Cost of Living in Gooding, ID

With a cost of living index of 73, Gooding, ID is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and 14% below the Idaho state average of 87. Gooding is a small community of 3,731 residents.

Housing costs are the biggest factor in Gooding's cost of living. The median monthly rent is $869 (34% below the US median of $1,319), and the median home value sits at $175,800 (42% below the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Gooding is $36,889, which is 51% lower than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.