IDAHO — Do you make $96,000 a year? A new report says that’s about what every Idahoan’s salary should look like to live comfortably.
But here’s the reality, the typical Idaho family brings in barely more than $74,000 a year, and per-person income is closer to $37,000. So how are people affording homes in this market?
WATCH: How Idahoans are adapting to rising housing costs.
Between rising home prices, inflation and everyday expenses, what used to be “enough” just doesn't cut it anymore.
And for would-be homebuyers, the financial gap is getting harder to ignore.
“Median house price in Ada County is about [$546,000] right now. And so, you know, for some first-time homebuyers that might be pushing it,” said Callie Williams, a real estate agent in the Treasure Valley. “What's great about the Treasure Valley is if we go a little bit further out, the prices decrease... I like to start low. I'd rather my clients be less house-poor, obviously.”
Williams says there are still options at a range of price points. Her highest active listing right now is a $2.5 million home.
Homes under $500,000 are still on the market, including a new listing in Southeast Boise priced at [~$460,000]. For even lower prices, buyers typically look to Canyon County, where the median home price is around $433,000.
Affordability often depends on financing, flexibility and long-term plans.
“There’s a lot of misconceptions where people think, ‘Oh, I have to put 20% down,’” Williams said. “When really, you know, first homebuyers, we can get away with three to five percent down.”
Ted Ryser and his wife bought their home two years ago, just before interest rates began to rise.
“We feel lucky just that we were able to and don’t plan on probably ever moving again,” Ryser said. “It took a while, but we were fortunate enough to not be in a huge rush... I work with a lot of younger people in their early 20s… it’s a dream that doesn’t seem super obtainable for a lot of people here.”
Ryser said wages just haven’t kept pace with housing costs.
“It just seems like it’s getting worse without enough supply out there,” he said. “I think a lot of it isn’t really affordable that’s being created.”
Williams said more buyers are turning to creative solutions, including co-signers, family assistance and builder incentives.
“Even like multi-generational living... there’s a ton of new construction where builders are offering great incentives,” she said.
And while a nearly six-figure income may sound intimidating, Williams believes it’s still possible for first-time buyers to make it work, with a good plan.
“It’s still so doable even for those first-time homebuyers,” Williams said. “Even if you're not in a position yet, like getting on a good path... it could just be six months, could be a year down the road.”