The headline is and has been... The housing market in Boise is INSANE. In my mind the question then becomes is it better to buy or rent in this current market. If you make decent money are you cheating yourself out of long term equity if you don't buy now or are you better off renting till things cool down?

"Number one, if you're not in a stable job and you just don't know if you're going to stay in the Boise area, "Dave Petso, a certified financial planner with Petso Financial explained, in a ktvb interview.  "you don't know what your housing situation might be, what your needs are going down the road, there are a number of reasons why you want something you can hand the keys back."

What does rent look like vs. an average mortgage? According to data by Apartment List:

The average rent for a two-bedroom in Boise in June 2021 was $1,297

In June 2021, the average rent for a two-bedroom in Ada County costs $1,303.

How does that compare to mortgages? The National Association of Realtors found that a 30-year fixed-rate mortgage in Ada County costs on average of just over $1,500 per month. If you choose to live in Canyon County, the average mortgage runs about $1,030 per month.

So would you rather come up with a down payment of 3 to 20 percent or more and take a chance that the market continues to go up or is your money better spent on rent? What would you do? One thing is for sure, the Treasure valley is a lot more expensive than it used to be.

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