Idaho: Income not keeping up with rising home prices
The Gem State ranks second for most unaffordable housing nationwide
TWIN FALLS, Idaho (KMVT/KSVT) — According to insurance marketplace QuoteWizard, Idaho now ranks as the second least affordable state for homebuyers. While median income has increased 27 percent in the Gem State over the past decade, the median home price has gone up over 145 percent.
The top four states deemed to have the most unaffordable housing according to their data were Nevada, Idaho, Arizona and Washington.
“We’re seeing people come from bigger cities that can now telework and they can live wherever,” said QuoteWizard Senior Research Analyst Nick VinZant.
VinZant added the average price of a home in Idaho is now the ninth highest in the nation. Home prices in Idaho have increased 20 percent over the past year alone.
“We’re seeing a move of people from the East coming to the West, and that’s what is fueling so much of this housing increase,” VinZant added.
QuoteWizard’s data regarding rent over the past decade showed an influx of people renting in suburbs led to falling rental prices within cities. That trend has not been replicated for home prices, however. The cost of purchasing a home has largely risen nationwide and income has not kept up. In fact, their data found only five states -- Alaska, Connecticut, Delaware, Louisiana and New York -- where income has risen either on pace or more quickly than home prices.
More information on QuoteWizard’s affordable housing study can be found <a href="https://quotewizard.com/news/posts/americas-unaffordable-housing-costs" target=_blank>here</a>.
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