about 71.5% 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 | Jerome County | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.9% | 64.7% | 58.2% |
| Rental Rate | 23.0% | 24.7% | 31.3% |
| Vacancy Rate | 6.0% | 10.7% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Jerome County has a homeownership rate of 70.9%, higher than the Idaho average of 64.7%. Its housing vacancy rate is 6.0%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Jerome County | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.00 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 1980 | 1987 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Jerome County was built around 1980. On average, 3.0 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Jerome County, Idaho.
What is the median home price in Jerome County, Idaho?
The median home price in Jerome County, Idaho is $270,555, lower than the Idaho average of $355,887.
What is the average home price in Jerome 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 Jerome County, Idaho?
The median gross rent in Jerome County, Idaho is $862 per month, lower than the Idaho average of $1,150.
What was the median gross rent in Jerome County in 2020?
In 2020, the median gross rent in Jerome County, Idaho was $761 per month.
What is the price-to-rent ratio in Jerome County, Idaho?
The price-to-rent ratio in Jerome County, Idaho is about 26.2, meaning it would take roughly 26.2 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 Jerome County.
Are home prices or rent rising faster in Jerome County, Idaho?
Both home prices and rent are rising in Jerome County, up about 10.0% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Jerome County, Idaho?
70.9% of households in Jerome County, Idaho own their home, higher than the Idaho average of 64.7%.
What is the vacancy rate in Jerome County, Idaho?
The housing vacancy rate in Jerome County, Idaho is 6.0%, lower than the Idaho average of 10.7%.