This article takes a look at the 12 best places to retire in Idaho. If you wish to skip our detailed analysis on retiring to the Gem state, you may go to the 5 Best Places to Retire in Idaho.
On Retiring to the Gem State
The state of Idaho is one of the best states to retire for taxes and cost of living. Also known as the Gem State, it offers a cost of living that is 6% higher than the national average. Even then, there are many cities and towns within the state that offer retirees a lower cost of living. With regard to taxes on retirement income, the state doesn’t tax Social Security benefits. However, other forms of retirement income are taxed at a flat income tax rate. Meanwhile, property and sales taxes in the state are low.
The state of Idaho is known to be senior-friendly. Senior Living notes that approximately 600,000 residents in the state are 50 or older. Moreover, while the state is actually quite young (the median age in Idaho is 36.8, two years younger than the US median), the truth is that the demographics is changing fast. Its noted that Idaho’s median age rose by 6.1% in between 2010 and 2018. This is more than double any natural increase.
This implies the need for the state to become more senior-friendly along the way, such as building more senior-friendly housing. As of February 2024, Redfin Corporation (NASDAQ:RDFN) notes that the median price of a home in the state was $483,300. These prices have been up an estimated 6.9% year-over-year. Moreover, the state of Idaho has also witnessed the number of homes sold down by 5.6%. For those wondering how much money do you need to retire in Idaho, a report by CNBC highlights that one needs at least a $1 million to last them 30 years. Annual retirement expenditures boil down to a minimum of $57,240, while retirees need $891,827 at the least to last them 25 years.
The feasibility and attractiveness of Idaho as a retirement destination can also be highlighted through U-Haul Holding Company (NYSE:UHAL)’s latest report on its top growth states. According to the U-Haul Holding Company (NYSE:UHAL) Growth Index that analyzed one-way customer moves during 2023, it was revealed that Idaho was the number six growth state in the United States. While it is true that one-way movers into the state declined by 6% since 2022, departures also fell more than 7% because of overall slowdown of traffic.
“Idaho is a great place to start a career. When people decide to move, it’s often because of the job and housing markets. We have both — jobs and affordable homes.”
-Seth McIntier, U-Haul Holding Company (NYSE:UHAL) Company of Idaho president
While McIntier’s comments are particularly for the young job seekers, who says that retirees can’t find both jobs and affordable homes even after they retire.
McIntier further said:
“Idaho, especially Boise, offers a great job market. The St. Luke’s Health System employs more than 17,000 people. They keep growing, and they began construction in September to expand their campus in downtown Boise. Idaho is also home to Albertsons, a Boise-based grocery chain that offers tons of positions at stores and its headquarters.”
On that note, let’s check out all the best places that seniors can consider retiring to:
Methodology
To compile the list of best places to retire in Idaho, we used forums such as Reddit and Quora, as well as conducted our own cost of living analysis for different cities and towns within the state to come up with an exhaustive list of places that would be ideal for retirees. Subsequently, we assessed them based on their cost of living index, median home price, and livability scores. Each location was assigned scores for these factors, which were then combined to generate a distinctive Insider Monkey score. Then, places were ranked on the final Insider Monkey score in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in Idaho:
12. Eagle
Insider Monkey Score: 7
Cost of Living Index: 119.6
Median Home Price: $680,000
Livability Score: 79
Probably the most expensive place on our list, Eagle is considered a “hidden gem” for retirees. Its nestled in the Boise foothills and is quite famous for its riverside Eagle Island State Park, spas and golf courses. While real estate in this city is not exactly considered favorable for the average retiree, expenses such as food and utilities are actually lower than the national average. The city also boasts low crime rates, scenic landscapes, and well-maintained neighborhoods. Seniors can spend the day strolling along the Boise River Greenbelt, attend a concert at the Eagle Performing Arts Center, or enjoy a myriad of activities at the Eagle Senior Center. All in all, seniors can enjoy a good quality of life here at Eagle.
