Cost of Living in Meridian, ID

An Overview of Cost of Living in Meridian, ID

Are you thinking about relocating, but curious about the potential cost of living in Meridian? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Meridian stands at 118, making it 18% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

When it comes to the cost of living in Meridian, 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 53.3% 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 Meridian?

The most insightful perspective on a city comes from its residents. We recently surveyed 27 locals to gauge their perception of the cost of living in Meridian. The feedback revealed that 44% of respondents found the cost of living to be reasonable, with prices on the decline, while 56% regarded it as notably expensive with prices that continue to rise.

Is Meridian Affordable?

Is Meridian an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Meridian is 64.9% higher than the national average, while the average monthly rent prices are 26.4% higher than average. The affordability of any location can also be influenced by median income levels. Meridian has a median household income of $76,403, which is 38.1% higher than the national average.

What Factors can Influence the Cost of Living in Meridian?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Meridian starts at 6% and the income tax rates start at 1.125%.

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 Meridian, the housing index stands at 53.3% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The Meridian 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.