Shoshone County among the best in Idaho to buy home

Shoshone County was ranked as the fourth best county in Idaho to buy a home as opposed to renting in a recent study by SmartAsset.

Trailing only Owyhee, Gooding and Jerome counties (one, two and three respectively), Shoshone County’s average monthly mortgage payment was $872 compared to the monthly average for renting $1,094.

Specifically, SmartAsset compared the total costs of buying and renting a three-bedroom home in each county, for a household earning $100,000 a year.

For the rent scenario, they measured the median monthly rent for a three-bedroom home in each county.

For the buy scenario, they used the following parameters: an annual 30-year fixed mortgage with an annual interest rate of 4.5%, closing costs of $2,000 and a down payment of 20%.

That $200-plus monthly saving is a huge boon for most households and in Shoshone County, and according to local Realtor Juli Zook, the home selection in Shoshone County is steeped in the quality versus quantity debate that seems to be happening in the bigger, more metropolitan counties of the Gem State.

“One of the things about our housing market is that it’s old solid homes for the most part,” Zook said. “You can buy affordable homes and still do your updates to suit your tastes. We don’t have the cookie-cutter homes per se as the larger cities have, so they have more personality.”

According to Zook, a seasoned Realtor with Silver Legacy Realty in Kellogg, the average price of a home in the Coeur d’Alene area runs around the $325,000 mark, while just a few miles away in Shoshone County, the average home goes for less than half of that amount.

“Our average home is $145,000, and that’s hard to find in that price range,” Zook said. “Homes are selling as soon as they hit the market.”

For each county, SmartAsset calculated the breakeven point in the buy versus rent decision.

The breakeven point is the point at which the total costs of renting become greater than the total costs of buying and the counties with the shortest amount of time needed to break even are the best places to own a home.

Shoshone County’s breakeven point, 3.9 years, whereas neighboring Kootenai County is on pace with Ada County at 5.4 years and Bonner and Boundary counties, that both clock in at 5.6.

Along with navigating the financials of the homebuying endeavour, finding a community that you want to be a part of is important, even if you don’t plan on working in that area.

“A lot of people do not mind the 30-minute commute from Shoshone County for an affordable home,” Zook said. “I also think our community is a big draw. The people are outstanding and willing to help with anything. Our hospital is top notch and our school system is approachable. If you are a huge shopper, your shopping is between a half hour to an hour away.”

With Shoshone County’s access to outdoor adventure being part of its drawing power, the affordability for homebuying in the area is a huge benefit.

“People enjoy our relaxed atmosphere with access to all of the outdoor activities,” Zook said. “I hear repeatedly how friendly we are — which always makes me proud.”

SmartAsset is a personal finance technology company headquartered in New York, that uses financial modeling to provide advice on major financial decisions.