That being said, it’s no secret why Honolulu is often ranked in the Top 3 Most Expensive Cities in the U.S. According to a study by the Missouri Economic Research and Information Center in 2019, Hawaii has the highest cost of living in the nation with an index of 191.8.
In Hawaii , the median price for a home is nearly $550,000, according to real estate website Zillow, and the median rent is $2,400. That’s nearly twice the national median home price of $278,900 and about one-and-a-half times the national median rent of $1,695.
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.
Living in Hawaii and Housing Cost
|COUNTY||AVERAGE RENT*||INCOME NEEDED|
|Hawaii (Big Island)||$1,194||$22.96/hour or $47,760/ year|
|Honolulu (Oahu)||$1,985||$38.17/hour or $79,400/ year|
|Kauai||$1,238||$23.81/hour or $49,520/ year|
|Maui (includes Molokai and Lanai)||$1,286||$24.73/hour or $51,440/ year|
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.
As a state, Hawaii has lower violent crime rates than the national median, but higher property crime rates that the rest of the country. According to Neighborhood Scout, these ten Hawaiian cities are the safest in the state. Hanalei is home to a mere 450 residents, and means “lei making” or “crescent bay” in Hawaiian .
Pros to Buying The BAH is much higher in Hawaii , so you have basically more Government money to help you purchase real estate. The rental market is solid in Hawaii as well, so if you want to hold onto your asset to get better appreciation when you need to PCS out, your tenant will be paying down your mortgage.
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.
Zoning restrictions in parts of the archipelago and the use of private residences as vacation rentals constrict available affordable housing even further. The result: Even though Hawaii’s economy seems to be strong, wage increases have trailed the climb in home prices, fueling an exodus of people from the state.
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.
The 5 Most Affordable Places to Live In Hawaii Hilo. Hilo is the largest city on the Island of Hawaii. Waianae. What if you could live in a cheaper area but still be on the same island as Honolulu? Kailua. Kailua is a nice community even closer to Honolulu. Kahului. Waimea CDP ( Kauai County) Affordable Places to Live in Hawaii.
In order to live comfortably in Hawaii, studies show that you’ll need a whopping salary of over $122,000 .
Living Wage Calculation for Honolulu County, Hawaii
|1 ADULT||2 ADULTS (BOTH WORKING)|
|0 Children||2 Children|
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.