With a fairly reasonable cost of living, a strong economy and plenty to do outdoors, Idaho is one of those picturesque places in the U.S. that draws people in. You won’t find prettier surroundings than in the Gem State, and that includes all that Yellowstone National Park has to offer.
Friendly locals and a low crime rate are like the icing on the cake for why Idaho is worth considering when looking for a new place to live. However, even though you’ve picked your preferred state, you have to make sure you can afford it.
Looking at the cost of living in Idaho by breaking expenses down into specific categories can make it much easier to check in with your budget. Here’s where to expand your investigation:
Idaho housing prices
Throughout Idaho, housing prices hit both the affordable and more expensive ends of the line. This could mean, on average, housing is more accessible, but it could also remove some of the best places to live in Idaho from the running. The best strategy — find a few ideal neighborhoods and start comparison shopping.
Boise
On the flip side, Boise is one of the more expensive cities to live in Idaho. Here, housing prices are 26.6 percent above the national average. Costs are higher in the state capital, most likely due to all the big-city conveniences. This includes the Boise River Greenbelt, the capitol building itself and all the great skiing spots that open up come winter.
Although rent throughout Boise is either holding steady or decreasing, apartments are still going to cost you. A one-bedroom apartment has an average rent of $1,445, down 4 percent from last year. Two-bedroom apartments went down in price by 5 percent for an average monthly rent of $1,659.
Home prices are behaving a little differently, seeing significant increases. The median sale price in Boise is $522,500, up 4.9 percent over last year.
Twin Falls
To say that Twin Falls is a gorgeous spot in Idaho is definitely not exaggerated. Situated along the Snake River, this city is affordable, beautiful and stuffed with places to hike and camp. Housing prices here are 15.8 percent below the national average.
The average two-bedroom apartment rents for $1,565, up a staggering 57 percent from last year. Hopefully, that comes with a lot of great amenities.
For those interested in home shopping, house prices are up 18.7 percent over last year. The median home price in Twin Falls is $362,000.
Idaho food prices
You may assume Idaho is famous for its potatoes, but culinary favorites extend way beyond this tuber. The state is also known for its freshly caught trout, home-grown huckleberries and succulent morel mushrooms. You could make a full meal just from Idaho staples. Locals get this, spending an average of between $267 and $300 per month on groceries.
You’ll easily be able to fill your grocery cart with this shopping budget given that both Idaho cities on our list come in under the national average.
- Twin Falls is 6.2 percent below the national average
- Boise is 2.7 percent below the national average
You’ll see the savings when it comes time to actually shop. Specific grocery items like eggs, bread and, yes, potatoes are all relatively low-cost and close in price between Idaho cities. A dozen eggs in Boise is $1.29 and $1.42 in Twin Falls. Potatoes are $2.06 in Boise and $2.77 in Twin Falls. Bread is $3.27 in Twin Falls and $3.76 in Boise.
Idaho utility prices
Paying for utilities in Idaho is one of your lowest cost of living components. Both cities are significantly below the national average, which means your energy bill, water bill, gas bill and internet isn’t too bad.
- Boise is 18.5 percent below the national average
- Twin Falls is 7.9 percent below the national average
Average energy bills stay pretty consistent too, right around $128 per month no matter where you live.
When it comes to energy sources, Idaho produces a large amount of its energy through hydropower. This renewable source of electricity comes from Idaho’s many rivers. There are 114 hydropower facilities in Idaho, with some of the biggest including Hells Canyon, Brownlee and Oxbow.
Idaho transportation prices
Idaho is a big state, and having a car really is essential if you want to get around. That said, for travel within a smaller area, you can rely on public transportation. If you’re not going too far, you may even be able to get around by bike. Both Boise and Twin Falls are bike-friendly cities with bike scores of 67 and 50, respectively.
Totaling up all transportation costs:
- Twin Falls is 8.4 percent above the national average
- Boise is 11.9 percent above the national average
This is the only contributor to the cost of living in Idaho where every city is above the national average. To save a little money, it’s beneficial to leave the car at home (no paying for parking) and look into public transportation options.
