Total monthly cost of ownership
Cost to Own a Home in Meridian, Idaho
A $485,000 home here costs
$3,379per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,493. The real number is $886 higher every month — 36% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Meridian against Ada County and Idaho
| Measure | Meridian | Ada County |
|---|---|---|
| Median home value | $485,000 | $476,000 |
| Median property tax | $2,497 | $2,643 |
| Effective tax rate | 0.515% | 0.555% |
| Median gross rent | $1,714 | $1,465 |
| Population | 124,865 | 508,052 |
The weather behind that power bill
Meridian sits in Ada County, which averages a high of 92.7°F in its hottest month and a low of 25.4°F in its coldest, with 11.51" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,045 cooling and 5,321 heating degree days, which is what sets the $111 electricity line above.
See the full climate breakdown for Ada County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ada County
Common questions
How much does it cost to own a home in Meridian?
A $485,000 home in Meridian, Idaho costs approximately $3,379 per month with 20% down at 6.66%. That is $2,493 principal and interest, $208 property tax, $94 homeowners insurance, $179 utilities and $404 set aside for maintenance.
What is the property tax rate in Meridian?
Meridian has an effective property tax rate of 0.515%, based on a median home value of $485,000 and median real estate taxes of $2,497. That is lower than the Ada County average of 0.555%.
What is the average home price in Meridian?
The median owner-occupied home value in Meridian, Idaho is $485,000, against $476,000 across Ada County.
Is it cheaper to rent or buy in Meridian?
Median gross rent in Meridian is $1,714 a month, against $3,379 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Meridian — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Idaho.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.