Building Costs Per Square Foot in the State of Idaho, USA

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Idaho 6928 N Proust Drive Coeur D Alene ID83815 - 4 Bed and 3 Baths with 3 Attached Garages on Gross Floor Area 2939 sqft - Built in 2021 - Price $785,000 (1)

Newly Built Home in Idaho 6928 N Proust Drive Coeur D Alene ID83815 – 4 Bed and 3 Baths with 3 Attached Garages on Gross Floor Area 2939 sqft – Built in 2021 – Price $785,000 (1)

Residential Construction Market Analysis in the State of Idaho, USA

Idaho is the cheapest state to build a house in the USA. Building costs are 9% below the national average in the state of Idaho, and lower than the states of Nebraska and New Mexico by a deviation of 1%. It’s time to go to the Western region of the country, more precisely to the Rocky Mountains division. Here we will find the state of Idaho, also known as the “Gem State” or the “Gem of the Mountains.”

Its capital and largest city is Boise, however, it has other towns with a large number of inhabitants such as Nampa, Pocatello, Idaho Falls, Meridian, Coeur d’Alene, Twin Falls, Caldwell, Lewiston, and Moscow. This state stands out for its nature, with more than a quarter of the state being covered by national forests.

Idaho offers nature and a wide variety of cultural activities to do, but it is also a place that is making waves in the world of real estate. Some experts are alarming, saying that Boise may be the center of a real estate crisis that will affect the entire United States, while others have a more positive stance.

As you can see, the situation is complex, so it is always important to be guided by the facts. That is why we have prepared this article where we can present what is happening in the real estate market in Idaho, as well as other data on the residential construction market.

Idaho Construction Outlook

Idaho is one of the coldest regions in the United States with an average daily high temperature of just 15 degrees. The climate is very changeable and offers varied seasons with deep winters and hot summers.

Idaho does not have periods of extreme temperatures, this means, there are not many heat waves or polar waves, but it is a fairly stable climate. There is usually a lot of ambient humidity, especially in the summer since the humid current of the Gulf of Mexico comes. In the summer, the humidity is so intense that it often produces heavy torrential rains, so houses must be prepared to deal with this.

This is why residential neighborhoods in Idaho often have steep roofs that allow water to drain away. In addition, they are not usually made of wood, but always have some type of insulation and protector against moisture. Homeowners in Idaho have to be very vigilant against asbestos or mold that can form, as this can be detrimental to health.

The buildings are not very tall, only in Boise there are some buildings that exceed 20 or 30 floors, but this is not something common in the other cities of Idaho. That’s a lot of houses, condominiums, and multi-family homes.

Idaho Housing Market Analysis and Forecast

Some experts are defining Idaho as a high-risk real estate market. This means that they are markets that have an extremely high probability of a price drop, due to the trends of the last year. This does not mean that the trends are fulfilled, or that prices really go down, but this could affect both investors, sellers, and buyers. It affects investors because they won’t make as much profit, sellers because they will choose to wait longer to sell or take longer even if they don’t want to, and buyers because there is likely to be less supply.

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In Idaho, this is mainly caused by the real estate market in the city of Boise, which sets the tone for everything that happens in the rest of the state. As the Boise market has grown over the past two years as a prime place to buy larger homes at more affordable prices, real estate experts have called it one of the top overpriced markets in the country.

However, some areas in Idaho are not as much at risk of price declines. One of these places is Idaho Falls as Pocatello is classified as “low risk”, making it suitable to invest in. If you’re looking for a place to live, anywhere in Idaho is well priced when compared to other states.

Not everything is bad in Idaho, in fact, this last month saw an increase in inventory that made experts take a more optimistic view. Inventory increased between 4% and 6% which means that there are more properties for sale, giving buyers more options to choose from.

Houses usually take more than 45 days to sell, but 25% of houses or properties are sold during their first two weeks of sale, which is a positive thing for sellers and investors alike.

