People in Idaho must earn this much to live comfortably in 2024
How much does it cost to live comfortably and single in Idaho nowadays?
Spoiler: It isn’t cheap.
A recent analysis by SmartAsset.com used the MIT Living Wage Calculator to gather the basic cost of living for a person with no children in every state. The data includes costs of necessities such as housing, food, transportation, income taxes, and other items.
The analysis then applied the 50/30/20 rule, a practical budgeting guideline, to determine how much an individual must earn to live comfortably in 2024. The rule recommends spending about 50% of your income on basic needs like food and housing, 30% on wants, and 20% on savings or debt.
IDAHO’S COST OF LIVING
So, where does Idaho fall in the analysis? A single person must earn $88,733 — $42.66 an hour — to cover all basics, wants and savings. That places Idaho as the 27th-most expensive state to live in comfortably.
Two adults and a child
The analysis also determined the amount two parents with a single child would need to earn to live comfortably. In Idaho, that cost is $211,245 a year.
The higher living costs don’t come as a complete surprise, given the general rise in the prices of necessities over the past year. According to the U.S. Bureau of Labor Statistics Consumer Price Index, over the last 12 months, the average cost of all items listed rose 3.5%. That includes food, which rose 2.2%; shelter, which increased 5.7%; and gasoline, which increased 1.3%.
COSTS IN OTHER STATES
Massachusetts took the top spot as the most expensive state to live in comfortably. A single adult must earn $116,022 or $55.78 an hour to cover basics, wants and savings.
Meanwhile, West Virginia is ranked as the least-expensive state in which singles can live comfortably. To do so, a single individual must earn $78,790 — $37.88 an hour.
If you’re looking to stay around the northwest but want to find somewhere cheaper, your best bet would be Montana. Big Sky County is ranked as the 33rd most expensive state, with a single adult needing to earn $40.74 or $84,739 to live comfortably alone.
