What is Cost of Living?
Cost of living is the amount of money necessary for one to be capable of maintaining a certain standard of living in a particular location. This measurement helps to assess the affordability of a city, state, or country, and is vital specifically for those who are planning to relocate to a new environment and they want to know how the move would affect their budget. As an index, it offers an accurate basis of comparison between one’s present location and that which they are considering for their relocation.
This theoretical price index measures the relative cost of living between locations over time. There is no official cost of living index provided by the government. Instead, several different agencies research on the prices of a representative sample of goods and services and ascertain how each of these items would affect a person’s budget within a period of one year.
2019 Cost of Living Index in Meridian, ID
If you are considering moving to Meridian, ID, you might want to check the cost of living index table below before you make a final decision. This table would help you evaluate this possibility and give you an idea about the affordability of this city. The information provided below are the most recent cost of living indexes for Meridian, the state of Idaho, and the United States. The primary location here is the United States, so all of the values under this are set at 100, while the values for Meridian and Idaho would either be more or less than 100, as these are based on the actual costs of the basic expenses in these areas.
From on the table above, you can see that the overall cost of living in Meridian is just slightly above that of the state and the country, at 104.5. You can also infer from this data that most basic expenses in this city, including groceries, utilities, and healthcare, cost less than the rest of the states, in general. Housing is the single most expensive commodity here, 24.7% higher than that of the country.
Cost of Basic Services in Meridian, ID
Getting a haircut in Meridian, Idaho costs $14.60, 9.2% lower than the national average cost which is $16.09. A treatment at the beauty salon is also more affordable here, at $27.62 – 26.0% less than the national average rate which is $37.33. Love to go bowling on weekends? You’ll be happy to know that the average rate in Meridian is also lower, at $3.86 compared to the national price, $4.93. As for movie tickets, the average price in this city, $10.30, is almost the same as the national average, $10.28. As for basic grooming items, a tube of toothpaste costs the same as the national average price of $2.45 and a bottle of shampoo is cheaper at $0.96, compared to the national average price of $1.
Meridian, ID Housing Costs
If you are thinking of buying a house in Meridian, ID, the median home sale price is $307,800, whereas the median home cost on the national level is $219,700. In this city, 75.9% of residents are homeowners, with an average of 2.8 people occupying each home. As for renters, the median monthly rent for an apartment in Meridian is $1,020, 34% higher than the Idaho average.
Utility Costs in Meridian, ID
Utilities cost less in this area, as well. As you can see from the cost of living index table, utilities cost almost 10% below the national level. The average cost of electricity in Meridian is $144.50, 12.9% lower than the average cost on the national level which is $165.96. Phone charges cost around $24.32, 15.2% lower than the general average among the states at $28.68.
Cost of Food and Groceries in Meridian, ID
Most grocery items are cheaper in Meridian. A kilo of ground beef, for instance, costs $3.88 while the national average price is $3.80. A bottle of milk costs 33.3% less, at $1.34 compared to the national average price of $2.01. Love home cooked French fries or mashed potatoes? You’ll be happy to know that a kilo of potatoes only cost $1.28 here, less than half the cost across the country which is $3.01. Ordering fast food is also relatively cheaper in Meridian, Idaho. Fried chicken costs $1.27, 9.3% lower than the country-level average of $1.40; and a box of pizza is also a bit cheaper at $9.16, compared to the national average price of $9.89.
Transportation Costs in Meridian, ID
As indicated on the cost of living table, transportation costs in Meridian, Idaho are a bit higher than the national level, with an index of 101. According to GasBuddy, the average price of gasoline per liter in Meridian is $2.35, 4.8% higher than the national average rate of $2.24. The cost for tire balancing is also slightly higher here, at $52.48 which is 13.4% more than the average rate on the national scale, $46.29.
Taxes in the State of Idaho
When assessing the viability of your potential relocation to Meridian, you also need to take into consideration the Idaho sales tax and income tax rates. When it comes to taxes, Idaho is one of the lowest in the nation, ranking 37th in overall state and local tax burden nationally, based on the percentage of income that goes to pay taxes, and 48th based on taxes paid per individual. In this state, sales tax is 6% and the maximum surtax is 8.5%. State income tax rates range from 1.6% to 7.4%.
Moving to Meridian, ID
If you are contemplating on relocating to Meridian, Idaho, we hope that this information about the cost of living in this city has helped you evaluate how the possible change of residence could affect your budget. And, if you are also thinking of buying a new home in Meridian, it would be best to know what your options are, so you can also prepare for this. Our team can provide you with a list of all the residential properties in Meridian that would suit your lifestyle, preference, and budget. Please feel free to give us a call at 208-917-8022 or send your questions to Justin@Naglegroup.com.