Idaho Cost Of Living Statistics


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Idaho Cost Of Living Statistics 2023: Facts about Cost Of Living in Idaho reflect the current socio-economic condition of the state.

idaho

LLCBuddy editorial team did hours of research, collected all important statistics on Idaho Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start an Idaho LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Idaho Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Idaho Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 11 Idaho Cost Of Living Statistics on this page 🙂

Idaho Cost Of Living “Latest” Statistics

  • According to the Composite Cost of Living Index published by the Missouri Economic Research and Information Center, Idaho has a cost of living that is 21% higher than the national average.[1]
  • According to the 2020 Bureau of Economic Analysis Personal Consumption Expenditures by State report, the average yearly cost of health care in Idaho is $6,169 per person.[2]
  • With a utility score of 82, Boise’s average service costs are 18% lower than the national average.[3]
  • Idaho’s cost of living is just 37% more expensive than Montana’s, therefore these two states’ cost of living levels out quite evenly.[4]
  • Idaho has the 25th lowest cost of living in the U.S., ranking it in the center of all 50 states and the district of columbia, according to MERIC data collected in the third quarter of 2021.[2]

Idaho Cost Of Living “Be” Statistics

  • Compared to the national average, food expenditures are 6% lower in idaho, and a recent survey found that residents spend just between $3,200 to $3,600 a year on groceries.[4]
  • In Idaho, incidentals like haircuts, clothing, and gym memberships are 5% cheaper than the national average.[4]

Idaho Cost Of Living “Living” Statistics

  • According to MIT, an individual living alone in idaho must earn at least $29,007 in order to cover all of their expenses.[4]

Idaho Cost Of Living “Other” Statistics

  • Residents pay a state income tax rate ranging from 1.125% to 6.925%, according to the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021.[2]
  • Boises healthcare expense index is 1% more than the national average when all factors are taken into account.[3]
  • In comparison to all other cities in the state and all but a handful of other communities worldwide, Boise’s overall employment increased by 19.9% over the course of the previous five years, according to their research.[3]

Also Read

How Useful is Idaho Cost of Living

For many people, a low cost of living can be a major factor in their decision to move to or remain in a particular location. Lower costs for housing, groceries, utilities, transportation, and other necessities can make a significant impact on households’ budgets and overall financial well-being. Idaho’s relatively low cost of living can be appealing to those seeking a more affordable lifestyle.

However, it’s important to consider the broader implications of Idaho’s cost of living. While lower expenses in certain categories can be advantageous, they may also come with trade-offs. For example, lower housing costs in Idaho may be reflective of limited housing options or lower wages in certain industries, which can impact individuals’ ability to find suitable employment or advance in their careers.

Additionally, the cost of living is just one piece of the puzzle when it comes to assessing overall quality of life. Factors such as access to healthcare, education, public transportation, cultural amenities, and recreational opportunities also play a significant role in determining the overall desirability of a location. While Idaho may offer a lower cost of living, residents may need to weigh these other considerations when evaluating whether the state is the right fit for them.

Furthermore, cost of living indices are generalizations that may not capture the full range of experiences that individuals and families may have in a particular location. While they can provide a useful starting point for comparing expenses across different regions, they do not account for individual circumstances, preferences, or needs. What may be affordable for one person or family in Idaho may be out of reach for another, depending on factors such as income, family size, health needs, or career opportunities.

Ultimately, the usefulness of Idaho’s cost of living will vary depending on individual circumstances and priorities. For some, the state’s lower expenses may make it an attractive place to live, offering a more manageable financial situation and greater flexibility in terms of housing and other expenses. For others, the trade-offs associated with a lower cost of living, such as limited job opportunities or access to amenities, may outweigh the potential savings.

When considering Idaho’s cost of living, it’s important for individuals and families to conduct their own research, gather information about the specific costs and benefits of living in the state, and consider how these factors align with their personal preferences and goals. While the cost of living can be a useful metric in assessing affordability, it is just one of many factors that should be taken into account when making decisions about where to live.

Reference

  1. bigcountrynewsconnection – https://www.bigcountrynewsconnection.com/idaho/how-the-cost-of-living-in-idaho-and-washington-compares-to-the-nation/article_ae3fdcb4-919c-11ec-94d8-db2280b66e62.html
  2. sofi – https://www.sofi.com/cost-of-living-in-idaho/
  3. weknowboise – https://www.weknowboise.com/blog/cost-of-living-in-boise-id.html
  4. upnest – https://www.upnest.com/1/post/cost-of-living-idaho/

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