Boise Valley Regional Transit
Consisting of bus routes in Ada and Canyon counties, with a few inter-county routes, too, Valley Regional Transit is a pretty robust system. There’s also a Boise State University shuttle to help college students get around.
A one-way fare is $1.50, but you can purchase a day, month or yearly pass to make traveling easier. An all-day pass is a deal at $2.50. Monthly passes, good for 31 days, are $42, and a yearly pass is $282.
Great Falls Trans IV
An unconventional form of public transportation, Trans IV Bus Service is an on-demand service that operates during the day throughout Twin Falls. You can schedule a pick-up the day before, and buses run Monday-Friday.
What’s unique about this service is that although it’s for use by all residents, it’s run by the College of Southern Idaho. Most public transportation systems fall under the jurisdiction of the city they run in instead.
Idaho healthcare prices
When it comes to your health, there’s nothing you wouldn’t do, but that doesn’t mean you’re not worried about what the bill will look like. Cities in Idaho offer a variety of price points when it comes to healthcare, with some slightly above the national average, and others a ways below.
- Twin Falls is 11.1 percent below the national average
- Boise is 2.2 percent above the national average
This variation in overall pricing puts Twin Falls below Boise when it comes to most medical visits. The only time you’ll pay more in Twin Falls is when you visit the dentist. In Boise, the average dentist visit is $84.70, but in Twin Falls it is $91. Going to see your general practitioner, or even the eye doctor, means paying more in Boise by at least $20, although doctor’s visits are over $53 more.
Idaho goods and services prices
Goods and services, all the bonus items you want but don’t need, round out a monthly budget. These are the fun things you do with friends or how you treat yourself after a long week. They’ll feel essential, but if you had to cut back for any reason, it would be okay. In Idaho, this category in your cost of living is pretty close to average.
- Twin Falls is 8 percent below the national average
- Boise is 6.2 percent above the national average
Although these averages may not feel that close together, they’re close enough. It means Twin Falls won’t always have the lower price when it comes to common goods and services, and that to really get a feeling for what your budget would look like, it’s best to price certain things out.
A pizza is over a dollar more in Boise, but a haircut is over six dollars cheaper. A movie ticket is almost $1.50 more in Twin Falls, but a bottle of wine is over four dollars less. The give and take of individual pricing when it comes to goods and services makes it hard to really know how your wants will impact your budget unless you get specific.
Taxes in Idaho
When it comes to personal income tax, Idaho has a graduated rate. You pay based on your income anywhere from 1 to 6.5 percent.
The statewide sales tax rate is 6 percent, with an additional maximum of 3 percent localities can add on if they want. Not everywhere takes advantage of this total, though. The average combined sales tax across Idaho is only 6.02 percent. At this rate, for every $1,000 you spend shopping, you’re only paying $60.20 in taxes.
Neither Boise nor Twin Falls adds any additional local sales tax to the required state percentage. As a result, both cities have a 6 percent sales tax rate.
How much do I need to earn to live in Idaho?
It’s always best to start with whether you can afford rent when thinking about living in a specific place. The cost of living in Idaho isn’t too high, but the average rent is $1,756, which isn’t too low. Considering you should put around 30 percent of your annual income toward rent, you’d need to pull in a minimum salary of $70,240.
This is a sizable income, significantly above the median household income for the state, which is $58,915. Although average rent and average income don’t match up, it doesn’t in any way rule out how Idaho living can work for you. The best way to really understand what you can and can’t afford, and how realistic it would be to find an apartment within your budget, is to use our rent calculator.
Living in Idaho
Natural beauty combined with friendly residents, a growing economy and a reasonable cost of living make Idaho a great place to consider calling home. You can enjoy the amenities of city living during the week and experience nature at its best on the weekends. It’s a winning combination, but to get to Idaho, you first have to make sure it fits into your budget. Comparing what you can afford against the average costs around the state can really help figure this out, so grab a pencil, paper and a calculator.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com