Starter homes: properties with a few bedrooms and small lot size perfect for young couples starting a family. Maybe with a child or two already, these couples are looking for something affordable and manageable that fits their family, and they want to own something, not rent. These kinds of starter homes have been increasing in value over the past few years, making it almost impossible for many couples to afford a down payment, let alone the rising interest rates on their mortgages. Many couples are now opting to buy old homes, which can have many hidden costs and upkeep or fixes that don’t accompany new builds.
There could be some changes coming up that would make it easier for people to buy starter homes, however! New build sizes have been shrinking in the past few years, and our own Idaho government is working on legislation that would enable housing to be more affordable, open more land for building, and remove laws prohibiting existing homeowners to build on their own property. Lawmakers are hoping to enable churches and other religious organizations to build homes on their property and remove restrictions in place in HOAs to make room for specific starter homes or duplexes to be built in neighborhoods. Between these proposed laws and a hopeful balance in the economy, 2026 could look a lot different for new home buyers looking for a smaller start.
Home buying is not just for yourself and your family in the now, but you could also keep the home you buy now when you’re ready to move again and rent it out, building generational wealth for your family. It’s also better financially to put money towards owning something through a mortgage instead of paying for a rental every month. So even if it takes a little longer to fix the market than we hope it will, definitely stay informed, know your goals and finances, and don’t forget: date the rate, marry the house!
Let us know if we can help you in any way here at TV Idaho PM and RE, we’re always happy to answer questions and help you stay informed!