Cost of living in Hawaii
Hawaii Apartment Rent by City
Cost of Living Hawaii Information
Why the Cost of living in Hawaii Ranks High
Is caused by the ratio of income vs housing costs.
Median income in Hawaii is roughly $50,000 per year while housing costs average around $500,000.
To afford a home in Hawaii you would have to make a minimum of about 120k a year according
to recent estimates. Food is a hot commodity in Hawaii seen’s how there is roughly a weeks supply of it.
The cost of food is 150% higher than average. All this makes living in Hawaii a worse proposition than visiting it.
General Stats for the Cost of Living in Hawaii
- Median Housing income- $84,000
- Average home- $500,000
- Electricity- 16.73 kwh
- Gasoline- $4.01 per gallon
- Gasoline Tax-$31.8 per gallon
- Diesel Fuel Tax- $41.5
- Sales Tax- %4
- Cigarette Tax- $1.60 per pack
- Income Tax- 1.4% -8.5%
The Cost of living in Hawaii
If you’re like many people, you may have considered a move to Hawaii before. Hawaii seems to have it all-wonderful weather, beautiful beaches, the ocean, and a laid-back atmosphere. But another thing that Hawaii has is a high cost of living, which must be taken into consideration when planning a move. This article discusses the high cost of living in Hawaii.
The major reason that the cost of living in Hawaii is higher than many other places is geography. Housing costs are higher, because there is less land to build on, so there are fewer available homes to buy or rent. The low number of available homes means purchase and rental prices are much higher. A three bedroom home can easily cost over one million dollars to buy, and you’ll likely not find one that size for less than $200,000. That would be a “fixer-upper” home, and not available in all areas. If you choose to rent, you’ll likely pay at least $1000 a month for a one bedroom apartment, which is more than some mortgages in the continental United States.
The geography of Hawaii also means that most products must be imported, often from the continental United States. The added cost of transporting goods to Hawaii is passed on to the customer in the final purchase price. Prices may vary by location, but it’s not at all unusual to spend over $6 for a gallon of milk, over $5 for a loaf of bread, or over $6 for a pound of produce. Many people would choose to grow their own produce when faced with such prices, but Hawaii’s geography prevents this for most. Land can cost upwards of $80,000 an acre in Hawaii, which is out out the reach of most. Patio gardens are a possibility for some, but only so much food can be grown that way.
There are several online tools that can help you make an informed decision about your move. The cost of living in Hawaii can be quantified. Cost of living calculators allow you to input your current salary and city, and tell you how much more or less you’d need to make to maintain your current standard of living if you moved to Hawaii. Some even take what employers are likely to pay in each city into account. For example, someone moving from New York City to Honolulu would not encounter a higher cost of living if he or she could keep the same salary. But that might be difficult, as employers in Honolulu tend to pay about 10 percent less than employers in New York City do. The job market in Hawaii is also very slim, with not many opportunities available.
A move to Hawaii can be the best thing for you and your family for many reasons. But be sure to thoroughly research the move before taking the plunge, and have enough money on hand to be able to relocate again, just in case. That way, you can relax and enjoy your move to Hawaii knowing that no matter what happens, you and your family will be taken care of. Visit our forum for more information on the cost of living in Hawaii.
Cost of Living Comparisons for Hawaii
