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Blanchard: Resilient Homeownership Amid Soaring Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Blanchard, Idaho, is a small but growing community located in the northern part of the state. Over the past decade, this charming locale has experienced significant changes in its housing market, with notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Blanchard has fluctuated over the years, showing a general trend of slight decline followed by recent stabilization. In 2013, the homeownership rate was 88%, which decreased to 76% by 2017. However, since then, there has been a reversal, with the rate climbing back up to 87% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $152,315, which steadily increased to $535,208 by 2022, representing a substantial 251% increase over this period.
The relationship between federal interest rates and homeownership rates in Blanchard shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates remained relatively high, above 78%. As interest rates began to rise more significantly from 2017 onwards, there was a brief dip in homeownership rates, reaching a low of 76% in 2017. However, despite rising interest rates, homeownership rates rebounded and stabilized at 87% by 2022, suggesting other local factors may have influenced this trend.
Renter percentages in Blanchard have mirrored the inverse of homeownership rates, naturally. The percentage of renters peaked at 24% in 2017, coinciding with the lowest homeownership rate. Since then, the renter percentage has decreased, settling at 13% in 2022. Average rent prices have shown a general upward trend, increasing from $574 in 2013 to $714 in 2022, a 24.4% increase. Interestingly, the population grew from 1,404 in 2013 to 2,287 in 2022, a 62.9% increase, which likely contributed to the pressure on both home prices and rents.
In 2023 and 2024, we see a slight correction in the housing market. The average home price in Blanchard decreased from $535,208 in 2022 to $504,013 in 2023, and further to $486,261 in 2024. This represents a 9.1% decrease over two years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which likely contributed to this cooling in the housing market.
Looking ahead, based on recent trends and current economic conditions, we can project potential scenarios for the next five years. If the current pattern continues, we might expect average home prices to stabilize or show modest growth, potentially reaching around $520,000 by 2029. Average rent prices could continue their upward trajectory, possibly reaching $850-$900 per month in the same timeframe, assuming steady population growth and demand for rental properties.
In summary, Blanchard has experienced significant growth in both population and housing prices over the past decade. While homeownership rates have fluctuated, they have recently stabilized at a high level. The rapid increase in average home prices has outpaced rent growth, potentially making homeownership more challenging for new entrants to the market. The recent cooling in home prices, coupled with high interest rates, suggests a potential period of stabilization in the housing market for this Idaho community.
