Rising Rents: A Case for Owning a Home in Boise, Idaho in 2023

Renting a home in Boise, Idaho is becoming increasingly expensive, with rental prices on the rise. As a result, many people are considering homeownership as an alternative. Not only does owning a home provide a sense of stability and security, but it also offers financial benefits in the long run. In this blog, we'll explore the current state of the rental market in Boise, and why homeownership may be a more cost-effective option in the long run.

Renting vs. Buying in Boise, ID

The Current Rental Market in Boise, Idaho

As of January 2023 according to Rent.com, residents of Boise, Idaho can expect to pay an average rental rate of $1,755 for a two-bedroom residence. Additionally, more than one-third (33%) of rentals are priced at over $2,100 per month. According to Realtor.com, the rents are forecasted to increase by 6.3%.

Home Mortgages in Boise, Idaho in 2023

In recent months, the median cost for a starter home consisting of 2,000 sq feet or less in Ada County has been $410,000. Despite increased interest rates, this equates to an estimated mortgage payment of between $1,730 -$2,100 per month on a 30-year fixed conventional loan.

While renting may seem comparable or cheaper than buying in the short term, it's important to think long-term when considering renting vs. owning in a competitive rental market like Boise.

Long-Term Financial Benefits of Homeownership

What are the benefits of buying a home? For starters, paying a mortgage each month can provide stability for both the homeowner and their finances. With renting, tenants are subject to fluctuations in rents and could find themselves with steeply increasing rental payments from one year to another.

Additionally, homeowners often have the ability to build equity over time which can eventually be used as collateral for loans or investments.

Buying a home in Boise, Idaho is also a smart financial move because of the tax advantages associated with owning a home. The federal government offers homeowners mortgage interest deductions which can significantly reduce an individual’s income tax liability. Depending on the size of a loan, the mortgage interest deductions can save a homeowner thousands of dollars every year.

In the event that your landlord chooses to sell their property, you may be required to secure alternative housing. Unfortunately, this process could be stressful and there is no assurance of finding comparable housing at your previous rental rates.

The Impact of Rising Boise Rents on Affordability

Renting in Boise, Idaho has been a challenge for many people over the last few years. With rents increasing exponentially due to high demand and limited availability of rental housing, renting is becoming increasingly expensive. Many prospective renters are now looking to buy a home as an alternative option due to the financial benefits we mentioned above.

However, this presents a challenge for those who do not qualify for a home loan and are forced to rent. If someone is struggling to get approved for a mortgage due to their credit, there are ways to Improve Your Credit so you can be in a financial position to qualify in the future. For those who may not be able to afford a home due to their income circumstances, there are some income-based apartments and housing choices to consider. However, these accommodations are scarce and the demand is high. Consequently, this has resulted in a lengthy waiting list for these services. The City of Boise is currently trying to implement more affordable housing options to help with this rental crisis through programs like LEAP Housing and NeighborWorks Boise.

Bottom Line

At the end of the day, purchasing a home in Boise, Idaho instead of renting is definitely worth considering for 2023. If you're drawn to making such an investment, we offer professional real estate agents who would love to assist with each step of this journey.

Concerned about the interest rates? Here are 5 Creative Ways to Get a Lower Interest Rate.

Ready to Stop Renting? Contact us!


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309 Properties
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$400,000
Neighborhood: Orchard Heights
5
Beds
3
Baths
1,600
Sq.Ft.
2001
Year Built
225
Days on Site
98849111
MLS
Beautifully renovated home with new kitchen, new vinyl flooring on first floor. New custom stone around garage, new shed with power, Jacuzzi plug in. Must come see this home, large backyard with...
$400,000
Neighborhood: Shady Grove
3
Beds
2
Baths
1,572
Sq.Ft.
2017
Year Built
175
Days on Site
98855412
MLS
Tucked away in a newer Hayden Home subdivision, this home sits on a large lot which offers back yard privacy, room for a garden and even RV parking, plus room for a boat or other toys! Enjoy the...
$400,000
Condo: Parkside Twnhs
3
Beds
2
Baths
1,465
Sq.Ft.
2022
Year Built
52
Days on Site
98864652
MLS
*LOW Maintenance Living at it's finest! Energy Star certified Single level and only one neighbor, covered front and side patios and ability to fence in part of the yard. Resort like living, HOA...
$399,990
Condo: Hensley Station
3
Beds
3
Baths
1,632
Sq.Ft.
2022
Year Built
372
Days on Site
98829207
MLS
The Owyhee is an end unit townhome with a two-car garage. The open concept living space offers comfortable flow between the great room, kitchen, and nook. This home is HERS and Energy Star...
$399,990
Neighborhood: Jocelyn Park
3
Beds
3
Baths
1,395
Sq.Ft.
2022
Year Built
244
Days on Site
98846361
MLS
**Get a 5.5% interest rate on select quick move-in homes OR save up to $20,000 now through January 31st.** The 1395 square foot Darrington is a well-appointed two story home that lives larger than...
$399,990
Neighborhood: Spring Hollow Ranch
4
Beds
2
Baths
1,600
Sq.Ft.
2022
Year Built
216
Days on Site
98850413
MLS
The Kincaid 1600 | Welcome to Spring Hollow Ranch, your peaceful country oasis! Nestled between amenities along the Idaho Center Blvd. and close proximity to Meridian, Spring Hollow Ranch offers...
$399,990
Neighborhood: Baserri
3
Beds
2
Baths
1,201
Sq.Ft.
2023
Year Built
27
Days on Site
98866665
MLS
New Season, Big Savings! Get up to $25,000*. Contact us to learn more!* The Canyon makes every bit of its 1201 square feet count, offering great comfort in a modestly sized single level plan. The...
$399,990
Neighborhood: Rapid Creek
3
Beds
3
Baths
1,887
Sq.Ft.
2022
Year Built
14
Days on Site
98867553
MLS
he Greenbrier 1887 has a nice sized kitchen with island along with a large family room! Upstairs is the master bedroom and bathroom along with an additional two bedrooms. Playground conveniently...
$399,990
Neighborhood: Granite Basin
3
Beds
2
Baths
1,620
Sq.Ft.
2016
Year Built
12
Days on Site
98867710
MLS
No detail left behind or forgotten about on this single level Beauty in Nampa! 3 car garage w/RV parking, Hickory Engineered Hardwood floors w/a 50 yr warranty, custom walnut blinds, built-in island...
$399,990
Neighborhood: Victory South
4
Beds
2
Baths
1,844
Sq.Ft.
2019
Year Built
1
Day on Site
98868435
MLS
Come see this fantastic 1844 sq ft, 4 bedroom 2 bath single level home! THE LOCATION on this property is incredible, so close to Schools, shopping, Hospital did I mention Top Golf! This amazing home...
$399,900
Neighborhood: Bedford Place
3
Beds
2
Baths
1,417
Sq.Ft.
1999
Year Built
169
Days on Site
98856025
MLS
Don't miss out on this move-in ready Meridian property with a fabulous location! This home boasts an open floor plan throughout the kitchen, dining and living areas. The kitchen includes a large...
$399,900
Neighborhood: Sutters Mill Su
4
Beds
2
Baths
1,798
Sq.Ft.
2006
Year Built
154
Days on Site
98857607
MLS
Step inside this spacious design, greeted by vaulted ceilings from the moment you walk through the door. Enjoy a cozy living space by the gas fireplace with a great book to read or show to binge....
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