What is the Average Cost of Living in Idaho?

Thinking of moving to Idaho? Or maybe you already live here but you want to know the average costs that people are paying to live here. Idaho is quickly becoming one of the most popular places that people are moving to because of its natural beauty and its many breweries and restaurants. Many people are buying land and having Sun Valley, Idaho architects design and build their dream homes.

There is also a strong job market that is bringing in a lot of young people because they know they can get a high-paying job once they have graduated from college. 

The average cost of living in Idaho is about 2% less than the national average which means you can live here for much cheaper than you would compared to nearby states like Washington and California. 

This guide will cover the average cost of living in Idaho including breaking down the cost of basic living expenses by category. 

Average Cost of Food in Idaho 

Eating out in Idaho is much cheaper compared to other states. Like most places though, eating out in the city at fancy restaurants is more expensive than eating out in a rural place. 

You will also find that the prices of things at grocery stores are cheaper than the national average. Most people living in Idaho only spend a little more than $3000 per year on groceries. 

The state also has a tax credit that allows people to offset the cost of groceries. It comes as a tax return and most people receive about $100 per person. 

Average Cost of Housing in Idaho

Idaho is not the cheapest state for housing and is higher than the national average when it comes to rental costs as well as the costs of buying a home. Boise is especially expensive and you will spend more money to live here compared to if you live in a rural area. 

If you are on a small budget, you might want to consider not living in Boise as rental prices are more than $1,000 a month for a small apartment. 

Average Cost of Healthcare in Idaho 

Healthcare is slightly more expensive in Idaho compared to some other states. Most people living here spend about $6000 a year on healthcare. Some of these costs go to outpatient services and others are used for basic doctor’s visits or inpatient treatment centers. 

The cost also includes prescriptions. Those with health conditions needing regular prescriptions can expect to pay more. 

Average Cost of Transportation in Idaho

Even in Boise, taking public transportation is not really possible. So, people will need to own a vehicle to get around the state no matter where they live. Getting and paying for a car here is relatively cheap because the state does not have a vehicle property tax. 

Car insurance is usually less than $100 a month and you will only need to spend a couple hundred dollars a year on car repairs and maintenance.

Average Cost of Utilities in Idaho

Other than paying for rent or a mortgage, you will also have to pay for utilities like water and electricity. Even though housing in Idaho is more expensive than the national average, utilities are cheap so it helps to offset the cost of the more expensive rent. 

Residents spend less than $400 a month on water, internet, cable, electricity, and gas. This is much cheaper than the national average and helps to reduce the overall cost of living. 

Average Taxes in Idaho

Like some other states, Idaho has a sales tax of 6%. Counties and cities are allowed to add additional taxes onto the basic sales tax though so you need to see where you are living and if they add on other taxes. 

In total, taxes will be just under 8% of your income. This is a lot less compared to other states. 

Idaho also has different tax laws that make the state more attractive for people to move to if they are retiring soon. For example, social security benefits do not have a tax on them and most government pensions are also not taxed. 

If you are 65 or older, you might qualify for certain tax breaks like property tax reductions. There are also no taxes on inherited money. 

Other Costs to Consider 

Miscellaneous costs in Idaho such as what you would spend on a haircut or a monthly gym membership are cheaper than what you would pay in other states. How much you pay for entertainment will depend on exactly where you live. For example, eating out or going to the movies in Boise can be expensive, but it’s relatively cheap when you go to Twin Falls. 

This is why you always want to consider exactly where you plan to move because you want to see if you can afford the rent and other costs. If you find that a place like Boise is too expensive, you can always consider moving to a place just outside the city where the rent is cheaper but you can still access the city for work and entertainment. 

Should I Move to Idaho? 

If you are looking for a cheaper place to live that still has plenty of work opportunities and chances for fun and entertainment, Boise is an amazing place to live. Residents will tell you that they might spend more money on rent, but the low cost of everything else makes up for it. 

Idaho might not be at the top of everyone’s list when it comes to moving, but it should be! The state has welcoming people, a large job market, and plenty of fun activities for people of all ages. 

The Bottom Line 

The cost of living in Idaho is cheaper than the national average in most categories. This means you will spend less money living in Idaho compared to if you lived in other states in the Northwest. 

If you are planning to move to Idaho and build your own home, you might want to get in touch with some architects in the state. They can advise you on the best communities to live in as well as the up-and-coming areas where you might want to build.