Cost of Living in Coeur d'Alene, ID

An Overview of Cost of Living in Coeur d'Alene, ID

Understanding the cost of living in Coeur d'Alene 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 Coeur d'Alene cost of living index is 115, which is 15% 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.

Housing costs are a major factor in the Coeur d'Alene cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 37.6% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Coeur d'Alene does not fare better, with grocery expenses coming in at 10.8% higher than the national average.

What Do Locals Say About the Cost of Living in Coeur d'Alene?

Nobody knows their city better than the people who actually live there. So, we asked 47 local residents how they would rate the cost of living in Coeur d'Alene and this is how they responded. 40% of people said that the cost of living was affordable, with prices decreasing, while 60% of people said that the cost of living was very expensive and prices continue to rise.

Is Coeur d'Alene Affordable?

Wondering if Coeur d'Alene is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Coeur d'Alene, for example, the median home price is 49.8% higher than what folks pay nationally, and monthly rent is 9.3% higher than the usual rates. Plus, income levels matter too, with Coeur d'Alene boasting a median household income of $54,763, which is 1% lower than the national average.

What Factors can Influence the Cost of Living in Coeur d'Alene?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Coeur d'Alene, the housing index stands at 37.6% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Coeur d'Alene, the transportation index is 17.5% higher than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Coeur d'Alene, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 1.125%.

Where is the Data From?

The Coeur d'Alene 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.