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

One aspect of Idaho’s cost of living that is often overlooked is the overall affordability of housing. While housing prices may not be as expensive as other states, such as California or New York, they are on the rise in Idaho. This can be a concern for many residents, especially those with lower incomes or fixed budgets. As housing costs increase, it can put a strain on individuals and families trying to make ends meet.

Additionally, the cost of healthcare in Idaho is another important factor to consider when evaluating the usefulness of the state’s cost of living. While healthcare costs may vary depending on insurance coverage and medical needs, overall healthcare expenses in Idaho can be high. This can be a worry for residents, particularly those who require frequent medical attention or have chronic conditions that require ongoing care.

Furthermore, the cost of transportation in Idaho can also impact the overall cost of living for residents. With an increasing number of commuters and limited public transportation options, owning a car and paying for gas can add up quickly. This can be a burden for individuals who rely on their vehicles to get to work, school, or other essential destinations.

On a more positive note, Idaho’s cost of living does have some advantages that should be considered. For example, the state has a lower tax burden compared to other states, which can help offset some of the other expenses residents may face. Additionally, Idaho offers a relatively low unemployment rate and a strong job market, which can provide opportunities for individuals to earn an income and support themselves.

In conclusion, the usefulness of Idaho’s cost of living depends on a variety of factors, including housing affordability, healthcare costs, transportation expenses, and job opportunities. While there are challenges to living in Idaho, such as increasing housing prices and healthcare expenses, there are also benefits, such as a lower tax burden and a strong job market. Ultimately, it is important for individuals to carefully consider their own financial situations and priorities when deciding whether Idaho’s cost of living is a good fit for them.

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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