Idaho is a state in the Pacific Northwest known for its scenic beauty, recreational opportunities, and low cost of living. According to recent data, Idaho’s cost of living is 7.1% lower than the national average, making it an attractive place to live. However, the cost of living in Idaho can still vary depending on several factors, including housing, food, transportation, healthcare, taxes, job market and wages, education, entertainment, and more.

The Average Cost of Housing in Idaho: What You Need to Know

Housing is one of the most significant expenses when it comes to the cost of living in Idaho. According to Zillow, the median home value in Idaho is $299,000, which is lower than the national average of $385,000. However, the cost of housing varies depending on the location in Idaho. For example, cities like Boise and Coeur d’Alene have a higher cost of housing compared to rural areas.

Moreover, the cost of renting in Idaho is also affordable, with the average rent for a one-bedroom apartment being $773 per month and the average rent for a two-bedroom apartment being $1,022 per month. However, the rent prices also vary based on the location. For instance, Boise’s rent prices are higher than those in Idaho Falls.

It’s important to note that the cost of housing in Idaho has been steadily increasing over the past few years. In 2015, the median home value in Idaho was $205,000, which means that the cost of housing has increased by almost 50% in just six years. This increase in housing costs can be attributed to the state’s growing population and the high demand for housing in certain areas.

Additionally, the COVID-19 pandemic has had an impact on the housing market in Idaho. With more people working remotely, there has been an increase in demand for homes with more space and outdoor areas. This has led to a surge in home sales and a decrease in the number of homes available for rent, which has driven up the cost of housing even further.

Food Prices in Idaho: Understanding the Cost of Groceries

Food is a basic necessity, and its cost adds to the overall cost of living in Idaho. The cost of groceries in Idaho is lower than the national average. According to Numbeo, the cost of a liter of milk in Idaho is $0.75, a loaf of bread is $2.64, and a pound of chicken breast is $4.71.

Furthermore, Idaho is a state that is known for its agriculture, producing crops such as potatoes, wheat, and sugar beets. This means that locally produced food can be purchased at a lower cost, making it easier for residents of Idaho to access fresh and affordable food.

In addition to the lower cost of groceries in Idaho, the state also has a strong farmers’ market culture. Farmers’ markets are a great way to support local farmers and purchase fresh, seasonal produce at a reasonable price. Idaho has over 50 farmers’ markets, providing residents with easy access to locally grown fruits and vegetables. Shopping at farmers’ markets not only supports the local economy but also promotes sustainable agriculture practices and reduces the carbon footprint associated with transporting food long distances.

Transportation Costs in Idaho: Getting Around on a Budget

The cost of transportation in Idaho varies based on the mode of transport and the location. Idaho has a low gas price, with the average price of gas being $3.00 per gallon. Public transportation, such as buses, rails, and taxis, varies depending on the city and the availability of transport systems. For instance, Boise has a widespread public transportation system, which makes it easier and cheaper to get around the city. Additionally, Idaho has several bike-friendly cities that are accessible, affordable, and environmentally friendly.

However, it is important to note that not all areas in Idaho have access to public transportation or bike-friendly infrastructure. Rural areas, in particular, may have limited options for transportation, which can make it difficult for residents to get around. In these cases, owning a car may be necessary, which can add to the overall cost of transportation.

Another factor to consider when budgeting for transportation in Idaho is the cost of vehicle registration and insurance. Idaho requires all vehicles to be registered and insured, which can add up to several hundred dollars per year. It is important to factor in these costs when planning your transportation budget, especially if you are a new resident or first-time car owner.

Also read: Cost of living in Louisiana

Healthcare Expenses in Idaho: The Pros and Cons of Healthcare Options

Healthcare is one of the primary concerns for residents in all states, and it adds to the overall cost of living in Idaho. Idaho has several healthcare options that range in cost and quality. Private health insurance premiums in Idaho are lower than the national average, with the cost of an individual plan averaging $411 per month.

On the other hand, Medicaid, a state and federally funded program, provides medical coverage to low-income individuals for free or at a low cost. However, the availability of Medicaid in Idaho is limited, and the program doesn’t provide comprehensive medical coverage. Additionally, healthcare costs, such as medical treatment and procedures, can be expensive, adding to the overall cost of living in Idaho.

Another healthcare option available in Idaho is Medicare, a federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease. Medicare provides coverage for hospital stays, doctor visits, and prescription drugs. However, Medicare doesn’t cover all healthcare costs, and beneficiaries may still have to pay out-of-pocket expenses.

