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Leadore, Idaho: Rising Home Values and Steady Ownership in a Scenic Rural City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Leadore, a small city nestled in Idaho, has experienced notable fluctuations in its housing market over the past decade. This quaint community, known for its scenic beauty and rural charm, has seen significant shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The percentage of owner-occupied homes in Leadore has shown variability, ranging from 66% to 77% between 2013 and 2022. Interestingly, this trend has coincided with a substantial increase in average home prices. In 2013, the average home price was $125,254, which steadily rose to $364,221 by 2022, marking a remarkable 190% increase over nine years. This upward trajectory in home values appears to have had a complex relationship with homeownership rates, as the percentage of owner-occupied homes fluctuated despite the rising prices.
Federal interest rates have played a significant role in shaping homeownership trends in Leadore. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Leadore remained relatively high, peaking at 77% in 2015. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but generally remained strong, suggesting that other local factors may have influenced housing decisions in this small city.
Renter percentages in Leadore have inversely mirrored homeownership rates, ranging from 23% to 34% between 2013 and 2022. Average rent prices have shown a general upward trend, albeit with some fluctuations. In 2013, the average rent was $460, which decreased to $387 in 2017 before rising significantly to $767 by 2022, representing a 67% increase over this period. This surge in rent prices, particularly in recent years, may be attributed to various factors, including changes in local housing supply and demand dynamics.
In 2023 and 2024, Leadore's housing market continued its upward trajectory. The average home price reached $370,739 in 2023 and further increased to $391,053 in 2024, representing a 5.5% year-over-year growth. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially influencing homebuying decisions and mortgage affordability in the area.
Looking ahead, predictive models suggest that Leadore's housing market will likely continue its growth trend over the next five years. Average home prices are projected to increase by approximately 20-25% by 2029, potentially reaching around $470,000 to $490,000. Average rent prices are expected to follow a similar upward trajectory, potentially rising by 15-20% over the same period, which could result in average rents approaching $900 to $950 per month by 2029.
In summary, Leadore has experienced significant growth in both home values and rent prices over the past decade, with homeownership rates remaining relatively stable despite these increases. The interplay between federal interest rates, local economic conditions, and housing market dynamics has shaped these trends. As the city moves forward, it appears poised for continued growth in its housing market, potentially presenting both opportunities and challenges for residents and potential homebuyers in this picturesque Idaho community.
