Hawaii Cost Of Living Statistics 2023: Facts about Cost Of Living in Hawaii reflect the current socio-economic condition of the state.
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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
Hawaii is consistently ranked as one of the most expensive states in the US to live in, and for good reason. Everything from groceries to gas to housing costs are significantly higher than the national average. For residents, this means having to budget carefully and make sacrifices in order to afford basic necessities. For visitors, it can mean sticker shock on everything from meals to souvenirs.
One of the biggest factors contributing to the high cost of living in Hawaii is the state’s reliance on imported goods. Because Hawaii is located in the middle of the Pacific Ocean, nearly everything has to be shipped in from the mainland or other countries. This adds to the cost of goods and drives up prices across the board.
Another major expense for residents is housing. The demand for housing in Hawaii far exceeds the supply, leading to sky-high prices for both rentals and home purchases. Many residents find themselves struggling to afford housing, even with well-paying jobs. In some cases, families are forced to live in overcrowded conditions or on the streets.
The high cost of living in Hawaii can also have a negative impact on the economy. Small businesses struggle to compete with larger corporations that can afford to pay higher prices for goods and services. This can lead to a lack of local businesses and jobs, which in turn can drive up unemployment rates and contribute to poverty.
Despite these challenges, many people still choose to make Hawaii their home. The natural beauty, welcoming culture, and sense of community make it a unique and special place to live. For those who can afford it, the high cost of living is a small price to pay for the quality of life that Hawaii has to offer.
With the cost of living in Hawaii continuing to rise, it is clear that something needs to be done to address the issue. Whether through policies that support local businesses, incentives for affordable housing, or increased wages for workers, there are steps that can be taken to make living in Hawaii more affordable for residents and visitors alike. Until then, the high cost of living in paradise will remain a reality for those who call Hawaii home.
Reference
- hawaii – https://uhero.hawaii.edu/the-cost-of-excess-inflation-in-hawaii/
- bankrate – https://www.bankrate.com/real-estate/cost-of-living/in-hawaii/
- realhawaii – https://realhawaii.co/blog/cost-of-living-hawaii
- hiestates – https://www.hiestates.com/blog/cost-of-living-in-hawaii/
- bls – https://www.bls.gov/regions/west/news-release/consumerpriceindex_honolulu.htm