DECEMBER 12TH, 2018

Idaho Mortgages

The US census information for the state of Idaho paints a picture of a small town housing market and an agricultural set of ideals. In 2002, the US census showed that there were 553,117 housing units in the state. With only half a million housing units total, the housing market in Idaho is small in comparison to the majority of states in the union. Comparable in numbers to small states like Delaware and Hawaii, Idaho differs in that the physical size of the state is large while the population is small. This sparse population lends itself to a tendency for residents to purchase homes rather than rent, and so the home ownership rate in Idaho in 2000 was up at 72.4%, higher than the national average of 66.2%. This high rate of home ownership can also be partially explained by the lower than average median home value. The median value of an owner occupied housing unit in Idaho was reported by the 2000 census to be $106,300, not much lower than the national average of $119,600 that year. Without many massive urban economic centers to drive a high powered economy, Idaho had a median household income of $37,572 in 1999. While it is lower, it is not worryingly less than the national average of $41,994.
Housing is likely to become more affordable in Idaho in the near future with housing projects being instituted by government and private interests.

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A recent policy move to establish affordable housing in Sandpoint may be one of the most significant proposals to be considered in years. The proposal comes just in time for a city where escalating house prices are beyond the purchasing means of most families.
The changes depend on the measure that is calling for a partnership with the Idaho Housing and Finance Association being approved by the Administration Committee. If it passes the committee, which many are confident it will, it will head to the City Council for final adoption.

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The proposal calls for the city to provide thirty percent of the cost to hire a consultant for an assessment of need and the development of a implementation plan essential for coordinating affordable housing efforts with the Idaho Housing and Finance Association.
With house prices in Sandpoint, and other areas soaring at almost unaffordable levels for many, a proposal for creating affordable housing appears to be a huge step for a city at the edge of experiencing widespread growth.

The average cost of a home in Sandpoint is an estimated $289,619, according to information recently provided by the Selkirk Multiple Listing Service.

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