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2023 Report Reveals Minimum Income Required for Independent Living in Idaho – Must Earn This Much Money!

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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.

Methodology

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

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