Boise Real Estate Source


I don't know why anybody who can qualify for a mortgage would rent right now.


I don't know why anybody who can qualify for a mortgage would rent right now.

Home Buying in Boise Idaho

Well, okay, that's not ENTIRELY true:

I understand if someone can't because their credit is less than perfect, and let's face it - getting a loan HAS gotten more difficult. 

I also understand if people are unsure what the future holds and may or may want to move in a few years.  

And, I understand people that are gun shy because of the state of the economy and they aren't sure if their job will still be around in a few years.

Those are fair reasons, and I definitely don't believe in pushing people into buying when it is not a good fit for them and their life and current situation.

BUT for people with good jobs and no intentions of leaving the area it just makes sense. 

Our market here in Boise, Idaho has gotten to a point where the rents greatly exceed what you could get for a great home with a smaller loan payment.  I could give example after example.  Here are just a few:

I just sold a home to a couple who was paying $600 in rent for a small 2 bedroom, 1 bath apartment (with neighbors on either side, and above and below).  They got a single family home, 3 bedrooms, 2.5 bathrooms, 2 living areas, a much bigger kitchen, an awesome back yard, and best of all, no attached neighbors and they are paying $525 for there mortgage!  That even allows them to save money for repairs and costs of being a homeowner (after all, there are more responsibilities and more costs associated with homeownership vs. renting).  And they are paying down a loan which will give them equity in their home instead of throwing their money away in rent.

Home Buying in Boise Idaho

Don't forget about these two scenarios that I wrote about a few weeks ago.  I wrote this post talking about purchasing as an investment, but heck, why not look at it has a homeowner as well?

-$390 on a 15 year loan - it would have been even less on a 30 year! Going rent for this home is $750-$800 and vacancy is next to nothing. 

-Still a little nervous?  What about a duplex where you can live in one side and have a renter on the other side?  Mortgage on this home could be roughly $600.  Rents are currently  around $1200 if both units are filled.  If you lived in one home and rented the other side you would be living for free and having someone else pay down your mortgage!


This is made possible because of the current low prices of homes and the exceedingly low interest rates right now.  The above are just examples - actually mortgage payment and total costs will be specific to you and your situation, but I can get you into a lender if you want to find out more.

Are prices going to continue to go down?  I don't know.  Are interest rates going to rise?  I don't know that either.  Buying a home is a personal decision and you can only make the decision based on your circumstances and the information that is available to you. 

If you are going to want to sell your home in two years, then buying now may not be the right choice for you - your home may lose value in those two years and even if you don't you will have cost of sale to consider.  But, if you plan to live in it for the long haul, you likely won't notice a further dip.  Furthermore, if interest rates go up it won't matter that prices are so low.  Your buying power will be different.  I'm not trying to sell you.  I'm just giving you the facts.  You make your own decisions.

But it's something to think about.  It won't be this way forever.  The combo of low prices and low interest rates is pretty hard to beat.


Kasey Boles

Managing Broker, Jon Gosche Real Estate, LLC



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Boise, Idaho Real Estate

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Comment balloon 7 commentsKasey & John Boles • October 22 2011 04:44PM


It all makes sense!

Posted by Gayle Beyer, Port St Lucie FL Real Estate Broker (Welcome Center Realty 772-336-8583, FLA777) over 8 years ago

Well put!  So many people are unaware of what they could purchase a home for versus what they are paying for in rent.  I also think that many are intimidated about the home buying purchase. When I speak to renters here in North Carolina they are surprised to learn what their mortgage payments would be and when we actually get to talk in more depth they will usually let me know that they had thought about purchasing but had not done much research because they were intimidated.  This is such an important fact to remember for Realtors!

Posted by Krista Abshure (Fathom Realty) over 8 years ago
With the math in your example it does make good sense. In our area the math doesn't work out the same way and as a result the rental market is strong.
Posted by Mark Delgado, Benicia and Vallejo, Property Management, rental h (houses for rent, Solano County & Glen Cove) over 8 years ago

Yep, Gayle, it does!

Thanks Krista.  You have a great point of renters just not knowing and being intimated.  That is an awesome point and those of us that are in the business and deal with it every day sometimes forget how scary of a process it can be.

Mark - our rental market is strong too in huge part due to all the foreclosures and short sales in our area and people that just are unable to get a loan right now.  But it is a great time for those who can get a loan or who have cash.

Posted by Kasey & John Boles, Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties (Jon Gosche Real Estate, LLC - over 8 years ago

Well put and so true!  Buyers need to take heed get off the fence and buy now is a great time!

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 8 years ago

I can think of only two reasons to continue renting if you're able to buy:

  • As you said - if you plan to move within the next 2 or 3 years.
  • If you simply don't want the responsibility of caring for a home. 

As more people lose their homes, rental rates will rise in accordance with the law of supply and demand.

Now is the time to buy - for a home for you and your family, not for an investment.


Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) over 8 years ago

Thanks for stopping by and for the comment John - have a great week!

Marte, it is true - not everyone is meant to be a homeowner and by all means, if you don't want the responsibility of owning a home that is a great reason not to buy - no argument from me.  I firmly believe that nobody can time the market and we all know that Realtors have looked stupid saying "now is the time to buy" all these years while houses continue to decline.  But if it is the right situation for you and your family, anytime is the right time to buy - it just depends on your personal circumstances, and even a great market may not be the right time to buy for everyone.

Posted by Kasey & John Boles, Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties (Jon Gosche Real Estate, LLC - over 8 years ago