The islands of Hawaii are renowned for their beauty and outdoor adventure, despite their remote location. Despite Hawaii’s beautiful scenery and abundance of extreme sports activities, Is it expensive to live in Hawaii? Is it affordable to move there, and what are the costs?
Is it expensive to live in Hawaii?
Hawaii is indeed a costly state to live in. Several factors cause the high prices on the islands. Space is in short supply on the islands. Since small islands can only build a limited number of homes per year, there is a lot of competition for houses and apartments, driving up prices.
Next, imports drive up everything from groceries to clothes to gasoline. In most cases, standard comforts have to be shipped from the continental United States, and brands quickly pass on the additional cost to consumers. Basic food and essentials will require a higher budget for the average Hawaiian resident.
Last but not least, Hawaii hosts more than 10 million tourists each year (when there is no pandemic). Travelers can drive up prices in local markets, causing restaurants and bars to charge more for things like food and drinks. Consider your budget now versus when you live in Hawaii if you consider moving there. You will need to consider more than housing and transportation when making your cost-of-living adjustment.
What is the average cost of living in Hawaii?
There is, however, a $10.10 minimum wage in Hawaii, which comes to a yearly salary of $20,200. Despite being higher than the federal minimum wage of $7.25, this is not enough to make life reasonably comfortable. It would help if you looked at Hawaii’s rent and home prices to understand why the cost of living is so high. Honolulu rents typical apartments for $2,257 a month. Kahului rents for an average of $1,784.
Everything from groceries to clothing to gas costs more because of import costs. Most common conveniences must be shipped from the US mainland, and brands are ready to pass on the additional cost to the customer. The average Hawaiian must allocate a larger monthly budget for necessities like food.
Home prices in the state average well over $357,000, with 82 percent of homes costing more than that amount. Prices in the state continue to rise in line with a median home value of $672,429. According to financial advisors, rent is typically not to exceed 30 percent of residents’ income. If the minimum wage is $10.10, the rent for a month is $1,616. It is impossible for someone earning the minimum wage to pay rent, let alone cover other living expenses.
What are the cheapest places to live in Hawaii?
Hawaii has many different cities and islands, so living costs vary. Its median household income remains around $52,000, even though the Big Island (the island of Hawaii) is considered the most affordable. The many Hawaiian Islands offer affordable living options. If possible, look for a home away from the tourist areas and away from the coast. Due to their high prices, these properties are often out of reach for many people.
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- The island’s east side is known for its waterfalls and hiking spots. One-bedroom apartments are considerably more affordable in Honolulu, with an average rent of $1,000. If you decide to purchase a home in Hawaii, you might have to pay more for property insurance due to the recent eruption of Kilauea.
- Kaunakakai has a median household income of $51,714 and a median house value of $284,600. The area is considerably more affordable than other cities, with prices above $300,000. Due to the remote location, the site has a relatively low cost of living. On Molokai, Kaunakakai has little in the way of employment opportunities. This makes it an excellent place for remote workers who wish to live in the middle of nature.
- Maui is home to Hana. Hana Road features 617 hairpin turns, 59 bridges with one lane, and a 25 mph speed limit. Waterfalls and rainforests abound along the way. With a median rent of $941 and an average home price of $459,000, this is the driver’s paradise.
Consider how close you want to live to populous cities and the quality of the home you are looking for when evaluating the cost of living in Hawaii. You can then find the right home that meets your requirements.
When you move to Hawaii, there are four things you should consider
Although Hawaii may seem expensive, many of its residents will let you know how much they love it there and offer their recommendations to help you make a move. Learn what to expect when relocating and how to prepare from some locals. Things you should know include:
Traffic remains heavy.
If you work remotely, Hawaii won’t provide you with an escape from your commute. Driving along cliffs and oceans makes it challenging to take backroads.
It is incredible and terrifying to see the wildlife.
It won’t take you long to see stunning coral reefs, pods of whales, and colorful birds. As a result, snakes, spiders, and other natural fauna are just a few minutes away from you.
Hopping between islands is an everyday occurrence.
You can still visit other islands just because you moved to one. Weekend trips or day trips are possible in some parts of the island.
Residents get discounts.
There are discounts available if you have a Hawaii driver’s license or I.D., despite worries about the cost of living.
Interesting facts about Living in Hawaii
- Hawaii is the only state in the US that grows coffee.
- Hawaiian is the official state language, along with English.
- The state bird of Hawaii is the Nene, a type of Goose.
- Hawaii is the only state in the US that has a monarchy.
- The island of Maui is home to the world’s largest dormant volcano, Haleakala.
- The state flower of Hawaii is the yellow hibiscus, known as the “pua aloalo.”
- Hawaii is the most isolated population center on the face of the earth.
- The Hawaiian islands were formed by volcanic activity, making the state home to several active volcanoes.
- The traditional Hawaiian greeting is “Aloha,” which means love, peace, and compassion.