Of course everyone’s situation is different… but I just wanted to put a couple examples out there of what buying a house might be like in the $400,000 price range. (The national average price for a home is a bit over $415,000.) I’m keeping things pretty general as the specifics of costs will vary from home to home and from buyer to buyer. For specifics on any particular home or with your particular financial situation, just give me and Mareen a call, text, email or hit that Contact Us button and we’ll be happy to help!
Examples of What About $400,000 Will Buy
The following are examples of homes in the Treasure Valley area in the $400,000 price range. Click on the pictures for more details on the homes.
Every homes is different… location, property taxes, HOA fees (if any) as well as feel and layout and neighborhood. Finding the right home for you is totally important… and has to fit your style and your budget and all of your other needs.
In addition to these, many builders offer new construction homes in this price range and often include incentives; such as, several thousand dollars for closing costs or upgrades or possibly lower interest rates (for a year or two or for the entire length of your mortgage).
Every situation is different… give us a call!
How Much Money To Put Down?
Again, every situation is different… but I wanted to give you an idea of what your monthly payment might be in this $400,000 price range. I’ve assumed some numbers here; such as, a ballpark amount for property taxes (using the homeowners exemption), insurance and HOA dues. These are pretty good numbers to get started with.
$2,982 / mo. In this example, you might be going with an FHA loan and that requires a low down payment of only 3.5%. There is a PMI (private mortgage insurance) fee included. Depending on what community you choose, your HOA fees could be much less; like $15 per month (or none!). Your property tax could be lower too… and, if you qualify, Idaho does have the “circuit breaker” for property tax that reduces it based on your income.
$2,344 / mo. In this example, you’ve put 20% down and this is where you no longer need to have PMI… so you save that monthly expense. Your specific costs on other things could be different… as discussed above.
$1,605 / mo. In this example, let’s say you’ve sold a home you’ve lived in for a while and now have a good chunk of cash for a down payment… like, in this case, 50%. So… no PMI, other costs could be lower, and your monthly payment is very attractive!
More Examples of $400,000-ish in this Video
Check out my video where I look at more examples of homes in this price point of about $400,000. This is a YouTube video so you can easily share it with someone you know may need to see it!
Treasure Valley Dave's Thoughts
There’s so much information here… yet we’ve just scratched the surface! And your situation will be different from someone else… and different from your situation just a year ago… so it’s hugely important to give me and Mareen a call so we can help you on an individual basis.
Maybe your monthly payment is the most important thing… we work with good lenders who can work with you and make a plan to get your payment where you want it to be. Maybe the plan is to go with a builder who offers a low interest rate incentive… maybe it’s putting more money down… maybe it’s looking for a price point that’s lower. But you won’t know until you call and find out.
The funny thing is… just a few years ago these homes were at the $200,000 price range. In a few years from now, they may be at the $600,000 price range. The biggest reason why is inflation… and inflation hits everyone, everywhere. One thing that’s cool is that when you buy a home, you’re principle and interest payment is locked in… and the home price is what it is when you buy it… meaning, you bought the home before inflation pushed up the price even further.
If you’ve been thinking of relocating to the Treasure Valley or if you’ve been thinking of right-sizing up or down to the $400,000 price range (or any other price range for that matter!!) just let me and Mareen know so we can talk with you and answer your questions. We want you to have the best information so you can make the best decisions regarding finding a better quality of life in a great home. Just give me and Mareen a call, text or email… or smash that Contact Us button and let’s get started! 
