Cheapest Homes in Idaho

The cheapest homes in Idaho aren't necessarily poorly built homes or residences in the worst neighborhoods. Much of the housing development before the wave of foreclosures came in brand new housing developments, places which might never have had a chance to fill up. If a home came on the market at just the wrong time, mortgage firms might not have found anyone to purchase the property. Now the price is lower than the builders ever could have imagined a few years ago.

I'll go over the best cheap homes you can find in Boise, Idaho Falls, Pocatello and all the other big municipalities in Idaho, but first, I wanted to talk about the housing market in general. I saw a recent story that stated Idaho had the biggest drop in housing prices at certain stages of 2010. Many of those prices never rose, so I wanted to discuss why this is. Let's take a look at the situation in towns like Topeka, Lincoln, and Manhattan, which are greatly affected by the housing market in nearby Kansas City, Missouri.

Why Housing Prices Have Dipped

You might wonder why housing prices have gone down so much, both in Idaho and across the United States. By the end of the housing boom, home builders had built more houses than there were people who could afford them. Sub-prime mortgages maintained the building boom far longer than it should have, because sub-prime is another term for people who are on the borderline of being able to afford a home (mortgage). If they were receiving a sub-prime mortgage loan, their debt-to-income ratio was probably between 44% and 55%--an insanely high ratio of debt for a home buyer. The bust was bound to happen at some time, as bankruptcy began to overwhelm the market.

When banks and other creditors started writing down these losses, their own debt began to undermine confidence in their solvency, which started a general economic meltdown. The Bush bailout and the Obama bailout both were meant to stave off the worst excesses of that economic meltdown, somewhat like the measures taken by technicians at the Japanese nuclear plant--they knew the damage was bad, but not as bad than if things went nuclear.

To restore confidence in their credit practices, financial institutions began tightening their loan standards. This meant much fewer of the people wanting a mortgage loan would receive one. This in itself would have put a dampener on the home market, but other factors were at work. Unemployment was high, meaning there was less buyers in the market. Even many of the employed people were underemployed, meaning they either couldn't meet the new mortgage standards or they didn't feel secure buying a new home. Finally, as foreclosures rose due to the decline in jobs and the desperation of financial institutions, you had a glut of foreclosed houses come on the market, while another glut of brand new houses stood unsold. The price of housing in America went through the proverbial floor.

Cheap Homes for Americans

That's awful news for anyone in the real estate business, from home builders to real estate developers to brokers to mortgage bankers. It's bad news for Wall Street, as well as America in general. But if you can afford to have a mortgage or to buy a new home in this new, deflated market, it's great news for home buyers. You won't get a cheaper home than you can get right now (hopefully). Homeowners can purchase a home for a fraction of the cost than before.

Cheapest Homes in Boise

Kootenai Street in Boise has a 2 bed, 1 bath foreclosure residence selling for $39,000. Edgemere has a 4 bedroom, 2 bath place for $44,900--once again a foreclosure home. You can find a 3 bed, 1 bath house on West Clinton Street selling for $49,900, while arch Street has a 2 bed, 1 bath home with an asking price of $29,000. If you're looking for something in a little higher price range, you can buy a 3 bed, 1 bath house on West Victory Road for $76,000. Hoover Street also has a blue residence with 2 bed, 1 bath selling for $59,000.

Looking at houses throughout Ada County, the home county of Boise, you'll find a 3 bed, 2 bath home on Elliot Street in Eagle selling for $65,000. This house has 1,774 square feet.

Cheapest Homes in Meridian

Meridian is the second largest municipality in Ada County and, with 75,000 people, is the third largest city in Idaho. You should be able to find a number of suitable living arrangements in Meridian, even if you plan to work in Boise.

For instance, East 3rd Street in Meridian has a 2 bed, 2 bath abode with an asking price of $52,000. West Ustick Road has a 2 bed, 1 bath home set away from things selling for $79,000. Meanwhile, a home on East Grapwood drive with 3 bedrooms, 2 bathrooms, and a garage is selling for $94,000. West Santa Clara Drive includes a 2 bed, 2 bath house with a carport which is selling for $91,000. This house has just under 1,300 square feet.

Cheap Housing in Nampa, Idaho

Nampa is the second largest city in Idaho with a population of 81,500. Nampa is also nearby Boise, situated between the state capital and the state border with Oregon.

When searching for property to buy in Nampa, you'll find a cheap 3 bed, 2 bath home on Maple Street priced at $20,900. 10th Avenue North has a 2 bed, 1 bath residential home selling for $27,000. This house has 1,556 square feet, though it looks to me like it still needs a paint job, so you might look closely at that.

The humorously named Muskrat Court has a 4 bed, 2 bath house selling for $54,900. This home has a nice A-frame garage and looks like a bargain. If you want something a little more elaborate, North Werrington Court has a home with 4 bedrooms, 2 bathrooms, and 1,504 total square feet with an asking price of $89,600.

Meanwhile, East Water Stone Court has a 3 bed, 2 bath residence with a price of $73,000. On Newbrook Drive, you'll find a 3 bed, 2 bath residence selling for $81,180. This house has 1,408 square feet with a lot (yard) listed at 1,608 square feet. It has a room over the garage and looks to be a nice home to raise a family in.