Mortgage payment estimates, closing cost breakdowns, and homebuying data for Meridian, Idaho.
Median Home Price
$475K
Population
118K
Avg Monthly Rent
$1,520
Property Tax Rate
0.63% *
* Property tax shown is the Idaho state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Meridian.
Meridian vs Idaho Median
The median home price in Meridian is $475,000, which is 13% above the Idaho state median of $420,000.
Mortgage Calculator — Meridian, ID
Pre-filled with Meridian median home price and Idaho tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $475K home using Idaho's 0.63% tax rate and $1,600/yr insurance.
5% Down
$3,498/mo
Down: $23,750
Loan: $451K
P&I: $2,852
Tax: $249
Insurance: $133
PMI: $263
10% Down
$3,334/mo
Down: $47,500
Loan: $428K
P&I: $2,702
Tax: $249
Insurance: $133
PMI: $249
20% Down (No PMI)
$2,785/mo
Down: $95,000
Loan: $380K
P&I: $2,402
Tax: $249
Insurance: $133
Income needed (28% rule): $119K/year with 20% down, $143K/year with 10% down.
Rent vs Buy in Meridian
Rent
$1,520/mo
vs
Buy (10% down)
$3,334/mo
Price-to-rent ratio: 26.0 — At a ratio above 20, renting may be more economical in Meridian for shorter stays. Buying costs $1,814 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Meridian is $475,000, 13% above the Idaho state median of $420,000. With a population of 117,635, Meridian is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Idaho average 0.63% annually. This low property tax rate is a significant advantage for Meridian buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Idaho runs approximately $1,600 per year. This is within the normal range nationally.
Average rent in Meridian is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Meridian is a higher-cost market. At $475K median, buyers need significant savings or strong income. Down payment assistance through Idaho's Idaho Housing DPA program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Meridian.