Idaho’s housing market cools as affordability crisis heats up

IDAHO FALLS, Idaho (KIFI) — Summer is usually a hot time for sales in the housing market, but this year, realtors are seeing more homes taking longer to sell.

A recent report shows renters in 38 out of Idaho’s 44 counties do not earn enough to afford a modest home at a fair market price.

That's according to a study from the National Low Income Housing Coalition and the Idaho Asset Building Network.

"Right now, for home buyers, it's really a difficult time because of the interest rates and how high the prices are. My entire time in real estate, I've never seen it so hard for first-time homeowners to find a home," said Brenda Pike, a Real Estate Agent with Silver Creek Realty.

Idaho Falls has been listed in the top five areas in Idaho as the most expensive place to live. 

"We have 387 homes for sale. And out of the 387 homes for sale, 25 of them were under 300,000. So everything else was over 300,000. And even the $300,000 ones are going to be small and need a lot of work," said Pike.

According to the data collected to afford a two-bedroom home in Idaho, you need to earn more than $27 an hour, but the average renter currently makes just over $18 an hour. 

This isn't just affecting low-income families. 

"The long-time residents that are here, their wages have not kept pace with home prices. So they are feeling very stuck," said Pike.

Pike tells Local News 8 that many people trying to buy homes are college graduates, and even with their degrees, they still can't afford homes.

For more information collected by the National Low-Income Housing Coalition and the Idaho Asset Building Network, visit here.