2020 BOISE IDAHO REAL ESTATE BLOG
Statistics show the cost of owning a home is 35% cheaper Main Idaho Real Estate Insights

Renting can be a good temporary housing solution but home ownership is still the best way to increase wealth.

Renting is only best for some because owning a home provides greater benefits to you and your financial well-being.

Home Ownership Costs Less

Statistics show the cost of owning a home can be 35% less than renting in all of the 100 largest metro areas and this is true in Boise as well. I watched a video recently about why the presenter thought home ownership was more expensive but the entire premis was based on he could rent a million dollar home for 30% less than a mortgage? What investor buys a home and rents it for less. He could have used a little common sense in his argument.

Another person who is an investor, suggested everyone should rent so they can move as they so choose. He also missed an amazing point about home ownership- do as you please, no need to ask permission. Also, kids like to be able to come home to their place, not someone else's so it provides security and stability; which is invaluable to a great childhood!

Benefits of Home Ownership:

One tends to take better care of something they own. How many times have you lent a friend something and received it back in poor condition. Even worse, lending something to a family member. Most tend to take better care of somethinh if they own it. Lawn mowing, Gardening, or just simple renovations become a thing of beauty.

Privacy and No Asking Permission

Homeownership means you call the shots. If you want to paint a wall or hang a picture, you don't have to ask a landlord, though maybe a spouse! If you do some remodeling, it is not an expense because it may very well be this improvement also increases the value of your home. As a renter, your landlord thanks you.

Personal & Financial Stability

Month after month, you increase your persnal wealth. Renters essentially pay off their Landlord's mortgage and the money is going toward someone else's asset. They have nothing to show for the monthly investment when they move out. You also know what your home loan payments are going to be while renters hope rents do not go up.

As home owners build equity, the home is also becoming more valuable, aka 'Appreciation.' Boise has seen a lot of apprecition but it takes time. For those that purchased real estate 7 year ago in Boise, they have seen the value of their home increase $100k, based on median home values in Ada County!

Ready to explore home ownership or have more questions? Give the Build Idaho Real Estate Team a call at 208-639-6245 drop us a note!

 
Posted by tlangford at 7/12/2018 9:00:00 PM
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Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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