Living Wage Calculation for Honolulu County, Hawaii
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In fact, the site estimates that you need an income of $153,520 to afford the average home in Hawaii this year. (For two earners to bring in this income, they’d need to earn $76,760 each per year.) That’s the highest of any state, and compares to $120,120 in California (which took the no.
Although the islands have the 10th highest median wage in the United States, average living expenses are astronomical, up to two-thirds higher than the rest of the country. Hawaii’s high cost of living is driven by the need to import everything to the island either by sea or plane. Another big driver is housing costs.
Here Are The 13 Cheapest Yet Greatest Places To Live In Hawaii Laie, Oahu . Allie/Flickr. Wailuku, Maui. Emmett Anderson/Flickr. Kurtistown, Big Island . Joel Abroad/Flickr. Waimea, Kauai . Robert Linsdell/Flickr. Wahiawa, Oahu . Sean Munson/Flickr. Haiku, Maui. Ken Lund/Flickr. Kaunakakai, Molokai . Lihue, Kauai .
The price of Combo meal in fast food restaurant ( Big Mac Meal or similar) in Honolulu, Hawaii is $10. This average is based on 9 price points.
According to NeighborhoodScout, the average rent in Hawaii is a whopping $2,413 a month. Those looking to move to Honolulu will find a $2,257 average rent , whereas Kahului residents pay less at $1,784 a month.
The current minimum wage in Hawai’i is $10.10 an hour, or $21,000 per year for full-time work. According to these new calculations, Hawaiʻi’s own state department charged with governing our economic landscape found that a single adult with no keiki needed to earn $16.90 an hour in 2018 in Hawai’i to be self-sufficient.
In order to live comfortably in Hawaii, studies show that you’ll need a whopping salary of over $122,000 .
And in 2017, “low-income” was considered $58,600 . Meanwhile, someone is “very low income” in Honolulu if they bring in $42,200 a year or less. For comparison’s sake, the minimum wage in Hawaii ― $10.10 an hour ― translates to $21,008 a year.
Since Hawaii is located in the middle of a vast ocean and the ocean bottom drops off quickly, the waves and currents can be very big and powerful. Certain beaches are hazardous year-round while others are dangerous at certain times of the year. Don’t swim at remote beaches alone.
For the second year in a row, Hawaii is ranked among the bottom six states for economic outlook by the American Legislative Exchange Council in its “Rich States, Poor States” report, which uses 15 state policy variables to rank states for competitiveness.
At 11% the state’s top marginal income- tax rate is second only to California’s. According to the American Legislative Exchange Council, Hawaii has the nation’s heaviest sales- tax burden as a share of personal income. Hawaii’s high taxes feed its high rate of government spending, at the state and county levels.
Your move is an exciting and fun time, but it should also be one that’s done with caution and realistic expectations, or else you may be one of the hundreds who move back to the mainland each year. Hawaii is paradise for many reasons, but it’s also a difficult place to live for most because of the economy.
The high cost of living often intimidates those making the move to Hawaii . While the cost is higher than many other states, living on Oahu can actually be surprisingly affordable in other aspects. Hawaii offers the opportunity to enjoy the outdoors, get around town and cook dinner without having to ‘break the bank’.
You guessed it: Hawaii . A new analysis estimates that someone retiring at 55 in Hawaii would need to have $3.07 million squirreled away. That’s assuming a flat 4 percent withdrawal each year ― and that the cost of living won’t fluctuate wildly.