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Offering one of the lowest property tax rates in the country, Idaho is considered a pretty affordable state to live in. However, to better your chances of becoming a homeowner and keep your housing costs as low as possible, it's a good idea to get quotes from multiple mortgage lenders to get the best rates.
Whether you're looking for an urban or rural area, there are plenty of choices of affordable locale in Idaho. Here's a list of five places to get you started.
Blackfoot is known as the potato capital of the world, and has a population of just 11,907. Though there aren't a lot of amenities like coffee shops and cultural activities, there are a lot of parks in Blackfoot. Plus, the median home value is $136,700, which could explain why 61% of residents are homeowners, according to Niche. This is quite a bit lower than the national median of $217, 500. Bingham County also has one of the lowest property rates in the state, 0.72% of the property's assessed fair market value as reported by Tax-rates.org.
Burley, on the Snake River in Cassia County, has one of the lowest property tax rates in Idaho at 0.60%, according to Tax-rates.org. Recreation for residents includes waterfront activities, hiking at City of Rocks National Reserve, and amenities like golf courses and restaurants. Many families live here, and home prices are some of the most affordable in the country, with a median value of $128,100. Niche ranks Burley third on their list of the most-diverse places in Idaho, and 62% of residents are homeowners.
Mountain Home is a small town that offers residents a quiet rural setting. It's near the Mountain Home Reservoir and offers activities such as bird-watching and fishing. The median home value is $144,200, well below the national average. Property taxes are affordable in Elmore County at 0.73%. Nearly 60% of residents own their homes. Schools are rated average here, and Mountain Home offers a low crime rate and a relatively diverse population.
Pocatello is near the Red Hill and Kinport Peak mountains, and has a population of 55,525. Residents can enjoy the Idaho Zoo and outdoor activities like fishing at the Edson Fichter Pond. Almost two-thirds of residents own their homes, which have a median value of $148,200. Pocatello's schools are highly rated, and the area offers plenty of amenities and a good mix of residents. This town is in Bannock County, where property taxes average 0.96% of fair assessed value.
As one of the largest cities in the state, Idaho Falls offers a lot to its residents, including coffee shops, parks, museums, and highly rated schools. There's also the Museum of Idaho, the Art Museum of Eastern Idaho, and the Greenbelt, a system of trails. A mix of families and young professionals live in Idaho Falls, and it's ranked in the top third of Niche's list of the best places to live in Idaho. Homes have a median value of $164,500. Property taxes average 0.79%, and 63% of residents are homeowners.
Even if you find the best mortgage rates available, your own rate will depend on factors such as your debt-to-income ratio, credit score, and income. You can still make homeownership more affordable by choosing a home well within your budget and shopping around to find the best deal.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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