An Overview of Cost of Living in Wahiawa, HI
Knowing the cost of living in Wahiawa 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 Wahiawa stands at 168, marking it 68% higher than the national average.
The cost of living in Wahiawa is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Wahiawa falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs significantly influence the Wahiawa cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 159.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Wahiawa, these items will cost you 26.8% more than what's considered the norm, making it a more expensive place to call home.
The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Wahiawa, the news isn't any better as grocery prices are 16.7% higher than the national average.
Is Wahiawa Affordable?
Is Wahiawa an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Wahiawa, the median home price is 208.2% higher than what most folks pay across the country, and monthly rent prices are 45.8% higher than the usual rates. Income levels in Wahiawa come in at $69,818, which is 26.2% higher than the national average.
What Factors can Influence the Cost of Living in Wahiawa?
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Wahiawa, healthcare costs are 23.1% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Wahiawa, the standard sales tax rate starts at 4%, and the income tax rates commence at 1.4%.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Where is the Data From?
The Wahiawa cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
Here are the best places to live in Hawaii
10 Best cities in Hawaii for employment
These are the 10 most affordable cities in Hawaii
See the best places to live in & around Wahiawa