Cost of Living in Boise, ID

An Overview of Cost of Living in Boise, ID

Understanding the cost of living in Boise can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Boise cost of living index is 114, which is 14% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

When it comes to the cost of living in Boise, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 39.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Boise?

Nobody knows their city better than the people who actually live there. So, we asked 43 local residents how they would rate the cost of living in Boise and this is how they responded. 42% of people said that the cost of living was affordable, with prices decreasing, while 58% of people said that the cost of living was very expensive and prices continue to rise.

Is Boise Affordable?

Is Boise affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Boise, for instance, where the median home price falls 53.2% higher than the national average, and monthly rent rates are 6.3% higher than usual. Additionally, median income levels contribute to the equation, with Boise flaunting a median household income of $63,778, 15.3% higher than the national norm.

What Factors can Influence the Cost of Living in Boise?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Boise, the general sales tax rate starts at 6%, and income tax rates begin at 1.125%.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Boise, the transportation index is 10.5% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Boise cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.