Cost of Living in Idaho Falls, ID

An Overview of Cost of Living in Idaho Falls, ID

The cost of living in Idaho Falls affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Idaho Falls is 95, which is 5% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Idaho Falls aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Idaho Falls residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

What Do Locals Say About the Cost of Living in Idaho Falls?

The real experts on a city are its residents. That's why we reached out to 43 locals to get their views on the cost of living in Idaho Falls. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 56% found it budget-friendly with decreasing prices, while 44% said it's simply not affordable as prices have continued to rise.

Is Idaho Falls Affordable?

Is Idaho Falls affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Idaho Falls, the median home price is 2.8% lower than the national average and monthly rent prices are 17.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Idaho Falls boasting a median household income of $56,590, 2.3% higher than the national average.

What Factors can Influence the Cost of Living in Idaho Falls?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Idaho Falls, healthcare costs are 4% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Idaho Falls, the utilities index registers 13% lower than the national average.

Where is the Data From?

The cost of living in Idaho Falls, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.