Hawaii Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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.

Please read the page carefully and don’t miss any words.

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]

Also Read

  • New Jersey Cost Of Living Statistics
  • New Mexico Cost Of Living Statistics
  • New York Cost Of Living Statistics
  • North Carolina Cost Of Living Statistics
  • North Dakota Cost Of Living Statistics
  • Oklahoma Cost Of Living Statistics
  • Oregon Cost Of Living Statistics
  • Pennsylvania Cost Of Living Statistics
  • Rhode Island Cost Of Living Statistics
  • South Carolina Cost Of Living Statistics
  • Tennessee Cost Of Living Statistics
  • Texas Cost Of Living Statistics
  • Utah Cost Of Living Statistics
  • Vermont Cost Of Living Statistics
  • Virginia Cost Of Living Statistics
  • Washington Cost Of Living Statistics
  • West Virginia Cost Of Living Statistics
  • Wyoming Cost Of Living Statistics
  • District of Columbia Cost Of Living Statistics

How Useful is Hawaii Cost of Living

One of the key factors contributing to the high cost of living in Hawaii is the state’s reliance on imported goods. With limited arable land and a challenging geographical location, Hawaii is heavily dependent on imported food, fuel, and other essentials. This reliance on imports drives up the cost of goods and contributes to a higher overall cost of living for residents. Additionally, the high demand for real estate in Hawaii, particularly in popular tourist destinations like Honolulu and Maui, has led to skyrocketing housing prices and rents, further exacerbating the affordability problem for many residents.

For those who are fortunate enough to secure well-paying jobs in Hawaii’s thriving tourism industry or other sectors, the high cost of living may be more manageable. However, for many residents, particularly those in lower-wage service industry jobs or in sectors not as well-represented in Hawaii’s economy, the cost of living presents a significant barrier to financial security and stability.

The impact of Hawaii’s high cost of living is felt most acutely by marginalized populations, including Native Hawaiians, immigrants, and low-income families. These groups are disproportionately affected by rising housing costs, limited access to affordable healthcare, and other daily expenses. As a result, many residents are forced to make difficult choices about where to live, how to budget their income, and how to provide for their families in the face of economic hardship.

The high cost of living in Hawaii also has broader implications for the state’s economy and social fabric. As residents struggle to make ends meet, they may be forced to leave the state in search of more affordable living conditions. This “brain drain” of talented individuals and families can have negative consequences for Hawaii’s workforce, cultural richness, and community vitality. In addition, the high cost of living may deter new residents from moving to Hawaii, limiting the state’s growth and diversity.

Ultimately, the question of how useful Hawaii’s cost of living is comes down to a complex interplay of economic, social, and environmental factors. While the natural beauty and unique offerings of Hawaii make it an alluring place to call home, the high cost of living presents significant challenges for residents at all income levels. Addressing this issue will require innovative solutions, such as investing in local agriculture and renewable energy to reduce dependency on imports, expanding affordable housing options, and advocating for policies that promote economic equity and social justice.

As Hawaii grapples with the implications of its high cost of living, it is crucial for policymakers, businesses, and residents to work together to create a more inclusive and sustainable future for the state. By understanding the root causes of the affordability crisis and taking proactive steps to address them, Hawaii can foster a more resilient and thriving community for all who call it home.

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

Leave a Comment