How Much Money Single People Need to Make to Survive in Idaho, Washington or Utah
Do you remember what it was like moving out on your own for the first time? You probably sat down in front of Google and pulled up half a dozen cost of living calculators for the city you were considering moving to. (You know, if you were planning to leave your hometown.)
You looked at the necessities: rent/mortgage, insurance, food and transportation. If you were lucky enough to visit your potential new town, maybe you even went “grocery shopping” to see how much the food you’d normally purchase in a week would cost you.
Then, you considered how much you’d spend on things that would make your single life in a new city a little more comfortable: going out to eat/ordering takeout, movies, concerts, a gym membership, salon visits, streaming services, home decor…maybe even a Costco membership, even though having one seems slightly silly if you’re a household of one.
If there was anything left over, you’d put it in your savings account or invest it in something that would make you wealthier down the line.
That’s exactly what we did when making the move to Boise almost 15 years ago. Seeing those numbers on paper made the choice between Boise or Danbury, CT easier. At the time, and we sure do miss those days, fair market rent for a one-bedroom apartment in Boise was just $611. In Danbury? It was more than double at $1,254. The salary for both jobs was identical. We weren’t making a killing, but in Boise there was enough left over to have a little fun on the weekends.
Times certainly have changed though. We Know Boise Real Estate says the average rent for a one-bedroom apartment in Boise at the end of last quarter was $1,286. Ouch. As much as you love your privacy, maybe getting a roommate isn’t such a bad idea. (A two-bedroom apartment is less than $200 more.)
How realistic is it to live on your own in Boise? GoBankingRates just did a breakdown of how much you’d need to make as a single person to live on your own in each state based on a 50/30/20 budget where 50% of your monthly income is going toward rent, 30% is for non-discretionary spending and 20% goes toward savings and investments. The result for Idaho was a bit of a bummer and even more of a bummer when you realize Boise’s considerably more expensive than some of Idaho’s smaller municipalities.
Here’s a look at what their data said you’d have to make to live on your own in Idaho or one of its neighboring states.
Author’s Note: GoBankingRates says nothing about if this is the number BEFORE or AFTER taxes are taken out. Taxes were not a factor in the estimated monthly budget.