The median home price in Idaho is $434,540, which has decreased by 0.9% since the last year. The Idaho housing market has witnessed a 14.8% year-over-year decline in the number of homes listed. With only a 3-month supply left, the tight inventory is expected to drive an increase in the median sale price.
Near the northern areas, the home prices are relatively higher in the Gem State but as you move in the inland areas, you can find cheaper options to live in.
4 Reasons to live in Idaho 🌆
- Cheaper Houses: The median home sale price in Idaho is ~$434K but you can get houses between $300K and $350K in cities like Burley, Payette, and Lewiston.
- Tax Benefits: Idaho is tax-friendly toward retirees. Social Security income is not taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.80%.
- Affordable Healthcare: Healthcare in cities that are listed below is up to 5% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the state average and national average. You can save up to $200 per month in rent.
Cheapest Places to Live in Idaho in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Burley | $52,086 | $306,570 | 11,274 | 3.1% | 12.8% |
| Pocatello | $51,293 | $309,840 | 55,865 | 3% | 14.3% |
| Blackfoot | $51,971 | $325,633 | 12,106 | 3.5% | 13.9% |
| Payette | $49,683 | $332,291 | 7,999 | 4.5% | 13% |
| Twin Falls | $53,936 | $339,505 | 51,223 | 4.3% | 13.6% |
| Lewiston | $60,581 | $351,311 | 33,964 | 3.4% | 15.2% |
| Jerome | $54,535 | $355,831 | 12,182 | 5.7% | 18.2% |
7 Cheapest Places to Live in ID
With a cost of living 6% below the national average, Idaho is home to some of the nation’s most expensive cities. However, amidst this disparity, the Gem State has several affordable living options.
1. Burley
| 🟢 Cost of Living Compared to State Average | 16.4%⬇️ |
| 🏡 Median Home Price | $306,570 |
| 💲 Median Rent | $1,800 |
| 🌊 Known For | Snake River |
Burley is an affordable place to live in Idaho. Its median house rent ranges from $1,400 – $2,900. A low cost of living and affordable housing has led to a population growth of 7.11% since 2020.
The city’s picturesque setting along the Snake River makes Burley a desirable place to live, offering residents stunning natural landscapes and outdoor recreational opportunities.
» Homes for Sale in Burley, ID: Find your dream home in this city.
2. Pocatello
| 🟢 Cost of Living Compared to State Average | 10.8%⬇️ |
| 🏡 Median Home Price | $309,840 |
| 💲 Median Rent | $1,285 |
| 🥔 Known For | Idaho Potato Museum |
Pocatello is one of the most budget-friendly rental destinations in Idaho with an average home rent of $1,285. It also offers affordable transportation which is 25.7% lower than the national average.
Its proximity to outdoor attractions like the nearby mountains and the Portneuf River makes Pocatello, ID an appealing place to live. The city provides ample opportunities for recreational activities.
Residents are attracted to the city’s strong sense of community, diverse cultural offerings, and lower-than-average cost of living, which enhances its overall appeal.
» Homes for Sale in Pocatello, ID: Browse thousands of property listings in Pocatello.
3. Blackfoot
| 🟢 Cost of Living Compared to State Average | 11.5%⬇️ |
| 🏡 Median Home Price | $325,633 |
| 💲 Median Rent | $1,025 |
| 🖼️ Known For | Bingham County Historical Museum |
With rental costs below the national average, Blackfoot stands as one of the most affordable cities to live in Idaho. The house rent price is between $695 – $2,600.
Residents can explore the fascinating exhibits at the Idaho Potato Museum in Blackfoot, Idaho, and delve into the region’s significant potato industry.
Additionally, the Blackfoot community hosts the Eastern Idaho State Fair, which is a highlight featuring a mix of entertainment, agricultural showcases, and carnival attractions. It is a vibrant event for locals.
» Homes for Sale in Blackfoot, ID: View all the properties for sale in this city.
4. Payette
| 🟢 Cost of Living Compared to State Average | 12.1%⬇️ |
| 🏡 Median Home Price | $332,291 |
| 💲 Median Rent | $1,963 |
| ⛳ Known For | Scotch Pines Golf Course |
Payette offers budget-friendly living with a median rent of $1,847, which is $38 lower than the national median. With healthcare costs being 9.8% lower than the state average, the city stands out as one of the most inexpensive places to live in Idaho.
Residents and visitors in Payette, Idaho can enjoy outdoor activities along the scenic Payette River, such as fishing, kayaking, and hiking.
Those who appreciate a close-knit community and outdoor recreation will find the town’s community events, local parks, and relaxed atmosphere appealing.
» Homes for Sale in Payette, ID: Browse through thousands of affordable properties.
5. Twin Falls
| 🟢 Cost of Living Compared to State Average | 8.2%⬇️ |
| 🏡 Median Home Price | $339,505 |
| 💲 Median Rent | $1,519 |
| 🤽 Known For | Shoshone Falls |
With rental costs below the national average, Twin Falls stands as one of the most affordable cities to live in Idaho. The house rent price is between $700 – $3,200.
Residents in Twin Falls, Idaho can marvel at the iconic Shoshone Falls, often referred to as the “Niagara of the West,” for its impressive cascades.
The Perrine Bridge additionally offers a thrilling experience for base jumpers and a scenic overlook for those who prefer to enjoy the breathtaking views of the Snake River Canyon. Outdoor activities like hiking, and rock climbing are also provided by Twin Falls.
» Homes for Sale in Twin Falls, ID: Browse through thousands of properties in Twin Falls.
6. Lewiston
| 🟢 Cost of Living Compared to State Average | 19%⬇️ |
| 🏡 Median Home Price | $351,311 |
| 💲 Median Rent | $2,150 |
| 🍷 Known For | Clearwater Canyon Cellars |
The house rent in Lewiston is between $1,025 – $3,600. You can comfortably live in this city with an average household income of $60,581. A low cost of living and affordable housing have led to a population growth of 3.1% since 2020.
Residents in Lewiston, Idaho can explore the Nez Perce County Historical Society & Museum, delving into the rich history and culture of the Nez Perce tribe and the region.
The scenic Lewis-Clark Valley, which is situated at the confluence of the Snake and Clearwater Rivers, offers opportunities for outdoor activities such as hiking, boating, and enjoying the landscapes.
» Homes for Sale in Lewinston, ID: Find a home in one of the cheapest places to live in Idaho.
7. Jerome
| 🟢 Cost of Living Compared to State Average | 8.9%⬇️ |
| 🏡 Median Home Price | $355,831 |
| 💲 Median Rent | $1,325 |
| 💒 Known For | Minidoka National Historic Site |
Jerome is one of the best places to live in Idaho. The median home price in Jerome is $355,831. The monthly cost of food and utilities is ~34% lower than the national average.
At the Minidoka National Historic Site in Jerome, Idaho, residents can experience the unique sights that commemorate the internment of Japanese Americans during World War II.
The Snake River Canyon Rim Trail also allows outdoor enthusiasts to hike or bike along the stunning canyon rim, offering breathtaking views of the Snake River below.
» Homes for Sale in Jerome, ID: Get yourself a home in Jerome.
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The Bottom Line
Despite expensive home prices, you can find affordable housing in Idaho. Apart from housing, some cities also offer affordable living. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Idaho, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
Where is the cheapest place to live in Idaho?
The cheapest place to live in Idaho is Burley. It offers one of the most affordable utilities in the state, which is 16.3% lower than the national average.
» 7 Cheapest Places to Live in Idaho: Find out the other cheapest places to live in Idaho!
Is Idaho the cheapest place to live in?
No, it is not. The median home value is $434,540. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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