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

How Useful is Hawaii Cost of Living

The high cost of living in Hawaii can be felt in every aspect of daily life. From housing to groceries to transportation, residents find themselves shelling out much more money than their mainland counterparts for the same goods and services. This can be particularly difficult for those living on fixed incomes or working in lower-paying jobs, as they often struggle to make ends meet in the face of ever-rising prices.

One of the main factors driving the high cost of living in Hawaii is its limited land availability. With the islands’ small size and growing population, land for housing and development is at a premium. This scarcity drives up housing prices, making it difficult for many residents to afford a place to live. Renting a modest apartment in Hawaii can easily cost upwards of $2,000 per month, and buying a home can be even more expensive, with many properties priced well into the millions of dollars.

In addition to housing costs, everyday expenses such as groceries and utilities are also significantly higher in Hawaii than on the mainland. The state’s remote location means that many goods must be imported, leading to inflated prices at the grocery store. Basic necessities like milk, bread, and fresh produce can cost much more in Hawaii than in other states, putting a strain on residents’ wallets. Utilities like electricity and water are also expensive, with some residents paying double or even triple what they would pay on the mainland.

Transportation is another area where the high cost of living in Hawaii is keenly felt. With few public transportation options, residents are often forced to rely on personal vehicles to get around. Gas prices in Hawaii are among the highest in the nation, and car insurance rates can be equally exorbitant. For those who live in rural areas or work in remote locations, owning a car is a necessity, further adding to the financial burden of living in Hawaii.

While the high cost of living in Hawaii may deter some from moving to or staying in the islands, many residents are willing to shoulder the financial burden in exchange for the unparalleled beauty and quality of life that Hawaii has to offer. The sense of community, the opportunities for outdoor recreation, and the rich cultural heritage of the islands are all part of what makes living in Hawaii so special. For many, the benefits of living in paradise outweigh the costs.

In conclusion, the high cost of living in Hawaii is a significant challenge for residents, but it is a price that many are willing to pay for the opportunity to call the islands home. While the financial strain can be difficult to bear, the unique lifestyle and sense of community that Hawaii offers make it a truly special place to live. The cost of living may be high, but for many, the rewards of living in Hawaii far outweigh the drawbacks.

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