EDITORIAL: Housing remains high, but there is hope

If you bought your house more than a decade ago and still have it, congratulations. You're in good company.

If you don’t own a house and are renting until you can buy one, hang in there. Yours is a difficult assignment and a recent report spelled out just how challenging home ownership in North Idaho is becoming due to rising rents. 

According to the National Low-Income Housing Coalition and the Idaho Asset Building Network, renters in 38 out of Idaho’s 44 counties do not earn enough to afford a modest home at fair market rent. While full-time workers need to earn $27.83 per hour to afford a two-bedroom home in Idaho, the average renter currently earns only $18.81 per hour.  

That is a giant gap, one not easily bridged.

The annual Out of Reach report highlights the gap between wages and what people need to earn to afford their rents. It routinely shows that affordable rental homes remain out of reach for many of Idaho’s renters.

In Idaho, Fair Market Rent for a two-bedroom home is $1,447, and a household must earn $4,823 monthly or nearly $58,000 annually. When housing costs exceed that threshold, families are often forced to cut back on necessities like important medical visits, medications, nutritious food, and daycare, the report said. 

While the Housing Wage varies by county, renters with low wages from across the state struggle to afford their home. In both Ada and Canyon counties, the housing wage is $35.35, while the average renter wage is $27.83 and $18.81, respectively. Rural counties such as Boise and Owyhee also have average housing wages above $27.83 an hour.  

In no state, even those where the minimum wage has been set above the federal standard, can a minimum-wage renter working a 40-hour work week afford a modest two-bedroom rental unit at the fair market rent, the report said. 

The situation is even more pronounced here.

In Kootenai County, the median price of a single-family home is nearly $550,000, while workers in the Coeur d'Alene area had an average hourly wage of $27.20 in May 2024, according to the U.S. Bureau of Labor Statistics. To buy a $550,000 home you need to make in the range of $150,000 annually.

It’s difficult to save money when most of your income goes to rent, which means your average blue-collar worker is likely priced out of the local market.

But don’t lose hope.

In North Idaho, there are those dedicated to seeking solutions to the lack of affordable homes and they have made headway.

The Panhandle Affordable Housing Alliance, the Housing Solutions Partnership and the Young Family’s Foundation are all committed to creating more housing ownership opportunities. 

While skeptics may have doubted whether these groups could have an impact, they have seen success, such as PAHA's "Miracle on Britton." 

Homebuyers in Kootenai County could qualify for mortgage assistance under a new funding program being vetted by the Housing Solutions Partnership, Coeur d’Alene Regional Realtors and other regional partners. 

The YFA works closely with local banks and mortgage lenders to help bridge the gap for young families that experience "near misses" in qualifying for a home mortgage. 

Despite this latest report on rent, these groups will continue to overcome barriers and increase home ownership options in North Idaho.