Idaho Average House Price (Median Home Price)

The price of a median house in Idaho is $430,000, which is 21% of the value it had in this same month but during 2021. This has to do with what we mentioned earlier about Idaho properties as something that is being overrated.

This value is an average of all cities in Idaho, and a median home means a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden. However, in some parts, it is more expensive. Currently, in Boise the average price exceeds $530,000, some experts say that it is 75% more than it should be worth.

However, do not be intimidated by these prices. Prices vary, and there is always the possibility of finding a good property for a fair price. You just have to be patient and be willing to see the different properties that the market has to offer you, with an optimistic look seeing the potential in all the properties.

Proposed Residential Building Projects in Idaho

Some of the real estate projects in Idaho are low-priced residential homes, usually prefabricated like mobile homes (although not mobiles in this case, due to Idaho’s weather conditions). There are always many for sale because it is cheaper to buy land and a mobile home than to buy a new house, or an old one and renovate it.

In Boise there are some buildings under construction, which are expected to be completed in the next few months, receiving a large number of new people who are looking for a place to live in Idaho.

Idaho 670-S Queens Drive Nampa ID83687 - 4 Bed and 2 Baths with 3 Attached Garages on Gross Floor Area 2126 sqft - Built in 2021 - Price $475,990 (1)

Newly Built House in Idaho 670-S Queens Drive Nampa ID83687 – 4 Bed and 2 Baths with 3 Attached Garages on Gross Floor Area 2126 sqft – Built in 2021 – Price $475,990 (1)

 

Building Costs Per Square Foot for Single Family Homes in the State of Idaho, USA (NATIONAL ESTIMATOR)

Building costs are 9% below the national average in the state of Idaho, and closer to the states of Nebraska and New Mexico by a deviation of 1%.

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Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Idaho ranges from $313.85 per sqft to $481.12 per sqft, with the average being $370.39 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Idaho ranges from $190.75 per sqft to $292.38 per sqft, with the average being $225.10 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Idaho ranges from $123.31 per sqft to $187.29 per sqft, with the average being $144.36 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Idaho ranges from $89.99 per sqft to $138.00 per sqft, with the average being $106.20 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Idaho ranges from $73.05 per sqft to $111.87 per sqft, with the average being $86.13 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Idaho ranges from $57.61 per sqft to $88.31 per sqft, with the average being $67.96 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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List of 7 Metropolitan Areas/Cities in Idaho – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 200 municipalities and 808 special districts grouped into 44 counties in the state of Idaho. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Idaho is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Idaho:

Idaho Average -9% (-9% less than X)

  • Lewiston 835 -11%
  • Coeur d’Alene 838 -10%
  • Pocatello 832 -10%
  • Idaho Average -9%
  • Idaho Falls 834 -9%
  • Meridian 836 -9%
  • Sun Valley 833 -8%
  • Boise 837 -5%

The Metropolitan Area List above as well as the Bar Graphs below shows that Lewiston is the cheapest city to build a private home in the state of Idaho. Boise is the most expensive city to build a home. Building costs are -11% below the national average in Lewiston and -5% below the national average in Boise.

Cheapest Places To Build in Idaho:

Lewiston is cheapest to place to build at -11% below the national average, followed by Coeur d’Alene and Pocatello at -10% below the national average. The third cheapest place to build a house is Idaho Falls and Meridian at -9% below the national average, followed by Sun Valley at -8% below the national average. The fourth cheapest place to build is Boise at -5% below the national average.

Expensive Places To Build in Idaho:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in Idaho.

More Expensive Places To Build in Idaho:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Idaho.

Very Expensive Places To Build in Idaho:

The most expensive places to build a house in Idaho are those 15% above the national average. There is no such metropolitan area in Idaho.

Idaho State Average Costs:

Private home building costs in the state of Idaho are -9% below the national average. Building cost rates in the metropolitan areas of Idaho Falls and Meridian are equivalent to the Idaho state average. Residential development costs in Coeur d’Alene and Pocatello are closer to the state average by a deviation of 1%. Boise is the most expensive city to build a home in the state. Idaho is the cheapest state to build a home in the United States.


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