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 | Meridian | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $548,318 | $355,887 | $242,182 |
| Price Trend (Annual %) | 20.9% | 14.8% | 8.2% |
| Median Gross Rent | $1,716 | $1,150 | $1,342 |
| Rent Trend (Annual %) | 8.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Meridian is about 54% higher than in Idaho. Rent is about 49% 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 Meridian, up about 20.9% and 8.7% a year respectively. Home prices are changing faster.
Median rent in Meridian rose about 78.7% between 2015 and 2023, from $960 to $1,716. Over the same span, rent in Idaho rose about 54.9%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Meridian.
Buying the median-priced home in Meridian costs roughly 26.6 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 Meridian. The price-to-rent ratio in Idaho is about 25.8.
| Metric | Meridian | Idaho Avg | US Average |
|---|---|---|---|
| Median Home Price | $548,318 | $355,887 | $242,182 |
| Median Household Income | $97,518 | $74,676 | $78,145 |
| Price-to-Income Ratio | 5.6 | 4.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Meridian rose about 222.6%, while median household income rose about 50.9% 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 | Meridian | Idaho Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.4% | 64.7% | 58.2% |
| Rental Rate | 22.8% | 24.7% | 31.3% |
| Vacancy Rate | 2.7% | 10.7% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Meridian has a homeownership rate of 74.4%, higher than the Idaho average of 64.7%. Its housing vacancy rate is 2.7%, compared with 10.7% in Idaho.
Housing Stock
| Metric | Meridian | Idaho Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.76 people | 2.66 people | 2.54 people |
| Median Structure Built Year | 2003 | 1987 | 1978 |
| Median Number of Rooms | 6.4 | 5.9 | 5.5 |
The typical housing unit in Meridian was built around 2003. On average, 2.8 people live in a home with about 6.4 rooms, staying for about 11.0 years on average.
Meridian, ID Housing Compared With Nearby Cities
How Meridian, ID compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Meridian, ID | 116,470 | $548,318 #1/2 | $1,716 #1/2 | 76.5% #1/2 |
| Nampa, ID | 96,268 | $353,866 | $1,317 | 69.2% |
Frequently Asked Questions
Common questions about the housing market in Meridian, Idaho.
What is the median home price in Meridian, Idaho?
The median home price in Meridian, Idaho is $548,318, higher than the Idaho average of $355,887.
What is the average home price in Meridian, 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 Meridian, Idaho?
The median gross rent in Meridian, Idaho is $1,716 per month, higher than the Idaho average of $1,150.
What was the median gross rent in Meridian in 2020?
In 2020, the median gross rent in Meridian, Idaho was $1,183 per month.
What is the price-to-rent ratio in Meridian, Idaho?
The price-to-rent ratio in Meridian, Idaho is about 26.6, meaning it would take roughly 26.6 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 Meridian.
Are home prices or rent rising faster in Meridian, Idaho?
Both home prices and rent are rising in Meridian, up about 20.9% and 8.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Meridian, Idaho?
74.4% of households in Meridian, Idaho own their home, higher than the Idaho average of 64.7%.
What is the vacancy rate in Meridian, Idaho?
The housing vacancy rate in Meridian, Idaho is 2.7%, lower than the Idaho average of 10.7%.