Buying a Home in Idaho: What You Need to Know
If you're considering buying a home in Idaho, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Idaho homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Idaho-specific data to give you accurate monthly payment estimates.
Idaho Property Taxes
Idaho has an effective property tax rate of 0.48%, ranking #44 out of 50 states (where #1 is the highest). On a median-priced home of $485,000, you'd pay approximately $2,328 per year in property taxes, or about $194/month.
Idaho is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
Idaho Homeowners Insurance
The average annual homeowners insurance premium in Idaho is $1,409 for $300,000 in dwelling coverage, or about $117/month.
Idaho enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Idaho Closing Costs
Closing costs in Idaho average 0.7% of the home's purchase price. On a $485,000 home, that's approximately $3,395. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Idaho Housing Market
The median home price in Idaho is $485,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Idaho Mortgage Tools
Use these additional calculators to plan your Idaho home purchase: