Hawaii Cost Of Living Statistics


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Hawaii Cost Of Living Statistics 2023: Facts about Cost Of Living in Hawaii reflect the current socio-economic condition of the state.

hawaii

LLCBuddy editorial team did hours of research, collected all important statistics on Hawaii Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Hawaii LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Hawaii Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Hawaii Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Hawaii Cost Of Living Statistics on this page 🙂

Hawaii Cost Of Living “Latest” Statistics

  • If Honolulu households spent the same amount on average in 2022 as they did in 2019 and 2020, the extra cost per family would be $3,506 due to the city’s excess inflation of 56%.[1]
  • According to statistics from 2022 from the rental listing website Zumper, the median cost of a one-bedroom apartment in Honolulu is $1,630[2]
  • While the majority of typical household spending goes toward housing and utilities, including home energy costs, excess inflation for housing expenses was only 3.3% or a 20% share of the cost of excess inflation.[1]
  • A two-bedroom apartment in Hawaii costs around $2,180, which is almost 9.5% more costly than it did a year ago.[2]
  • Despite the high cost of electricity, Hawaii has 8% more sunshine than other states, which offers a chance for solar energy that is affordable.[3]

Hawaii Cost Of Living “Price” Statistics

  • According to Locations Hawaii, the median price of residences in December 2021 was $1.06 million, up 22% from 2020.[2]
  • According to AAA, Hawaii’s average petrol price is $55.5 per gallon, far more than the national average of $4.98.[2]
  • Due to its high property prices, Hawaii’s property tax as a proportion of its median income places it 42nd out of 50 states.[4]
  • The median price for single-family houses and condominiums on Oahu was $1,050,000 and $500,000 correspondingly in November 2021, up around 20.3% and 19% from November 2020.[4]

Hawaii Cost Of Living “Be” Statistics

  • Inflation in Honolulu averaged just 1.9%.[1]
  • According to research released in February by the state Department of Business, Economic Development, and Tourism, as of August 2021, a projected 42% of workers in the private sector will be working remotely.[2]

Hawaii Cost Of Living “Other” Statistics

  • Since 1991, Honolulu’s inflation rate has not exceeded 75%.[1]
  • The index for all products, except food and energy, increased by 4.3% during the course of the year.[5]
  • The consumer price index for urban Hawaii (Honolulu) was 7.5% more in March than it was a year earlier, which put a strain on family budgets.[1]
  • According to the 2020 Census, Honolulu county, which includes the whole island, is home to 1,016,508 people.[2]

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How Useful is Hawaii Cost of Living

One of the main factors contributing to the high cost of living in Hawaii is the state’s isolated location in the middle of the Pacific Ocean. This isolation makes it expensive to import goods and essential supplies, leading to higher prices for everyday items such as food, clothing, and household goods. Additionally, Hawaii’s strong reliance on tourism as a major economic driver has also driven up prices, as businesses cater to the needs and desires of visitors who are willing to spend more for a unique and memorable experience.

Housing is another major component of the cost of living in Hawaii. The state’s limited land availability and strict zoning regulations have led to a shortage of affordable housing options, pushing up prices and rents to levels that are out of reach for many residents. This has led to overcrowding in some areas, as individuals and families are forced to live in cramped quarters or with extended family members in order to make ends meet.

The high cost of living in Hawaii also impacts the ability of businesses to attract and retain talented employees. Many individuals are drawn to the islands for their natural beauty and laid-back lifestyle, but the financial strain of living in Hawaii can often outweigh these benefits. This can lead to a high turnover rate among employees, as they seek better opportunities on the mainland where the cost of living is lower and wages are higher.

Despite these challenges, there are also many positive aspects to living in Hawaii that can mitigate the high cost of living. The state boasts a strong sense of community and cultural diversity, as well as a focus on environmental sustainability and health and wellness. Residents have access to abundant outdoor recreational opportunities, including world-class surfing, hiking, and snorkeling, which can help improve quality of life and overall well-being.

In conclusion, while the high cost of living in Hawaii can be a deterrent for many individuals and families, it is important to consider the unique benefits and opportunities that the islands provide. By working together to address housing shortages, promote economic diversity, and support local businesses, Hawaii can continue to thrive as a vibrant and desirable place to call home. It is time for policymakers and stakeholders to come together to find creative solutions that balance the need for economic growth with the desire to maintain the unique character and charm of the Aloha State.

Reference


  1. hawaii – https://uhero.hawaii.edu/the-cost-of-excess-inflation-in-hawaii/
  2. bankrate – https://www.bankrate.com/real-estate/cost-of-living/in-hawaii/
  3. realhawaii – https://realhawaii.co/blog/cost-of-living-hawaii
  4. hiestates – https://www.hiestates.com/blog/cost-of-living-in-hawaii/
  5. bls – https://www.bls.gov/regions/west/news-release/consumerpriceindex_honolulu.htm

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