The cost of living in Idaho has increased astronomically over the past several years. When comparing costs from back in the day to now, you have to adjust for inflation, which, according to the US Bureau of Labor Statistics, is 130% since 1990.
To no one's surprise, the housing costs are the highest contributing factor to the amount of money it now takes to live here. For example, the average home price in Idaho in 1990 was $80,000. Today, it's $450,000! The cost of transportation, food, utilities, and other living expenses has also increased by much more than the national average of 3%. That's why the cost of living index for Idaho, which was 87.6 in 1990, is now closer to 102.1. It is safe to say that the cost of living in Idaho has increased by nearly 150% since then. According to one report last year, the cost of living in Boise is 8% higher than the national average.
The USDA tracks the cost of raising a child in America. In 2015, their data said that the cost of raising a child born in 2015 to 17 was $233,610. When you adjust for inflation, that cost rises to $284,570. But that was a national study, not Idaho-specific.
According to a Brookings Institution report last year, the average cost of raising a child in Idaho was $300,000. Suppose we factor in the fact that Idaho was a below-average place to live in 1960 when the cost of raising a child was $25,300 when adjusted for inflation. We can easily say that the price of raising kids in Idaho has increased by at least 800% since 1960.
I guess it's time to apply for another credit card!
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Gallery Credit: Marco