The cost of living in Idaho has dramatically transformed from 2014 to 2024, with statistical data showing that overall living expenses have increased by approximately 45%. This sharp rise has reshaped how residents approach their finances and living arrangements throughout the Gem State.
Sharp uptick in housing prices
Idaho’s real estate market experienced unprecedented growth, with median home prices soaring from $173,000 in 2014 to $455,000 in 2024. This 163% increase outpaced national trends and created significant affordability challenges:
- Boise metro area saw a 180% increase in home values
- Coeur d’Alene experienced a 170% price jump
- Twin Falls recorded a 140% rise in property values
- Rural counties averaged a 95% increase
Monthly rental rates followed suit, with average two-bedroom apartments climbing from $675 in 2014 to $1,425 in 2024, marking a 111% increase that exceeded wage growth by a substantial margin.
Utility costs mirror inflation trends
Over the past decade, Idaho utility expenses rose steadily but moderately compared to housing. Key changes include:
- Electricity rates increased from $0.084 per kWh in 2014 to $0.11 per kWh in 2024
- Natural gas prices fluctuated between $7.50 and $14.20 per million BTU
- Water and sewer services saw a 35% average increase statewide
- Internet service costs decreased by 12% while speeds improved dramatically
Food and grocery trends
Grocery expenses showed consistent increases throughout the decade, with basic food items experiencing varied price changes:
- Milk increased from $2.85 to $4.15 per gallon (46%)
- Bread rose from $1.40 to $2.65 per loaf (89%)
- Eggs jumped from $1.50 to $3.20 per dozen (113%)
- Fresh produce costs increased by approximately 65%
Restaurant dining expenses rose even more sharply, with average meal costs increasing by 75% from 2014 to 2024.
Healthcare costs remain moderate
Idaho’s healthcare expenses increased more slowly than many other living costs. Between 2014 and 2024, health insurance premiums rose by 42%, while out-of-pocket costs for doctor visits increased from $80 to $125 on average. Prescription drug costs varied widely depending on specific medications, though generic options increased by around 25%.
Education expenses shift upward
Educational costs in Idaho underwent notable changes over the decade. Public university tuition increased from an average of $6,500 per year in 2014 to $8,900 in 2024. Private kindergarten through 12th-grade tuition rose by approximately 50%, while community college costs remained relatively stable with only a 20% increase.
Tax advantages persist
Despite rising living costs, Idaho maintained competitive tax rates throughout the decade. Property taxes averaged 0.75% of home value, ranking among the lowest nationally. The state implemented income tax rate reductions in 2022 and 2023, providing some relief amid other expense increases.
Regional cost disparities
Cost changes varied significantly across Idaho regions:
- Northern Idaho: 52% overall increase
- Southwestern Idaho: 48% overall increase
- Eastern Idaho: 38% overall increase
- Central Idaho: 43% overall increase
These variations reflect differences in population growth, economic development, and local market conditions.
Wage growth and affordability
Idaho wages increased by an average of 32% during the decade, failing to keep pace with the 45% rise in overall living expenses. This disparity created affordability challenges, particularly for first-time homebuyers and low-income residents.
The decade-long transformation of Idaho’s cost structure has created new economic realities for residents. While some areas remain affordable compared to national standards, the rapid changes, especially in housing markets, have fundamentally altered how Idahoans manage their finances and make lifestyle decisions.
