Is the Treasure Valley Still Affordable? Boise vs 5 U.S. Cities

You've probably heard it from a friend, a coworker, or someone in the comments section of a news article.

"Idaho isn't cheap anymore."

And look, they're not entirely wrong.

Quick Voice Note:

Prices in the Treasure Valley have gone up a lot since 2020.

But "not cheap" and "not affordable" are two very different things.

So let's put it to the test.

I want to compare the Treasure Valley against five cities that people actually move here from: San Diego, Denver, Austin, Phoenix, and Salt Lake City.

We'll look at median home prices, property taxes, and what your money actually gets you in each place.

Then you can decide for yourself.

The Price Tags Side by Side

Here's where things stand as of late 2025 and early 2026, based on Redfin and local MLS data.

San Diego:$970,000 median home price.

Salt Lake City:$615,000.

Denver:$571,000.

Boise (Ada County):$536,000.

Phoenix:$455,000.

Austin (metro):$435,000.

So yes, Boise isn't the cheapest city on this list.

But it's nearly half the price of San Diego.

And it comes in under both Salt Lake City and Denver.

Austin and Phoenix are lower, and we'll get into why that doesn't tell the whole story in a minute.

Now Factor in Property Taxes

This is where a lot of people get surprised.

The sticker price on a house only tells part of the story.

What you pay every single year in property taxes can change the math completely.

Here are the effective property tax rates by state, according to the Tax Foundation and Census Bureau data.

Colorado:0.49%.

Utah:0.63%.

Idaho:0.69%.

Arizona:0.72%.

California:0.76%.

Texas:1.25%.

Idaho sits right in the middle of this group.

But here's the kicker.

Texas has no state income tax, so property taxes carry a much heavier load.

On a $435,000 home in Austin, you're paying roughly $5,400 a year in property taxes.

On a $536,000 home in Boise, you're paying about $3,700.

So even though the Boise home costs $100,000 more, you're paying $1,700 less per year to own it.

That adds up fast.

What Does Your Money Actually Get You?

This is the part that really matters.

Forget the median price for a second.

Let's say you have a budget of $500,000 and see what each city hands you.

San Diego:At roughly $679 per square foot, $500K gets you about 735 square feet. That's a small condo. Maybe a studio. You're well below the city's median home price.

Salt Lake City:You're under the median here too. Expect a smaller townhome or an older single-family home that needs work. The city's price per square foot has climbed sharply since 2020.

Denver:At about $340 per square foot, you're looking at around 1,470 square feet. A modest townhome or a smaller single-family home in an outlying neighborhood. Still below Denver's median.

Austin:$500K puts you right around the metro median. You'll find a decent three-bedroom home, but likely further from downtown. New construction options exist, though many are in master-planned communities 20 to 30 minutes out.

Phoenix:This is above the median, so you have options. A solid three or four-bedroom home with a pool isn't out of the question. But summers regularly hit 115 degrees, which is a lifestyle factor worth considering.

Boise (Treasure Valley):$500K is right at the city median. In Boise proper, expect around 1,600 to 1,800 square feet in an established neighborhood. In Nampa or Caldwell, that same budget gets you 2,000+ square feet with a bigger lot. In Meridian, you're looking at newer builds with three to four bedrooms, a garage, and a yard.

The Treasure Valley's biggest advantage is range.

Within a 30-minute drive, you can go from a walkable Boise neighborhood to a five-acre property in Canyon County.

Very few metros in the country give you that kind of variety at this price point.

Where Are People Actually Moving From?

Idaho led the nation in inbound migration in 2025 for the second straight year, according to North American Van Lines.

And the numbers aren't subtle.

58% of new Idaho residents came from California alone over the last four years.

The rest came mostly from Washington, Oregon, Texas, Colorado, Utah, and Arizona.

When you look at the reasons, the pattern is clear.

People are trading higher prices for more space.

They're trading longer commutes for shorter ones.

They're trading small lots for acreage.

And many of them are bringing equity from homes they sold at much higher prices.

A family selling a $1.2 million house in San Diego can buy a nicer home here for $600K and pocket the difference.

That's not theory. That's happening every week in the Treasure Valley.

So Is the Treasure Valley Still Affordable?

Compared to what it was in 2018? No.

Idaho home prices have climbed over 50% since 2020.

That's real, and it matters, especially for people who already live here.

But compared to the cities people are actually leaving?

The Treasure Valley is still one of the best values in the western U.S.

You get more house. More land. Lower annual costs. Better access to the outdoors. And a quality of life that a lot of people can't find for this price anywhere else.

The gap has narrowed. But it hasn't closed.

And for people coming from San Diego, Denver, or Salt Lake City, it still feels like a completely different world.

Quick Recap

San Diego: Nearly double the home price. Your $500K buys a small condo.

Denver: About $35K more expensive and shrinking fast in what you get per dollar.

Salt Lake City: $80K more than Boise and climbing. Very similar lifestyle appeal, higher price tag.

Austin: Lower median price but the highest property taxes on this list. The annual cost of ownership closes the gap quickly.

Phoenix: Cheaper on paper. But the extreme heat, water concerns, and less outdoor variety change the math for a lot of families.

Boise/Treasure Valley: Mid-range price. Low property taxes. Huge range of options within a short drive. Still one of the strongest value plays in the West.

If you're thinking about making a move, or if you just want to see what's available in the Treasure Valley right now, I put together a comparison of what your money buys across five Treasure Valley cities that's worth a read.

And if you want to start browsing, search homes across the Treasure Valley here.

Or if you want to talk about your specific situation, reach out anytime.

I'm always happy to help you figure out what makes sense.