Home Affordability in Meridian, ID
The median home price in Meridian is $460,000 with a median household income of $75,836. Housing is significantly stretched relative to local incomes.
Median Home Price
$460,000
Median Income
$75,836
Price-to-Income Ratio
6.1x
Est. Affordable Home
$295,000
Property Tax Rate
0.59%
Annual Property Tax
$2,714
Sales Tax Rate
6.00%
Cost of Living Index
105
Buying a Home in Meridian
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $75,836 in Meridian can afford a monthly housing payment of approximately $1,770. This translates to a home price of roughly $295,000, which is below the median home price of $460,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Meridian would be approximately $2,714 per year ($226/month) at the effective rate of 0.59%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $13,800 | $446,200 | Yes |
| 5% | $23,000 | $437,000 | Yes |
| 10% | $46,000 | $414,000 | Yes |
| 20% | $92,000 | $368,000 | No |
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