Idaho, sometimes known as the Gem State, is a lovely place to call home with breathtaking natural scenery and a low crime rate. But is it pricey to live there? The answer to this question relies on a number of variables, such as the cost of living, taxes, and the economic situation of the state.
Compared to other US states, Idaho has a lower cost of living than the average. Idaho’s cost of living is 7.8% less than the national average, according to Numbeo, a website that measures costs of living in various nations and localities. The largest single expense in the state is housing, which costs an average of $784 a month for a one-bedroom apartment. In comparison to other states, Idaho also has affordable healthcare, transportation, and groceries.
Idaho is renowned for having one of the nation’s lowest tax rates when it comes to taxes. The state’s income tax rate, which is lower than that of nearby states like Oregon, ranges from 1.125% to 6.925%, depending on income level. Idaho’s state sales tax is 6%, and some local governments may tack on an additional tax of up to 3%. The average effective property tax rate in Idaho is 0.76%, which is lower than the average in other states.
Idaho is not regarded as a poor state in terms of its economic standing. In fact, Idaho is placed 14th in the nation for its economy in US News and World Report’s list of the best states. Agriculture, manufacturing, and tech sectors all contribute to the state’s economy.
In conclusion, Idaho has a low cost of living and taxes, making it a reasonably affordable state to reside in. The state’s economy is likewise booming, making it a desirable location for both businesses and people to call home.
It relies on a number of variables, including the environment, way of life, and other personal preferences. However, in terms of the general cost of living, Idaho is often a little less expensive than Montana. Both states have similarly low taxes, however Montana has cheaper healthcare while Idaho has cheaper housing. In the end, while choosing a city or town, it’s critical to take into account both your personal priorities and the particular city or town you are comparing.