What is the cost of living in Hawaii?
The cost of living in Hawaii is 20.0% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Hawaii is $107,702 vs the national average for a family of four with two working parents of $89,744. The median income of a Hawaii household is $83,173.
The average home price in Hawaii is $636,400, which is higher than the US average home price of $229,800. Median rent in Hawaii is $1,651/mo which is higher than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 7.7 to 1. That means it takes roughly 7.7 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Hawaii has a high cost of living compared to America as a whole.
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People Also Ask About Hawaii
What county in Hawaii has the lowest cost of living?
The county in Hawaii with the lowest cost of living is Maui County. The average living wage in Maui County is $103,095 according to MIT data. Maui County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Hawaii as a whole. Childcare costs $15,986 a year in Maui County for two children compared to the Hawaii average of $17,959. Housing costs, defined as a blend of the average rent and average mortgage payment, are $21,264 per year in Maui County compared to $23,334 on average in Hawaii.
What is the cheapest housing market in Hawaii?
The cheapest housing market in Hawaii is Hickam Housing. The average home value in Hickam Housing is $0, the lowest in the state. The average home value in Hawaii is $636,400, almost nan times higher than Hickam Housing.