Twin Falls housing costs rise, income not keeping up
With more people relocating to Idaho, homes are selling quickly
TWIN FALLS, Idaho (KMVT/KSVT) — Idaho is the fastest-growing state in the country. One consequence of the influx of new residents is soaring prices in both homebuyers and renters markets. in Twin Falls, wage increases haven’t necessarily reflected the skyrocketing cost of real estate.
“It’s so frustrating right now for first-time homebuyers,” said Idahome Realty’s broker/owner Laura Fitzgerald. “I just put a home on the market for $255,000 ... and we had 63 showings in two days.”
In Twin Falls, the housing market is thin.
“The pandemic has been a boom to the real estate market here in Twin Falls,” Fitzgerald said. “You’re just not able to find anything clear into Sun Valley.”
According to Realtor.com, homes in Twin Falls average only 57 days on the market, and well for over $287,000. That price is over 30% more than the cost of purchasing a home just two years ago.
This, all while the average income of a household in Twin Falls is nearly 15% lower than the average across the state of Idaho.
There’s no relief for families who are looking to rent, rather than buy, either. The rental rate for studios and one-bedrooms has remained flat over the past two years; but, the price of two-bedroom and three-bedroom apartments has risen over 15% and 20%, respectively.
There doesn’t appear to be an end in sight either, with extended families now following relatives who have moved to Twin Falls.
“We have all been selling homes to mom and dad, then the kids move up, then aunt and uncle move up,” Fitzgerald said. “Everyone realized it’s a great place to live and people want to be here.”
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