Home prices and home rental rates are on the rise.
In Idaho, renters are paying nearly 10% more since the pandemic first began in Idaho.
According to Apartmentlist.com, the median rent price jumped by 9.4% between March and October.
A one-bedroom apartment went for about $784 in March. By October, the price leaped to over $850.
A two-bedroom now demands over $1,000 several months into the pandemic.
Some residents are even turning to special assistance to help them absorb the new rental rates.
The price hikes are nothing new. Every year, rental properties in Boise have gone up. Year over year, rental prices are up by 7.4%.
The realities of renting are motivating people to take matters into their own hands through homeownership.
As a homeowner, you won’t have to worry about surprise increases to your monthly living expenses. With a fixed-rate loan, you have total control of your payment that’s based on what you can afford. Low rates and comprehensive mortgage programs will accomplish that.
Overtime, homeowners will also earn home equity. This is the difference between how much the home is worth and how much is still owed on the loan.
Despite the pandemic, home prices have continued to soar, which means homeowners are earning more and more equity with each passing month.
When you’re paying someone else’s mortgage as a renter, saving money becomes more difficult and earning equity is impossible.
In addition, homeowners also enjoy tax benefits through deductions of their mortgage interest and property taxes.
These write offs can add up quickly, providing homeowners with a nice year-end reward for paying their mortgage and taxes.
Financial perks are not the only incentive.
As more individuals are being asked to work from home for an indefinite amount of time, homeownership in single-family units is becoming more appealing. As a homeowner, you have the ability to pick and choose features that fit in with your family needs and lifestyle while enjoying some much-deserved privacy.