Idaho is a beautiful place to live, with a low cost of living, great healthcare, bustling cities, and a booming real estate market. If you’ve been considering relocating to Idaho, it’s critical to know the average cost of living before making a decision. Read on to learn about housing prices, food costs, childcare costs, gas prices, healthcare costs, and other living expenses.
Real Estate Market in Idaho
If you have a home to sell in Boise, you’re a lucky person. Housing costs in Boise have risen dramatically over the past few years, and the real estate market in Boise is one of the hottest in the country. Home prices are around 80% higher than their expected prices. Several factors have caused this drastic increase.
During the pandemic, 194% more people moved to Boise than moved away. With Boise ranked as the best place for millennials to live in 2019, it’s no surprise that it’s one of the fastest-growing cities in the nation. Furthermore, while the demand for houses is high, supply is low. The median home price in Boise is over $500,000, while it’s around $600,000 in Ada County overall.
Home prices in Boise are expected to stabilize soon, so now is the best time to sell your home. We recommend working with companies that buy houses in Idaho if you’d like to sell your old home.
Costs of Living in Idaho
The average Idaho cost of living is slightly below the national average. Combined with Idaho’s great quality of life, that makes the Gem State one of the best places to live in the nation.
The cost of living index in major cities in Idaho, including Boise, Meridian, Nampa, and Idaho Falls, is 5-11% lower than the national average. As you may expect, prices were higher in Boise, the capital, than in Idaho Falls and other cities.
Bills and Utility Costs
The cost of bills and utilities vary from one city in Idaho to another. Overall, services in Idaho cost 7.5% less than the national average.
The cost of basic utilities for renters and homeowners in Boise, including water, electricity, garbage disposal, cooling, and heating, is around $226/month, according to Numbeo. That figure applies to an average apartment of 915 square feet. If you have a larger home, you’ll typically pay more.
Transportation costs in Idaho tend to be on the lower side. Gas costs $3.30 a gallon, give or take, which is around the national average. If you use public transportation, you’ll find the rates very reasonable. A single bus ticket in Boise costs $1.50, but you can also get a monthly pass for $42 or a one-day pass for $2.50.
If you ride the bus twice a day, to and from work, a one-day pass will help you save money. A monthly or yearly pass will help you save even more. Seniors, youth, and people who fall into other categories can also get discounted rates. Taxis are very affordable too.
Housing Prices in Idaho
Housing prices in Idaho are more expensive than they used to be, but they are still relatively similar to housing prices in states like Nevada or Utah. Furthermore, if you are moving from a place like New York City or Los Angeles, you will find housing prices very affordable. Outside the city center, apartments in Boise sell for around $250 per square foot.
Rent prices in Boise for a one-bedroom apartment are trending at approximately $1,167/month outside the city center. Naturally, it gets more expensive inside the city center. That makes rent prices in Boise over 56% lower than in New York City. Including rent, spending $4,649/month in Boise would be the equivalent of spending $8,200 in New York City.
Across the entire state, rent for a one-bedroom apartment is only around $600, on average. Living in densely populated cities is almost always more expensive than living in smaller towns.
If you have an old home to sell in Idaho, you have a good chance of making a profit. We buy houses in Boise, so get in touch with us to sell your home quickly.
Food & Shopping
Food is pretty affordable in Idaho as well. There are plenty of grocery stores that sell milk, bread, poultry, fruits, and vegetables at affordable prices. If you don’t go out to eat because you can’t afford to do so, you may be surprised when you move to Idaho.
A typical meal at an inexpensive eatery in Boise costs just around $20, while a meal at an expensive restaurant will only set you back $60 or so. That makes Boise a perfect place for eating out. Prices in other cities are even cheaper. Of course, there are also Uber Eats and other food delivery apps, where you can often find great deals.
Alcohol is affordable as well. A bottle of domestic beer costs less than $3, while a bottle of mid-range wine will only cost you around $12.
For clothing, you can head to one of the stores in your area or simply check out Amazon or eBay, where you are bound to find amazing deals. With Amazon Prime, you’ll even get free two-day shipping on most items.
Find cash home buyers Nampa now!
Health and Medical Costs
Idaho has excellent healthcare, with highly skilled staff, competent experts, and modern equipment for even complicated procedures. Medical costs in Idaho are very affordable, especially if you have insurance.
According to Wallet Hub, insurance premiums in Idaho are the second-lowest in the nation, on average! The only state that outperforms Idaho in this regard is Utah. If you require expert dental care, don’t worry – Idaho has plenty of great dentists.
St. Luke’s Regional Medical Center in Boise is the best hospital in the entire state, according to U.S. News. It is high-performing in 18 procedures, conditions, and specialties. Whether you live in Boise or elsewhere in the state, you can always head to St. Luke’s if you need top-notch care from the best specialists.
Average Cost of Living in Idaho
When comparing Idaho to other states, you’ll find that the cost of living in Idaho is the 22nd lowest in the nation.
What about when comparing cities? According to Numbeo’s Cost of Living Plus Rent Index, Boise has a score of 56.7, making it among the top 60 most affordable cities in the United States and Canada. It is cheaper than places like Spokane, Richmond, Albany, and San Antonio.
Overall, it’s safe to say that Idaho provides a low cost of living but a good quality of life. That’s true even in large cities like Boise. There’s no wonder that many millennials are choosing to move there. When moving from more expensive cities like New York, Boise can seem like a dream come true.
While housing prices have risen, the low cost of living, in general, makes it easier for the average homeowner to buy or rent a home. If you have a home to sell, strike when the market is hot and the demand is high. The average closing cost in Idaho is only a few thousand dollars and lower than the national average.
If you’ve been considering working with a house flipper in Idaho, get in touch with us instead. Our process is quick and straightforward.
After you request an offer online and send us pictures (we can also come to see the house in person), we will give you a fair cash offer, with zero fees and commissions. Typically, we’ll provide an offer within 24 hours. You can choose your closing date – we work with your schedule. You can have cash in hand by the end of this week.