BOISE, Idaho — Lots of you are wondering if you should rent or buy. It really depends on whether you’re thinking long-term or short-term.
Recently, especially when interest rates were at historic lows, it was actually cheaper to buy a house than rent. That’s if you could afford the down payment and were going to be living there awhile. But that has totally changed and it’s now much cheaper to rent.
Take a look at the national numbers from realtor.com for August. Rent has dropped month after month for more than two years straight. The median rent is only ticking down a little, but year over year rent plummeted from 2022 and just keeps dropping. You’re probably thinking, “That’s nice for the national averages. But, what about around here?”…