A SENIOR GUIDE TO HOUSE HUNTING IN BOISE CITY Posted by Allen Cofield The numbers don’t lie: Seniors are flocking to Boise for their retirement years, and it all comes down to the many financial advantages of living in Idaho. A forecasting model from the Idaho Department of Labor reports that the over-65 population is an enormous driver behind the state’s population growing at three times the national average. Currently 14.7 percent of the population, seniors will account for 34.4 percent of the population growth between now and 2025, growing to become 17.3 percent of the population. Those figures are impressive, but bring up an important question: What’s attracting seniors to this area? Read on to learn the answer. SENIOR-FRIENDLY PROPERTY TAXES The Idaho State Tax Commission reports that up to 55,000 Idahoans could be eligible for significant reductions in property tax rates, most of them seniors. Taxpayers qualify if their yearly earnings total less than $29,640 (2017 figures) and they are either over 65, a widow or widower or fully disabled. Homeowners can save up to $1,320 per year in property taxes after qualifying for the Idaho Property Tax Reduction Program. Disabled veterans may qualify to save an even greater amount. ADDITIONAL SENIOR TAX BENEFITS Seniors are also drawn to Idaho for additional tax benefits available to those over 65. In Idaho, state income tax isn’t levied on Social Security benefits or many municipal, state or federal government pensions or retirement funds. For seniors who earn other types of earned or retirement income, Idaho boasts reasonable income tax rates that range from 4 to 7 percent. Seniors on the hook for income tax can reduce their obligation through enhanced credits for items such as the Idaho Grocery Tax Credit. BOISE’S COST OF LIVING IS COMPETITIVE Cost of living, calculated as an index of values versus an average score of 100, determines how financially attractive an area might be. In Boise, the cost of living index is a competitive 106.7. Most factors in Boise’s cost of living index come in under average, including groceries, health care, utilities and transportation. Just one factor in that index is above average: housing costs, coming in at 136. Even so, median home prices remain around $255,000. Seniors can explore a variety of options to attain lower housing costs, including downsizing to smaller homes, living in condo or assisted living communities. Seniors also come to Boise for many non-financial reasons, including the beauty of the area, healthy air quality, four-season living and the ability to live in an urban city surrounded by endless miles of open land. The numbers don’t lie, however, and when they add up to significant annual savings and opportunities, it’s easy to see why seniors love retiring to Boise. When you need a realtor that cares to help you save money, feel free to reach out to Allen Cofield at 208.908.1777. Link to Idaho Property Tax Reduction Program https://tax.idaho.gov/n-feed.cfm?idd=3102 Link to Idaho State income tax https://tax.idaho.gov/i-1136.cfm#sub2 Link to cost of living index https://www.bestplaces.net/cost_of_living/city/idaho/boise Link to assisted living communities. https://www.seniorhomes.com/idaho/boise/ Link to forecasting model http://www.spokesman.com/blogs/boise/2017/jun/01/idaho-population-forecast-grow-three-times-national-rate-through-2025-biggest-gain-retirees/
