Blue Sky Financial

Boise is Booming. Is it Worth it to Buy a House?

  • August 02, 2021

Whether you have read the articles about how fast Boise is expanding or are a local who is experiencing it first hand, there’s no doubt that Boise is growing. With growth comes a lot of uncertainty about what the future holds and you may be asking yourself, “when is the right time to buy? Will the market level out? Can I even afford a house?”

At Blue Sky, we understand that buying a home is one of life’s biggest decisions and can be made for any number of reasons. When you look around and see rapid growth it can be intimidating. Oftentimes you feel like you are missing out if you don’t act now but you also want to protect your hard earned money if the market changes in the future. Or maybe you have found your dream home and want to be able to put in a competitive offer without an overwhelming amount of competition. No matter where you are in life, buying a house is always a leap and there are a lot of uncertainties.

That’s where we come in. Whatever your reason is for buying a home, the question you may be debating is if investing in a home in the Treasure Valley will make sound financial sense. Blue Sky both understands and appreciates the concerns you may have for buying a home and the risks involved – that’s why we are here to help guide you through the process! To help alleviate your concerns, we have outlined some thoughts on why we are pretty convinced that now is the best time to buy in Idaho:

  • According to Forbes, Boise was the fastest growing U.S. city in 2018 and Idaho has the highest growth percentage (1.8%) of all 50 states.
  • A reason for Boise’s growth may be that many financial institutions expect Idaho’s $81 billion dollar economy to grow, on average, of 3.5% for the next five years. Which ranks Idaho around 7th in the United States in growth.
  • The good news for Boise homeowners (or potential homeowners) is that the financial future looks very bright for the Treasure Valley.
  • As housing demand continues to rise and the economy continues to improve, housing value should also increase. Owning a home in the Boise areas could translate into a great investment for you over the next several years. 

Most renters in the Boise area are currently paying between $1,100 to $1,500 monthly for an apartment. Consider that if you’re spending $1,200 per month for rent, that adds up to $14,400 annually and would be a total of $72,000 at the end of 5 years. The worst part is, you won’t recoup any of it. In contrast, when you’ve purchased a property, your monthly payments are going towards equity. For example – If the value of your property didn’t change at all in five years (which seems unlikely in Boise) you may end up recouping between $35,000 to $40,000 for the same amount you would have spent in rent. We realize that most people are aware of this, but sometimes it helps to see how much you could be gaining in equity. 

Of course, these numbers are not a guarantee and the market is subject to change. Every situation is different so we encourage you to make the decision that is right for you. Our goal is to provide you with all of the tools you need to get you approved for your dream home – we are always a phone call or an email away from answering any questions you may have!

If you are looking to get pre-qualified in minutes, check out our online application here: 

(Link to Pre-Approval).

If you’re interested in getting the best rates on the market you can apply now for a refinance:

(Link to refinance)

And if you want to just browse our low rates and get up to the minute pricing on your home, check out our Loan Pricer:

(Link to Loan Pricer).