What is the cost of living in Idaho?
The cost of living in Idaho is 4.5% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in Idaho is $85,747 vs the national average for a family of four with two working parents of $89,744. The median income of a Idaho household is $58,915.
The average home price in Idaho is $235,600, which is higher than the US average home price of $229,800. Median rent in Idaho is $887/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 4.0 to 1. That means it takes roughly 4.0 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Idaho has a low cost of living compared to America as a whole.
People Also Ask About Idaho
Is Idaho a dangerous state?
No, Idaho is not a dangerous state as it ranks as the #5 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Idaho ranks 42nd most dangerous in the United States -- 34.4% better than US average violent crime rate. The property crime rate in the Gem State ranks 48th most dangerous in the United States -- 43.11% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Meridian, ID a dangerous city?
No, Meridian is not a dangerous city. Meridian ranks as the #3 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Meridian might be considered safe you still need to be aware of where you are.
Compared to other big cities, the violent crime rate in Meridian ranks 302nd highest in America -- 74.64% better than US average violent crime rate. The property crime rate in the ranks 326th highest in the United States -- 76.88% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Idaho has the lowest cost of living?
The county in Idaho with the lowest cost of living is Adams County. The average living wage in Adams County is $81,054 according to MIT data. Adams County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Idaho as a whole. Childcare costs $10,277 a year in Adams County for two children compared to the Idaho average of $12,392. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,808 per year in Adams County compared to $10,812 on average in Idaho.
What is the cheapest housing market in Idaho?
The cheapest housing market in Idaho is Weiser. The average home value in Weiser is $122,100, the lowest in the state. The average home value in Idaho is $235,600, almost 1.9 times higher than Weiser.