Do you ever debate moving to a different state? When relocating, it’s important to factor in the moving cost. But you should also consider how the cost of living in a new area can impact your budget. Let’s say you are debating moving to Idaho. Some people dismiss it since it does not have as many modern metropolitan cities as states like New York or California. However, one thing that Idaho does have going for it is a fairly reasonable cost of living as compared to some other states you might consider.
You can find cool Sandpoint, Idaho homes for sale if you spend some time looking in this area. There’s quite a bit there that might attract you, including a thriving job market, excellent local parks, and other amenities. What’s the realistic cost of living in Idaho, though?
Do You Want a House or Apartment?
The first thing it’s vital to answer if you’re looking at homes is whether you want to buy a house or rent an apartment. For example, the average cost of a house in Idaho is a little over $442,000 at the moment. That is down nearly 5% over the past year as the housing market has started to cool off a little.
Meanwhile, the average cost of renting an apartment in the state is a little less than $800 on the low end and up to nearly $1,800 per month on the high end. If you look at that cost versus what you would pay in most major cities, that’s quite reasonable.
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Are You a Single-Income Family, or Do You Have Multiple Income Streams?
You must also think about whether you’re a single-income family or whether you have multiple individuals living with you who can also contribute financially. If you’re the sole breadwinner in your family, affording even a relatively modest house or apartment becomes more difficult. Multiple income streams make it more likely you’ll be able to either get a mortgage on a house or rent a high-end apartment in Boise or one of the other more desirable parts of the state.
How Does the Cost of Living Stack Up to the Rest of the Country?
You must think about the cost of living in Idaho as compared to the rest of the country if you’re truly considering moving there. The mean average cost of an apartment in America right now is about $1,700. You can get an apartment in Idaho for considerably less than that if it’s a relatively modest one.
The mean average of buying a home in the US is about $431,000. That is a little less than the average price of a house in Idaho if you look at the state as a whole. However, you can also usually find cheaper home prices in Idaho if you’re not set on living in a certain part of the state. Some parts of Idaho that are not as desirable at the moment might provide you with a bargain if you’re trying to buy a house there toward the tail end of 2023.
If you are looking to make a move, make sure you consider the cost of living in other states first. That way, by weighing the options, and looking at all the determining financial factors you can relocate with better peace of mind and financial plan.
