Hawaii Cost Of Living Statistics


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Steve Goldstein
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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

There is no denying that living in Hawaii comes with its fair share of challenges when it comes to affordability. The high cost of housing, groceries, utilities, healthcare, and more can easily deter many from pursuing a life in paradise. However, despite these challenges, the cost of living in Hawaii can also be viewed as an opportunity for personal growth and perspective.

One of the major benefits of living in a place with a high cost of living is the opportunity for financial education and increased awareness of spending habits. With the necessity of budgeting and making thoughtful financial decisions in order to make ends meet, individuals living in Hawaii can develop valuable skills that can be carried on throughout their lives. Learning to prioritize needs over wants, finding creative ways to save money, and being mindful of how one’s financial choices impact long-term goals are all valuable lessons that can be learned from living in a place with a high cost of living.

Furthermore, the high cost of living in Hawaii can also provide an opportunity for individuals to reassess their values and priorities. In a society that often places a high emphasis on material possessions and external markers of success, the expense of living in Hawaii can serve as a reminder of the importance of simple pleasures, community, and quality time spent with loved ones. By having to make tough choices and sacrifices in order to afford the high cost of living in Hawaii, individuals can develop a greater sense of appreciation for the things that truly matter in life.

Additionally, the high cost of living in Hawaii can also be seen as a driver for innovation and creativity. In the face of financial challenges, individuals often find new ways to make ends meet, whether it be through entrepreneurship, freelancing, or side gigs. The necessity of finding alternative sources of income can push individuals to think outside the box, explore new opportunities, and ultimately continue to grow and evolve in their professional and personal lives.

While the cost of living in Hawaii may present significant challenges, it also presents a unique opportunity for personal growth, financial education, and creativity. By approaching the high cost of living in Hawaii with a positive mindset and a willingness to adapt, individuals can not only survive but thrive in the islands. Ultimately, the cost of living in Hawaii is not just a monetary figure, but a gateway to personal development and a richer, more fulfilling life experience.

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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