Meridian, Idaho, is a hidden gem that has been attracting newcomers from all over the state. With its proximity to Boise, vibrant community, and family-friendly atmosphere, it’s easy to see why people love living here. But with the rise in housing prices and general living costs, many are wondering: Is Meridian still affordable? Let’s dive into the details and break down the cost of living in Idaho in 2024.
We will consider things like housing cost, cost of groceries, cost of utilities, and gas price down to the smallest detail that comes with living here.
Real Estate Market Prices in Meridian, ID
The most important aspect of the cost of living in Meridian, ID, and anywhere else in the U.S. all comes down to the real estate market. Meridian, ID is centrally located between Boise and the rest of the major cities in Idaho.
Housing prices in Meridian have surged over the past few years. In fact, the average home price in the Treasure Valley area, which includes Meridian, sits around $533,000. While this might seem high to some, if you’re moving from an expensive area—like California or Oregon—this will likely feel like a bargain. For those coming from a market where prices are on par with this, the sticker shock is more noticeable.
However, there’s good news: prices are stabilizing. After a meteoric rise, home prices are beginning to cool down slightly, making it a bit easier to find a deal. If you’re coming from a higher-priced market, you’re in the driver’s seat—you’ll be able to buy a comfortable home and possibly even have extra money to invest in a rental property or just keep a financial cushion.
Rental Costs in Meridian also remain manageable, though, like home prices, they’ve increased over time. Whether you own or rent, the size of your rental will greatly affect your monthly expenses. According to 2021 Census data, here’s a snapshot of what renting might cost in Meridian:
- Median monthly mortgage cost: $1,395
- Median studio rent: $762
- Median one-bedroom rent: $819
- Median two-bedroom rent: $936
- Median three-bedroom rent: $1,554
- Median four-bedroom rent: $1,309
- Median five-bedroom (or more) rent: $1,776
- Median gross rent: $1,035
Property Taxes and Sales Tax
Next on our cost of living list comes the property and sales tax. One of Meridian’s major perks is the lower property taxes compared to states like California. We do put a lot of emphasis on comparing states like California because a lot of the people who are moving here come from states like California, Oregon, and Washington.
As one resident noted, what they used to pay in California for just two months of property taxes now covers an entire year in Idaho!
Meridian’s sales tax is also relatively low at 6%, which makes daily purchases feel like everything is “on sale.” Whether you’re buying groceries, clothes, or home goods, many newcomers enjoy this noticeable savings in day-to-day life.
Utility Costs in Meridian
Third, on our cost of living in Meridian, ID we have utilities. This is also one of the more important aspects of the cost of living here. Location plays a crucial role and we will explain why in a bit.
Utilities are another area where people relocating from places like Arizona, Oregon, and California see significant savings. While heating costs in winter can rise, especially if you like to keep your home warm, overall utility expenses are quite manageable.
Summertime flips these costs, with power bills rising as air conditioning kicks in, but overall, utilities remain lower than in many other states. Options like wood-burning stoves or pellet stoves can help lower winter heating costs even further. Interestingly, solar panels aren’t very common in Idaho yet, possibly because the overall power costs are still relatively affordable.
Here is a more detailed breakdown of the cost of utilities here:
- Water, Garbage, and Sewer Costs: On average, residents pay about $55-$60 per month for domestic water, garbage collection, and sewer services combined. For those on a dual pressurized system, irrigation water is included in the Homeowners Association (HOA) dues, which are approximately $450 per year. This covers yard water for the April to September period, making the cost of watering your yard effectively $20 per month during those months. This is especially appealing, as homeowners do not need to pay for yard irrigation with household water—keeping Meridian’s lawns green throughout the town.
- Electricity: Meridian boasts some of the lowest electricity rates in the U.S.. In the summer, during the hottest months when air conditioning is in full use, your electric bill may peak at around $200 per month. However, in the winter, when heating needs reduce electricity usage, the bill could drop as low as $10-$20 per month.
- Natural Gas: Gas is typically used for heating in the winter and for cooking year-round. In the winter months, natural gas costs can range from $50-$120 per month, depending on the size of the home and individual heating preferences. During the summer, when heating is not necessary, the natural gas bill for running a hot water heater and stove usually sits around $10-$15 per month.
Grocery and Food Costs
If you’re curious about everyday expenses, such as groceries, you’ll be happy to know that the cost of living in Meridian is generally reasonable. Albertson’s, a major grocery chain headquartered in Boise, offers competitive prices on essentials like cheese, meat, and produce.
The Bureau of Economic Analysis estimates that Idaho’s average annual (non-restaurant) food cost is $3,296 per person, or about $275 a month. This figure gives you a solid benchmark of what you might spend on groceries in Meridian.
Additionally, the Council for Community and Economic Research ranked food costs in Boise and Twin Falls for the second quarter of 2022. While the exact rankings vary, Meridian’s grocery prices remain competitive when compared to major U.S. cities.
Whether you’re picking up groceries for home-cooked meals or indulging in some local eats, food expenses in Meridian are moderate, especially when compared to larger metropolitan areas.
Gas and Transportation Costs
Meridian residents also benefit from lower gas prices. While gas prices are currently around $3.79 per gallon in the Boise area, it’s a stark contrast to places like California, where prices can be as high as $5.09.
This difference can add up significantly, especially if you’re commuting or regularly on the road. Another plus is that you simply don’t have to drive as much in Meridian. Most places are relatively close, and many people can work remotely, saving even more on transportation costs.
When it comes to annual transportation expenses, these can vary based on your lifestyle and family size. According to MIT’s Living Wage Calculator for 2023, here’s a glimpse of what transportation might cost annually in Idaho:
- One adult, no children: $5,316
- Two working adults, no children: $9,561
- Two working adults, and three children: $15,073
With lower gas prices and a smaller area to navigate, transportation costs in Meridian tend to be more affordable compared to other cities, especially if you are working remotely.
Healthcare Costs in Meridian, ID
In Idaho, the average annual healthcare cost per person is about $6,714, according to the 2021 Bureau of Economic Analysis Personal Consumption Expenditures by State report. However, how much you’ll spend can vary depending on your specific medical needs, location, and insurance coverage.
In Meridian, residents benefit from a range of healthcare facilities, and overall medical costs remain relatively moderate compared to other states. Whether you’re relying on employer-provided insurance or managing out-of-pocket expenses, healthcare costs here are generally lower than in many other parts of the country, contributing to the area’s overall affordability.
Entertainment and Leisure
If you’re looking for a new city with endless things to do, Meridian won’t disappoint. Meridian things to do, Meridian offers plenty of affordable entertainment options. Outdoor enthusiasts can enjoy nearby hiking trails, while sports fans can catch a Boise State football game. For those who prefer indoor activities, the large Albertson’s in town features the Talon Bar, where residents can relax and grab a bite or a drink after shopping.
Average Cost Of Living in Meridian, ID
If you’re considering a move to Idaho, you’re looking at a lifestyle that balances affordability and expense. According to data from the Missouri Economic Research and Information Center (MERIC), Idaho ranks 28th in the U.S. in terms of cost of living, putting it in the middle compared to other states. While it’s not the cheapest state to live in, it’s far from the most expensive.
On average, Idahoans spend about $39,739 per year on personal consumption, according to the 2021 Bureau of Economic Analysis. Here’s how that breaks down by category:
- Housing and Utilities: $7,109 annually
- Health Care: $6,714 annually
- Food and Beverages (non-restaurant): $3,296 annually
- Gas and Energy Goods: $1,393 annually
All Other Personal Expenditures: $21,227 annually