Overall, Idaho is often a little less expensive than Montana. Boise, Idaho, has a cost of living that is around 7% lower than Missoula, Montana, according to Numbeo. Housing expenses stand out in this comparison, with the median home price in Boise being around $345,000 and that in Missoula being around $420,000.
It’s important to keep in mind, though, that depending on where you live, there might be a big variety within each state. For instance, it will probably cost more to live in downtown Boise than in a small hamlet in rural Idaho. Similar to that, it will probably cost more to live in a well-known Montana tourist destination like Bozeman than in a smaller Montana town.
For many people, retiring in Idaho can be a fantastic choice. Because of the state’s comparatively cheap cost of living, it may be simpler to stretch retirement funds. In addition, Idaho offers a moderate climate, which may be attractive to retirees who prefer to stay away from extremes of heat or cold.
For retirees, Idaho is also tax-friendly. In Idaho, Social Security benefits are not subject to taxation, and those over 65 are eligible for a deduction for retirement benefits of up to $42,030. Additionally, Idaho’s generally inexpensive property taxes are beneficial to retirees on fixed incomes.
It’s important to keep in mind that Idaho does impose a sales tax on automobiles if you’re considering retiring there. Depending on the jurisdiction, the sales tax rate varies, although it typically runs from 6% to 8%. However, Idaho does not have an emissions or vehicle inspection program, which might help seniors save money on auto maintenance.
In conclusion, Idaho has slightly lower average living expenses than Montana, especially when it comes to housing. With cheap property taxes and tax advantages for retirement income, Idaho is also a tax-friendly state for retirees. Idaho can be a fantastic option for you if you’re seeking for a reasonably priced retirement location with a warm temperature and lots of outdoor activity options.