Idaho residents among the least likely to live paycheck-to-paycheckPublished at | Updated at
IDAHO FALLS — Idaho has been getting some great press on the www.gobankingrates.com Web site.
Last June, the Gem State ranked third best in a listing of Best and Worst States to Retire Rich, behind only New Hampshire and Delaware. Here’s the writeup on Idaho from that feature:
Idaho’s extremely low living expenses catapulted it to third in our study, with one of the lowest cost-of-living scores in the nation — only Mississippi and Tennessee are cheaper. Retirees also have access to higher-than-average local deposit rates to grow their savings and low local tax rates; residents pay no Social Security, estate, or inheritance taxes and fairly low sales and property taxes.
Idaho was bumped out of the top two spots due to less-stellar health care scores: The state is middle of the line (24th place) when it comes to its seniors’ health, and its Medicare payouts are only average. Still, the state’s average individual insurance premiums are low — among the 10 cheapest in the nation.
In the wake of that news, today we have another piece: 10 States Most (and Least) Likely to Live Paycheck to Paycheck.
This time, Idaho ranked fifth, earning this endorsement:
Potatoes are cheap, and Idahoans’ food costs are among the lowest in the nation at $172 per the median $2,055 paycheck (just 8 percent). Housing (22 percent), healthcare (5 percent) and utilities (7 percent) per-paycheck costs are all also modest, with transportation being one of Idahoans’ biggest expenses (20 percent).
When all is said and done, living in Idaho is pretty easy on your budget. If you earn the median income, you can have a little more than 37 percent left over ($769) per paycheck.
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This article was originally published at BizMojo Idaho. It is used here with permission.