Furthermore, Idaho has a shortage of healthcare providers, particularly in rural areas. This shortage can lead to longer wait times for appointments and limited access to specialized medical care. To address this issue, Idaho has implemented programs to attract and retain healthcare providers in underserved areas, such as loan repayment programs and telehealth services.

The Taxes You Need to Pay When Living in Idaho

Taxation is one of the inevitable expenses for residents of Idaho. Idaho has a relatively low tax rate, with the state’s income tax rate ranging from 1.125% to 6.925%, depending on the income level. Additionally, Idaho sales tax is 6%, which is lower than the national average.

Moreover, property taxes in Idaho are relatively low, with an average of $1,694 per year on a home with a median value of $170,800, according to SmartAsset.

It is important to note that Idaho also has a state tax on gasoline, which is currently 33 cents per gallon. This tax is used to fund transportation projects throughout the state, such as road maintenance and construction.

Furthermore, Idaho offers several tax credits and deductions for residents, including a child tax credit, a credit for donations to Idaho schools, and a deduction for medical expenses. These credits and deductions can help offset the cost of taxes for Idaho residents.

Job Market and Wages: How They Affect Your Cost of Living

The job market in Idaho is growing, and the state has a low unemployment rate of 3%. However, the wages in Idaho are relatively low compared to other states, with an average hourly wage of $17.05, according to Idaho.gov. This means that many residents in Idaho work multiple jobs to meet their financial needs, which can add to their overall cost of living.

Despite the low wages, there are some industries in Idaho that offer higher paying jobs. For example, the technology sector in Boise has been growing rapidly, and companies like Micron Technology and HP have a significant presence in the area. These companies offer competitive salaries and benefits, which can help offset the lower wages in other industries.

Another factor that affects the cost of living in Idaho is housing. While the cost of living in Idaho is generally lower than the national average, housing costs have been increasing in recent years. This is especially true in cities like Boise and Coeur d’Alene, where demand for housing has outpaced supply. As a result, many residents are spending a larger percentage of their income on housing, which can make it difficult to save money or afford other expenses.

Navigating the Cost of Education in Idaho

Education is another expense that adds to the cost of living in Idaho. The cost of education in Idaho varies based on the level of education, the institution, and the location. For example, the average annual tuition for public colleges and universities in Idaho is $7,710, while for private colleges and universities, it’s $24,310. Additionally, the cost of books, supplies, and other educational materials varies widely, making it important for students and their families to plan accordingly.

However, there are various financial aid options available to students in Idaho, such as scholarships, grants, and loans. The Idaho State Board of Education offers a variety of scholarships and grants to help students cover the cost of tuition and other educational expenses. Additionally, students can apply for federal financial aid, including grants and loans, by completing the Free Application for Federal Student Aid (FAFSA).

It’s also important to note that the cost of education in Idaho can vary depending on the field of study. Some programs, such as healthcare and technology, may have higher tuition costs due to the specialized equipment and training required. Students should research the cost of their desired program and consider the potential return on investment before committing to a particular institution or degree program.

Entertainment Expenses: Finding Affordable Fun in Idaho

Entertainment is a necessary part of life, and Idaho offers several affordable options. Idaho is known for its outdoor recreational activities such as fishing, skiing, and hiking, which are affordable or free. Additionally, Idaho has several museums, festivals, and cultural events that provide entertainment at a low cost.

One of the most popular outdoor recreational activities in Idaho is camping. Idaho has several campgrounds that offer affordable rates and beautiful scenery. Camping is a great way to enjoy the outdoors and spend time with family and friends without breaking the bank.

For those who prefer indoor entertainment, Idaho has several movie theaters that offer discounted tickets on certain days of the week. Additionally, many local theaters and community centers offer live performances and shows at a low cost. These events provide a great opportunity to support local artists and performers while enjoying a night out.

How to Save Money While Living in Idaho

Living in Idaho can be affordable if you take the right steps. One of the ways to save money is by creating a budget and sticking to it. This will help you identify your expenses and prioritize your spending. Additionally, you can save money by reducing your energy consumption, shopping during sales, and choosing affordable housing options. Furthermore, choosing a job with better benefits, such as health insurance and retirement plans, can help offset some of your expenses.

In conclusion, the cost of living in Idaho is lower than the national average, but it can vary based on several factors. Housing, food, transportation, healthcare, taxes, education, entertainment, and job market and wages are some of the significant expenses that you’ll encounter when living in Idaho. However, with careful planning and budgeting, living in Idaho can be comfortable and affordable.