11. Emmett
Insider Monkey Score: 12
Cost of Living Index: 99.4
Median Home Price: $350,000
Livability Score: 66
The next spot on our list of best places to retire in Idaho goes to Emmett. Located in a beautiful valley, Emmett is famous for its Emmett Cherry Festival, its local orchards, and its relaxed pace of life. This city is ideal for seniors who wish to lead a small, low-key life. Since Emmett is small, the community is quite close-knit and everyone looks out for each other. Living expenses are much affordable than other Idaho picks, about 0.6% lower than the national average. Even though it is small, residents can still find lots to do to keep busy, such as enjoying a round of golf, hiking trails, or exploring local markets.
10. Coeur d’Alene
Insider Monkey Score: 14
Cost of Living Index: 115.9
Median Home Price: $550,000
Livability Score: 84
One of the best cities individuals can choose to retire to is Coeur d’Alene. Set along the shores of the pristine Lake Coeur d’Alene and embraced by majestic mountains, this city sets the perfect backdrop for seniors to retire to. Seniors have much to do in both winters and summers, from boating, swimming, and fishing, to winter stuff like skiing and snowmobiling. What’s more-there is a vibrant downtown area brimming with shops, galleries, and lots of restaurants. Seniors can choose to live quality lives here amidst breathtaking scenery. The cost of living is higher than the national average, so seniors must have big nest eggs to live here comfortably. Nevertheless, spending higher here seems well worth it to those who appreciate all that Coeur d’Alene has to offer.
9. Boise City
Insider Monkey Score: 15
Cost of Living Index: 119.6
Median Home Price: $450,000
Livability Score: 84
Boise City is the perfect place for all the outdoor enthusiasts out there. Embraced by mountains, rivers, and forests, there is so much to do amidst Boise’ breathtaking landscapes that seniors don’t have to spend even a single dull day in their golden years. This capital city of Idaho has a buzzing downtown as well. Seniors would love to spend time roaming through its eclectic shops, gourmet restaurants, and the many cultural attractions that it offers. Similar to Coeur d’Alene, the cost of living in Boise City is higher than the national average. However, the amenities that it offers more than makes up for this higher cost. The city is home to renowned medical facilities, offers a safe environment, as well as a good quality of life.
8. Twin Falls
Insider Monkey Score: 17
Cost of Living Index: 91.8
Median Home Price: $368,000
Livability Score: 74
Nestled in the heart of the Magic Valley region, Twin Falls is another one of the best places to retire in Idaho. What makes this place so magical is that it is home to the powerful waters of Shoshone Falls, also known as the “Niagara Falls of the West”. Then there’s the Snake River Canyon-an ideal place for enjoying activities such as rock climbing, kayaking, and bird watching. First Fridays offer plenty of art exhibits, and there are lots of hiking and camping opportunities in the area as well. Seniors will also find all kinds of amenities here, from healthcare, to shopping and dining, Twin Falls offers everything for its senior residents.
7. Garden City
Insider Monkey Score: 19
Cost of Living Index: 88.8
Median Home Price: $510,000
Livability Score: 81
Ranking 7th on our list of best places to retire in Idaho is Garden City, a bright community situated in Ada County. Since its located along the beautiful Boise River and borders the city of Boise, the city offers retirees both a scenic backdrop and urban amenities. Seniors love to enjoy picnics and indulge in leisurely walks in the scenic riverfront parks that Garden City offers, and even make use of the beautiful Boise River Greenbelt that runs through Garden City.
6. Moscow
Insider Monkey Score: 19
Cost of Living Index: 99.1
Median Home Price: $524,000
Livability Score: 85
Situated in Latah county, Moscow appeals to retirees because of its vibrant vibe, lively cultural scene, and affordable cost of living. Living expenses in the city are 0.9% lower than the national average, and home prices are a tad higher than the national average. Seniors have much to see and do here, including the exploration of art galleries, parks and trails, and the many music venues. There is a vibrant downtown area featuring tons of shops, cafes, and restaurants to socialize in. Seniors in Moscow can also access quality healthcare facilities, senior services, as well as recreational programs.
Click to continue reading and see the 5 Best Places to Retire in Idaho.
Suggested Articles:
- 10 States That Tax Social Security in 2024
- 15 States with the Highest Housing Costs in the US
- 15 Places to Retire That Are Just Like the West Coast but Cheaper
Disclosure: none. 12 Best Places to Retire in Idaho is originally published on Insider Monkey.
