Planning to move to Boise, Idaho in the near future?
Perhaps it’s a career move, a company transfer, or you’re relocating for personal reasons.
Today, moving doesn’t have to be as traumatic and unsettling as it was a few decades ago. It has become easier, more convenient and swifter than ever before.
However, it still requires a certain amount of planning, research and homework, especially if you’re moving with your family.
Quick Overview of Boise, Idaho
Ringed by snow-capped peaks and dotted with large, green spaces and parks, Boise is the outdoors enthusiast’s dream.
Known as the City of Trees, and blessed with 234 sunny days in a year, the city is an industrial and cultural hub, with a population of about 238,000 within the city limits.
The average age of the population is about 34 years, and the education levels are relatively high, with nearly 95% of the population having graduated from high school.
The median household income is pegged at $56, 306. The cost of living is much lower than other cities of comparable size.
The city topped national growth rates in 2019.
Boise is the headquarters of several big national and international corporations. In 2017, Forbes ranked the metropolitan area in Boise as the #1 fastest growing economic area and extremely small-business friendly.
Home prices are pegged at an average of $400,000.
Financial Considerations To Keep In Mind While Moving
1. Research: Unless your move is a sudden one that takes you by complete surprise, you can certainly make time to research, do your homework and analyze. The main areas that you need to focus on are:
- Cost of living index in Boise, Idaho
- Would your current salary be adequate?
- Cost of moving (make a moving cost budget)
- Expenses that you may have to incur in the new home
- Differences in taxation
2. Lifestyle Continuity: Whenever you move to a new place, it’s crucial that your family is on board with the entire idea. It may be difficult for your partner to relocate, unless they change jobs or get a transfer within their own organization. It’s also important to check the job market for other family members, as well as education opportunities.
The cost of education/daycare may differ from your earlier location, and this needs to be researched thoroughly. Continuing your present lifestyle may require financial adjustments in a new location. It’s wise to note down the must-haves in your life and do a cost analysis for the new location.
3. Banking and Credit: Though this is the age of internet banking and digital transfers of money, it’s wise to check whether you need to open a new bank account in the new location. Another important factor to remember is that if you’re renting/leasing residential space in Boise, it’s likely that property owners would run a credit check, and if you plan to buy, your credit rating plays a vital role in mortgage and APR.
Before you move, ensure that you plan well ahead to improve your credit score by not missing any payments, lowering your credit utilization and avoiding new lines of credit. Manage your debt and keep it as low as possible before you make a fresh start in a new town.
4. Healthcare Costs: Studies show that Boise’s healthcare costs are marginally higher than the national average. This would include the standard daily hospital room costs and rates for dental check-ups and doctor visits. There are several state-of-the-art, modern medical facilities in Boise, including top class pediatric and maternity centers.
If you have chronic health problems, your family includes seniors, toddlers, or infants, or a member of your family has a disability, ensure that you factor in the costs of medication, care, transportation, rehab, physiotherapy, counseling, etc. when you make your overall budget.
5. Investment Strategy: While moving, take a thorough and detailed look at your investments. Many people have municipal bonds that may be tax exempt in one state but not in the state to which they’re moving. There are different rules for income tax exemptions in different states, while dividends may or may not be taxed in others.
Consult your CPA about these aspects and make the necessary adjustments before you move. Don’t forget to provide your new address to creditors, financial institutions, tax authorities etc. before you move. Inform your insurance company and your vehicle insurance service providers about your move and provide them with your new address and phone number.
6. Estate Planning and Will: If you’ve made a will, examine it carefully before you move to a new location. You may need to update it to align with different laws in the state you’re moving to. Legal, probate and tax issues may require the formation of a new trust. Estate planning will require amendments if you plan to sell or keep your former residence.
In the case of seniors, a move could mean that your financial and healthcare powers of attorney have to be updated to be in sync with your new location and situation. You will have to also continue to make your retirement fund contributions.
7. Financial Protection and Safety: Finally, it’s wise to have a financial Plan B in place when you plan a move. Life can spring a variety of surprises and not all of them are pleasant. Spend some time and effort analyzing risks and how to manage them. Medical expenses, disabilities, illnesses, job losses, etc. can pose enormous and unexpected challenges. Protect your financial plans with a safety net. A good example of such a safety net would be to consciously keep aside two to three months of living expenses in a different bank account to cover sudden redundancy or retrenchment.
Check with your employer about what expenses they will cover when you move. They may reimburse certain expenses such as shipping, transportation for yourself and your family, packing, etc. Some employers also cover lease cancellation charges, temporary accommodation and storage, assistance with finding a new home, etc.
We hope you found this blog post Financial Considerations Before Moving to Boise, Idaho useful. Be sure to check out our post How to Move to Another State for more great tips!