Is Living in Idaho Expensive?
Living in Idaho can be expensive, depending on your lifestyle and the area you choose to live in. Idaho is known for its affordable housing, but that doesn’t mean that living in the state will always come cheap. In general, the cost of living in Idaho is slightly below the national average, making it a great place to call home.
Housing costs in Idaho are typically lower than the national average. According to the US Census Bureau, the median home value in Idaho was $211,700 in 2019, compared to the national median of $231,200. Rent also tends to be more affordable than other states, with the median monthly rent in Idaho coming in at $844 in 2019 compared to the national median of $1,012.
Idaho has some of the lowest tax rates in the country. Property taxes in Idaho are among the lowest in the nation, with an effective rate of just 0.77%. The state income tax rate is also low, with a flat rate of 7.4%. The sales tax rate is also relatively low at 6%, with exemptions for food and prescription drugs.
Cost of Living
The overall cost of living in Idaho is slightly lower than the national average. According to the BestPlaces Cost of Living Index, the cost of living in Idaho is 92.2, compared to the national average of 100. This means that the cost of living in Idaho is 7.8% lower than the national average.
Overall, living in Idaho can be an affordable option for those looking for a place to call home. Housing costs are typically lower than the national average, and the state’s low tax rates and overall cost of living make it a great place to live.