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Exactly, and while salary and rent are increasing together (hopefully at close to the same rate), a P&I mortgage payment is staying the same. So while your rent may stay, for example 20% of your income, your mortgage steadily becomes a smaller and smaller share of your income.
And there really aren't any areas of Boise where crime is that much of an issue, but you still can't really rent anything for $400 a month, unless it is due to be torn down, or is just a room somewhere. We have about 70 rentals, and the cheapest are around $600 a month and they are old and not updated, and are in HUGE demand.
I mean what do you think of owning a Condos, the 2 bedrooms ones.
If it's a long-term investment, then no. If you do buy, buy a house, not a condominium. Condominiums do not increase in value as much as houses. Also, you take an extra risk whenever an HOA is involved. You are handing important decisions over to a board of directors who may or may not have the same priorites as you. You are trusting that the directors and other homeowners will be interested in funding the reserves and making necessary repairs.
Also, a 3-bedroom house is a better investment than a 2-bedroom.
If you haven't already, you might ask your questions in the real estate forum.
If it's a long-term investment, then no. If you do buy, buy a house, not a condominium. Condominiums do not increase in value as much as houses. Also, you take an extra risk whenever an HOA is involved. You are handing important decisions over to a board of directors who may or may not have the same priorites as you. You are trusting that the directors and other homeowners will be interested in funding the reserves and making necessary repairs.
Also, a 3-bedroom house is a better investment than a 2-bedroom.
If you haven't already, you might ask your questions in the real estate forum.
Rent : $845 a month.
2 Bedroom/2 Bath Luxury Apartments.
Mandatory Renter's Insurance : $15 a month.
Square Feet : 1,122.
Electric Bill yearly average : $100 a month
I will be renewing for the 2ne year here and the rent will still be $845.
Buying option consideration :
Cost of home : $125,000, 20% Down, 6% Interest, 30 years.
5% annual appreciation rate.
Homeowner's Insurance yearly : $866
Property Tax : $2,500.
Maintenence cost average per year : $1,500
Tax Bracket : 15%
Inflation Rate : 3.5%
Before tax return savings : 10% (Stocks, Mutual Funds, Bonds, etc)
According to Trulia's website : Renting would save me around $80,272 (in today's $'s) over 30 years.
I can show you information in the long run how much difference renting versus buying is making...
I tried to copy and paste it on this forum but I didn't succeed but if you want to get it I can sent it by email. You will be shocked if you see the numbers...buying is definately way better if you have some assetts because in 120 months the difference will be more than $ 100K...
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