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.

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

For some, the high cost of living in Hawaii is a small price to pay for the lifestyle and unique opportunities the state offers. From easy access to world-class beaches and outdoor activities to a rich cultural heritage and strong sense of community, Hawaii has a lot to offer its residents beyond just affordability. For these individuals, the high cost of living in Hawaii is not just a number on a paycheck, but a trade-off for the many benefits of living in such a special place.

However, for others, the high cost of living in Hawaii can be a significant barrier to achieving their goals and dreams. With high prices for everything from housing to groceries to transportation, making ends meet in Hawaii can sometimes feel like an uphill battle. This can be especially true for young people starting out in their careers, families trying to make ends meet, and retirees on fixed incomes. For many of these individuals, the high cost of living in Hawaii can feel like a looming obstacle that stands in the way of their aspirations.

One of the key impacts of Hawaii’s high cost of living is its effect on housing affordability. With some of the highest home prices and rents in the country, finding affordable housing in Hawaii can be a major challenge for many residents. This can lead to overcrowding, long commutes, and a sense of instability for those struggling to keep up with the rising cost of housing in the state. In turn, this can exacerbate issues of poverty, homelessness, and economic inequality in Hawaii, impacting the well-being of its residents.

Another area where Hawaii’s high cost of living has a significant impact is on its workforce. With wages that often fail to keep pace with the rising cost of living, many Hawaii residents find themselves working multiple jobs or long hours just to make ends meet. This can lead to burnout, stress, and a decreased quality of life for workers who are constantly struggling to keep up with the financial demands of living in Hawaii.

So, is Hawaii’s cost of living useful? It ultimately depends on who you ask. For some, the high cost of living is a necessary trade-off for the benefits of living in paradise. For others, it can be a significant obstacle to achieving their goals and dreams. As Hawaii continues to grapple with issues of housing affordability, economic inequality, and workforce challenges, finding solutions to the high cost of living in the state will be crucial to ensuring a bright future for all of its residents.

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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