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Investing in real estate is a tried and true way to build wealth over time. Whether you choose to buy and rent or fix and flip in Idaho, real estate investing is a sound way to help your money grow.
Simply paying a mortgage can help you build significant equity in a piece of real estate thanks to appreciation in value. And these days, property owners are seeing incredible gains in real estate values.
But like any other real estate purchase, there are plenty of options as far as where to buy in the state of Idaho. Many cities across the state offer lots of opportunities to invest, so it’s important to get familiar with different centers to ensure you’re making the right purchasing decision.
Let’s take a closer look at some of the best cities to invest in real estate in Idaho.
Idaho has experienced a population boom over the last few years, as people from more expensive surrounding states look for a more affordable place to live without sacrificing quality of life. Idaho has several centers that offer plenty of employment opportunities. In fact, 8 cities within the state of Idaho are considered some of the fastest-growing cities in the country, according to the US Census Bureau.
Idaho’s demand for real estate has increased as a result, as has the need for affordable rental units. And with such increased demand comes an increase in home prices. Overall, the average home price in Idaho increased by an astounding 34.6% over the past 12 months, according to real estate research firm Zillow.
Today, the average price for a home state-wide is $414,890. That’s relatively affordable compared to nearby states like California and Washington. And homeowners who got into the market a few months or years ago have already been able to take advantage of significant gains in equity.
While home prices have certainly skyrocketed over recent months, there are still great opportunities to buy a home at many price points to ensure you get into the market and find something within your price range.
Let’s take a look at some of the best cities to invest in Idaho.
The capital of Idaho has seen rapid growth over the recent past. Not only is Boise a more affordable option than capital cities from nearby states, but it’s also got a lot more to offer, including a low crime rate, great schools, and beautiful natural landscaping. The city is so attractive that it is ranked as the fastest-growing city in the entire country.
Job growth is also rapidly increasing, and experts anticipate job growth in Boise to grow to even more in the coming months.
This increase in population is driving prices up for real estate. As of this writing, the average home price in Boise is currently $506,564, which is a whopping 44.9% increase from the same time last year.
One of the more affordable cities in the state is Idaho Falls, with the current average price for a home currently sitting at $306,805. Still, that’s 21.6% higher than where prices were the same time last year, giving homeowners significant gains in terms of home equity.
Idaho Falls is the third-largest city in Idaho, offering its residents access to fantastic landscaping and outdoor amenities, including Yellowstone National Park and the Grand Tetons. The labor force is strong, as is wage growth. And the cost of living is lower than the national average.
All this combined is drawing in new residents who are looking to call Idaho Falls home, as well as real estate investors looking to capitalize on low home prices and great opportunities for equity growth.
Another rapidly-growing city in Idaho is Eagle, which has been seeing a lot of new home construction, with more in the works. Since Eagle is close to Boise’s employment hub, many people are flocking to Eagle to enjoy both quality suburban living and close proximity to work. Plus, Eagle is home to plenty of outdoor amenities and natural landscaping.
Right now, home prices in Eagle are averaging $822,393, marking an incredible 48.1% increase from the same time in 2020. Imagine the amount of equity that homeowners have been able to take advantage of over the past year and beyond!
A small city by definition, Twin Falls is growing so quickly that it may soon surpass this classification and join the ranks of some of the more mid-sized cities in Idaho.
Twin Falls is home to plenty of outdoor amenities and adventures, including the stunning countryside, rock climbing, hiking, and plenty of waterfalls. Twin Falls also boasts a low cost of living, which is why the city has grown so much thanks to new residents leaving higher-cost centers in favor of something more affordable.
Given the attraction of Twin Falls, home prices reflect this growth in popularity. The average home price increased 33.8% over the past 12 months and is now sitting at $303,578. Again, it’s another city in Idaho that has seen massive gains in home appreciation over the recent past, giving real estate investors a great opportunity to quickly build wealth.
Meridian is one of the most highly sought-after cities in Idaho. It’s one of the largest city in the state and one of the most desirable cities to live in the entire country thanks to its outdoor recreation, strong job market, low crime rates, great schools, and more.
Meridian’s popularity can be seen in the price increases in real estate. Demand has driven the price of homes up quickly over the past year. More specifically, the average home price in Meridian increased by 44.4% over the past 12 months, and now sits at $530,915.
Idaho has plenty of awesome cities to consider investing in. But the ones listed are some of the best cities to invest in real estate in Idaho. If you’re ready to make a move to buy investment real estate in the Gem State, get the process started with a mortgage from Sammamish Mortgage.
Do you have questions about mortgages, or would you like more information about the home buying or refi process in Renton? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs online to buyers all over the Pacific Northwest and have been in the business of doing so since 1992. Contact us today with any questions you have about mortgages.
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