Location: Elmore County, ID | Metro: Boise City, ID HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 83624 presents a complex but intriguing scenario for landlords and small-portfolio investors. With a median home value of $438,285, the area reflects a stable housing market, indicating that the local economy supports property values at this level. However, the lack of percentage data on listings that have been reduced suggests a tight market where few properties are being discounted, which could imply strong demand or a lack of supply, both of which contribute to maintaining high prices.
The median days on market (DOM) figure being unavailable points to either an exceptionally quick turnover of homes or a very limited number of listings. In either case, it signals a robust seller's market, where pricing power is likely to remain firmly in the hands of sellers. This dynamic is further supported by the fact that there are no reductions in listing prices, suggesting that buyers are willing to pay the asking price without significant negotiation.
Moving to the rental side, the Fair Market Rent (FMR) for ZIP 83624 in fiscal year 2024 is set at $1180, while the current market rent is reported at $931. This indicates a potential upward trend in rental prices, as the government-set FMR often leads the market. Landlords and investors should anticipate an increase in rental income, which can be beneficial for cash flow and property valuation over the next 12-24 months.
For long-term investors, the setup implies a realistic appreciation thesis. The combination of high median home values, strong seller's market conditions, and an anticipated rise in rental rates suggests that property values in ZIP 83624 will continue to grow. This growth is not speculative but rather based on current market dynamics and expected increases in rental income, which typically correlate with property value appreciation.
In conclusion, the data points to a market where landlords and investors can maintain strong pricing power and see realistic appreciation in their property values. The current conditions and future rental rate projections support a positive outlook for those looking to hold properties in ZIP 83624 for the long term.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.