BOISE, Idaho — Idahoans might be seeing a little extra coming into their paychecks – at least, that’s what the numbers are showing. From 2019-2023, Idaho’s income growth rate increased by 15.5% – which was the highest in the nation.
The Gem State’s median household income was $78,538 for 2019-2023. From 2014-2018, it was $64,625, according to a U.S. Census Bureau American Community Survey.
“It just means that you're getting a little bit more to help you cover those expenses,” said Jan Roeser, an economist for Idaho’s Department of Labor.
Idaho’s median household income increased by $10,011, which is double the nation’s growth – which was $5,144.
“Every indication is that our income growth has been robust for the last decade and that we are moving up in these rankings, and that Idaho's economy is diversifying,” said Steven Peterson, an economics professor at the University of Idaho.
But while the income rate is increasing, so are Idaho’s housing prices – leaving Idahoans with the question, is the income growth increase enough to cover Idaho’s cost of living increase?
The answer – yes and no. Roeser said it for sure helps.
“I think most Idahoans want a little extra income to cover housing costs,” Roeser said.
Resident Max Ryan said his income has gone up in the last five years, and so has his cost of living, but he is seeing a little more going into his savings account nonetheless.
“It's helped,” Ryan said. “I wouldn't say it's equal, but it's definitely gotten there,” Ryan said.
In 2023, Idaho ranked 12th in the nation for the highest “typical” single-family housing prices, according to a Next Steps report. And from 2018-2021, Idaho’s single-family housing prices increased by 67.3%.
“Hopefully, we can get some of that under control,” Roeser said. “We can see some of the interest rates comes down so people can afford to get into some housing here in Idaho.”
The pandemic recovery has been a major contributor to the rising wages in the state, as more people entered the workforce and spent money, helping the economy rebound. Additionally, a significant influx of people moving to Idaho from other states has contributed to the local economy’s growth.
“We’ve seen wages really grow in the past few years, especially as more people moved here,” Roeser said. “That has helped with overall income growth.”