Home Affordability in Boise, ID
The median home price in Boise is $445,000 with a median household income of $63,324. Housing is significantly stretched relative to local incomes.
Median Home Price
$445,000
Median Income
$63,324
Price-to-Income Ratio
7.0x
Est. Affordable Home
$246,000
Property Tax Rate
0.63%
Annual Property Tax
$2,804
Sales Tax Rate
6.00%
Cost of Living Index
107
Buying a Home in Boise
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $63,324 in Boise can afford a monthly housing payment of approximately $1,478. This translates to a home price of roughly $246,000, which is below the median home price of $445,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Boise would be approximately $2,804 per year ($234/month) at the effective rate of 0.63%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $13,350 | $431,650 | Yes |
| 5% | $22,250 | $422,750 | Yes |
| 10% | $44,500 | $400,500 | Yes |
| 20% | $89,000 | $356,000 | No |
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