Article Table Of Contents
Everyone wants a home that mixes affordability with comfort and Idaho does this very well. Families love the Gem State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Idaho that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Idaho for 2022.
So where is the most expensive place to live in Idaho? That would be Sandpoint.
the 2016-2020 American Community Survey for the 33 places in Idaho with more than 5,000 people.
What's the most expensive place to live in Idaho? Well, HomeSnacks crunched the numbers and discovered that Sandpoint is the most expensive place to live in Idaho.
So hopefully Blackfoot (the cheapest place to live in Idaho) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Idaho and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Idaho For 2022
The median income in Sandpoint comes in at $46,712 and the median home value is $282,600 for 2022.
The median income in Hayden comes in at $57,981 and the median home value is $280,000 for 2022.
The median income in Rexburg comes in at $33,278 and the median home value is $221,700 for 2022.
The median income in Coeur D'alene comes in at $54,763 and the median home value is $276,600 for 2022.
The median income in Moscow comes in at $42,262 and the median home value is $240,500 for 2022.
The median income in Garden City comes in at $50,185 and the median home value is $240,200 for 2022.
The median income in Hailey comes in at $54,622 and the median home value is $398,400 for 2022.
The median income in Eagle comes in at $91,414 and the median home value is $455,800 for 2022.
The median income in Boise City comes in at $63,778 and the median home value is $282,900 for 2022.
The median income in Post Falls comes in at $62,033 and the median home value is $246,400 for 2022.
Methodology: How We Determined The Most Expensive Places To Live In The Gem State For 2022
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2016-2020 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Idaho to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 33 places in Idaho that have more than 5,000 people.
The place with the highest cost of living in Idaho according to the data is Sandpoint. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Idaho For 2022
Well there you have it, the places in Idaho that have the highest cost of living, with Sandpoint ranking as the most expensive city in the Gem State.
Here's a look at the most affordable cities in Idaho according to the data:
For more Idaho reading, check out:
- Best Places To Live In Idaho
- Cheapest Places To Live In Idaho
- Most Dangerous Cities In Idaho
- Best Places To Raise A Family In Idaho
- Safest Places In Idaho
- Worst Places To Live In Idaho
Detailed List Of The Most Expensive Cities In Idaho