Living Alone in Idaho Becomes More Expensive, New Report Shows
BOISE (Idaho Statesman) – Living alone in Idaho has become more expensive than ever, a new report shows.
Cost of Living on the Rise
- Personal finance site GoBankingRates recently released a study on the living wage required in every state.
- The cost of goods has spiked in the past year, leading to an increase in the living wage for single individuals.
- The consumer price index report from July showed a 3.2% rise in prices on the “all items index,” which includes major monthly costs like food, housing, and transportation.
Idaho’s Living Wage
According to the GoBankingRates study, a single person in Idaho needs to earn $58,634 per year to have a living wage.
Idaho ranks 17th among states with the highest living wage requirements.
Neighboring states like Oregon and Washington have even higher living wage requirements, with $65,783 and $65,640 annually, respectively.
Income in Idaho
While Idaho is the 17th-costliest state for someone living alone, the average weekly salary in the state is tied for the fourth-lowest in the nation.
In the first quarter of 2023, Idahoans made an average of $1,084 per week before taxes, which equates to $56,368 per year.
After factoring in taxes, the average income for the state drops to $45,292 per year.
The study used data from the Bureau of Labor Statistics and the Missouri Economic Research Information Center to calculate the annual cost of necessities for a single person.
This amount was then doubled to determine a living wage that includes discretionary spending and savings.
Top 10 Most Expensive States to Live Alone
- Hawaii: $112,411
- Massachusetts: $87,909
- California: $80,013
- New York: $73,226
- Alaska: $71,570
- Maryland: $67,915
- Vermont: $65,923
- Oregon: $65,763
- Washington: $65,640
- New Jersey: $64,463