An Overview of Cost of Living in Hawaiian Paradise Park, HI
Knowing the cost of living in Hawaiian Paradise Park allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Hawaiian Paradise Park stands at 151, marking it 51% higher than the national average.
If you're in pursuit of an economical living environment, Hawaiian Paradise Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Hawaiian Paradise Park falls within this bracket.
Housing costs make up a big chunk of the cost of living in Hawaiian Paradise Park, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 51.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Hawaiian Paradise Park, these items will cost you 33.6% more than what most folks pay, making it a bit more expensive to live here.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Hawaiian Paradise Park is no exception, where grocery prices are 57.1% above the national average.
Is Hawaiian Paradise Park Affordable?
Wondering if Hawaiian Paradise Park is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Hawaiian Paradise Park, for example, the median home price is 66.4% higher than what folks pay nationally, and monthly rent is 17.5% higher than the usual rates. Plus, income levels matter too, with Hawaiian Paradise Park boasting a median household income of $76,122, which is 37.6% higher than the national average.
What Factors can Influence the Cost of Living in Hawaiian Paradise Park?
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Hawaiian Paradise Park, the transportation index is 51.2% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Hawaiian Paradise Park, the groceries index is 57.1% higher than the national average.
Where is the Data From?
The Hawaiian Paradise Park cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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