To rent or buy? The housing market is booming in the Treasure Valley, but what costs more and what's the "smart" thing to do?

When I first arrived in the Treasure Valley I was open to renting a place for a year to take time to get to know the area and find that "dream home," but I ended up taking a different path.

Home ownership comes with a lot of plus and minuses. Yes, you can gain significant equity. I made $120,000 on my first home in 3 years, but purchased my second house just before the recession hit.  I couldn't get rid of my second home when it  was time to sell and even worse I really didn't gain any equity in the 8 years I lived there.

I toyed with renting but found I got more bang for my buck with my monthly payments if I bought a home.

A new study by msn.com analyzes the cost of rent vs. purchasing a home in each state, and here's what they found in Idaho.

The average monthly rent in Idaho is $995/mo.

The average mortgage is $1199/mo.

The issue I have with this study is it doesn't show what you get for $995/ month or $1199/ month. How big are the homes? What amenities do they have? Where are they located.

Regardless, it's clear that home prices in Idaho have boomed in the last two years.

In 2014 the average home in Idaho was $190,000.

In 2016 the average home here is $234,900.

Zillow has also ranked Boise 5th among the "Top 10 Housing Markets for 2016."

I'm afraid people are finding out about this little hidden gem we get to call home!!

If you're house hunting good luck!

 

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