Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 11,994 people, 3,941 houses or apartments, and a median cost of homes of $188,250, Jerome real estate values are some of the lowest in Idaho, although compared to real estate around the nation, Jerome homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Jerome, accounting for 75.04% of the city's housing units. Other types of housing that are prevalent in Jerome include mobile homes or trailers ( 9.93%), duplexes, homes converted to apartments or other small apartment buildings ( 6.83%), and a few large apartment complexes or high rise apartments ( 4.99%).
The most prevalent building size and type in Jerome are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.66% owning and 43.34% renting.
There is a lot of housing in Jerome built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Jerome built between 1940-1969 ( 21.93%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.10%). There's also some housing in Jerome built before 1939 ( 12.12%).
In the last 10 years, Jerome has experienced some of the highest home appreciation rates of any community in the nation. Jerome real estate appreciated 56.37% over the last ten years, which is an average annual home appreciation rate of 4.57%, putting Jerome in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Jerome definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Jerome that despite a nationwide downturn in the housing market, Jerome real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Jerome appreciation rates continue to be some of the highest in America, at 10.00%, which is higher than appreciation rates in 99.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Jerome. Jerome appreciation rates in the latest quarter were at 3.81%, which equates to an annual appreciation rate of 16.15%.
Importantly, this makes Jerome one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Idaho, our data show that Jerome's latest annual appreciation rate is lower than 60% of the other cities and towns in Idaho.
Average for Nation
Very Low for ID