Idaho has got attention due to the fastest growing economy, affordable living costs and the necessary life amenities to live a comfortable life.
The average cost of living in Idaho is $3,312 per month. However, the annual living costs in Idaho are almost $39,739. Idaho is ranked 28th state with the lowest cost of living.
The living costs in Idaho are 2% lower than the national average. But, living costs in Boise, the capital of Idaho are higher than the state average and are almost equal to the national average.
Besides the higher living costs in Boise, When we compare the cost of living in Idaho vs Seattle. Idaho is still a less expensive state than Seattle.
The high living costs of Washington and California are a reason for people moving to Idaho.
When we compare the Cost of living in Idaho vs Washington State or the cost of living in Idaho vs California. Idaho is the cheapest state to live in.
California is the 3rd most expensive state in the US and Washington is the 6th most expensive state to live in.
So, if you are planning to live in Idaho and want to know the living costs, we are here to guide you about the cost of living and how much you need to live comfortably in Idaho. Let’s dig into the details.
Is Idaho a cheap place to live?
Yes, Idaho is one of the cheapest states to live in the US. Idaho has low living costs. The Utilities, groceries, health care, and housing are less than the national average.
The strong job market and fastest growing economy are the best reasons alongside low living costs to reside in Idaho.
How much money do you need to live comfortably in Idaho?
According to an estimation, you need to earn $29,007 annually for a single person to live a comfortable life in Idaho. The minimum wage in Idaho is $7.25 per hour by the state.
However, the cost of living and money required for a comfortable lifestyle varies according to the lifestyle choices and location of the house in Idaho.
What is the cost of living in Idaho?
The cost of living in Idaho is less than the national average. Let’s break down the living costs in detail.
1. Housing Costs in Idaho
Housing costs vary from one region to another in Idaho. Housing in a metropolitan area will cost more than a house in a rural area.
According to Zillow, The average home value in Idaho was $429,606 in February 2023. This cost is higher than the national average.
|Cities in Idaho||Housing Prices in Idaho Cities|
|Coeur d’ Alene||$524,220|
Is housing expensive in Idaho?
Yes, housing in Idaho is a bit expensive. But, housing costs are relatively low when compared to the other neighbouring states.
Housing in Idaho is cheaper than that of Seattle and California. That’s why people flock from other states to live in Idaho due to the low housing costs.
2. Rent in Idaho
Rent prices in Idaho vary from one city to another. However, the average rental prices in Idaho range between $783 – $1,841.
Moreover, the size of the house and the number of family members also affect the overall rental prices.
|Rental Housing in Idaho||Rental Houses costs in Idaho per month|
|Median Monthly Mortgage Cost||$1,395|
|One Bedroom rent||$819|
|Two Bedroom rent||$936|
|Three Bedroom rent||$1,554|
|Four Bedroom rent||$1,390|
|Five Bedroom rent||$1,776|
Where is the cheapest rent in Idaho?
Idaho has many cities with cheap rents. These include Lewiston, Burley, Twin Falls and Idaho Falls which are also among the best places to live in Idaho. However, the rental prices vary according to the location, size and amenities of the city.
3. Groceries in Idaho
Groceries in Idaho are 4% lower than the national average. The average costs in Idaho for a single person are $275 per month which makes up $3,456 annually.
So, an average person in Idaho spends $3000 to $6000 on Groceries which is relatively cheaper than other states.
|Groceries in Idaho||Groceries Cost in Idaho|
4. Utilities in Idaho
Utilities in Idaho are 18% lower than the national average. The average utilities bill in Idaho costs $343.71 per month.
|Utilities in Idaho||Average Utility Bill in Idaho|
|Cable & Internet||$97|
What is the average water bill in Boise, Idaho?
Water bill in Boise can vary according to the weather conditions. In summers, the average water bill can be $100. While in winters you have to pay an average between $30 – $40 for water in Boise, Idaho.
5. Health Costs in Idaho
Health costs in Idaho are 5% less than the national average. The average health insurance costs for a single person in Idaho are $5,475 annually.
What health insurance plans are available in Idaho?
Idaho offers several health insurance programs for individuals and families. There are different companies in Idaho having multiple health insurance plans for families with low income.
The Medicaid program Affordable Care Act (ACA) in Idaho offers various health plans for older people, children, and adults. Residents having low income qualify for these health plans.
Moreover, the health insurance plans start from low costs to the premium plans costing high. However, the price can vary according to the medical condition of the patient.
6. Tax in Idaho
Idaho is a tax friendly state and is the 13th cheapest state in the tax system. Moreover, Idaho is also tax friendly towards retirees and older people and also does not have inheritance taxes.
|Taxes in Idaho||Tax rates in Idaho|
|Individual income tax||5.8%|
|Corporate income tax||5.80%|
|State sales tax||6.00%|
|Local sales tax||3.00%|
|Combined local & state tax||6.02%|
7. Transportation in Idaho
Transportation in Idaho is 15% higher than the national average.An average person spends between $5,316 to $15,073 annually on transportation including the vehicle insurances and its expenses.
Idaho lacks a public transportation system. So, Valley Regional Transit operates the on demand and fixed route public transportation system in Idaho.
Moreover, mostly residents in Idaho have their own vehicles. Idaho is one of the cheapest states to own a vehicle. So mostly residents tend to travel by cars.
However, the VRT system also has fares and passes with different rates for adults, children and young people.
|Fare Type in Idaho||Fares in Idaho|
Is there a public transportation system in Boise Idaho?
Yes, Boise has Public Transportation system operated by the Valley Ride. They operate on-demand shuttles, fixed route buses and BoiseGreen Bike.
Does Boise have a subway system?
No,Boise does not have a subway system.
8. Restaurants in Idaho
Food costs in Idaho are 5% less than the national average. Idaho has countless amazing and cheaper dining options with delicious cuisines.
The best restaurants in Boise Idaho for families, couples and romantic dates are listed below:
- Candle in the Wood
- Brick 243
- Chandlers Steakhouse
- Peaceful Belly Farm
- Horse Ranch Vineyards
- Salmon River Brewery
The iconic foods in Idaho you must try are listed below:
- Ice cream Potato
- Finger steaks
- Idaho Sturgeon
- Red Trout
- Jim Spud
- Beef Tongue
- Baked Idaho Potatoes
9. Miscellaneous costs in Idaho
|Miscellaneous in Idaho||Miscellaneous costs in Idaho|
Are things cheaper in Idaho?
Yes, Idaho has cheaper things. Due to the low costs of living the daily use items, groceries, foods and utilities are cheaper in Idaho.
Idaho is one the cheaper states to reside in. The living costs in Idaho are less than the national average.
The capital of Idaho, Boise, is an expensive city with a bit high living costs but it is still cheaper than the other states of The US like California and Washington.
So, if you are planning to reside in Idaho or moving to Idaho checklist you must not delay residing in the cheaper, and safest state with stunning beauty and all the amenities.
- Rent: https://www.sofi.com/cost-of-living-in-idaho/
- Groceries: https://livingcost.org/cost/united-states/id
- Health Cost: https://www.forbes.com/advisor/mortgages/real-estate/cost-of-living-calculator/idaho-falls-id/
- Tax: https://taxfoundation.org/state/idaho/
- Transportation: https://www.valleyregionaltransit.org/fares-passes/