Boise-area family income tops $100K for the first time. What the latest data says
The median family income in the Boise area has set a record, topping $100,000 for the first time.
The Idaho Department of Labor said Idaho saw “statistically significant changes” in its median family income from 2022 to 2023, rising overall by 2.7%. The highest earners were in the Boise Metropolitan Statistical Area, or MSA, where the median family income rose 4.2% to $100,205.
The Idaho Falls area also saw big gains. The median family income in the Idaho Falls MSA increased by 11.3% to $95,166. The data comes from the U.S. Census Bureau’s latest American Community Survey.
Family income is one of three measures of income. The other two are household income, which is the most commonly used statistic, and per-capita income.
Family income includes households occupied by two or more people related by birth, marriage or adoption, according to Investopedia. Household income includes households occupied by all people age 15 years or older, whether related or not. Per capita income is the average income of every adult and child, including people who earn little or no income..
Consider a household with two adults and a 16-year-old. One adult has $70,000 per year in income. The second is unrelated to the first and has $60,000 in income. The teenager, the second adult’s child, has $11,000. The household income is $141,000, the per-capita income is $47,000, and the parent-and-child family income $71,000.
In Idaho, median 2023 household income, at $74,942, is significantly lower than median family income of $91,098, and hasn’t moved nearly as much, Idaho Labor said in a news release. Idaho’s per capita income was $59,035, according to the Federal Reserve Bank of St. Louis.
Income includes more than just paychecks. Investments, pensions, Social Security and other sources can contribute to income.
But Idaho paychecks grew at an even faster pace in 2023, the Idaho Statesman reported in May. The median hourly wage increased more than 10% to $21.72 per hour statewide and $21.79 in the Boise area, Idaho Labor said. That compares with a $23.11 national average.
The Boise median translates to $872 per week for a 40-hour week, or $45,323 per year.
The state’s growth as captured by the new median family income statistic ranks No. 4 in the nation, Idaho Labor said. Idaho Gov. Brad Little attributed the growth in part to low taxes and support for local businesses.
“The news that Idaho worker and family earning growth is outpacing almost every other state is welcome news and not altogether surprising, because Idaho is experiencing unprecedented economic prosperity,” Little said in a news release.
