An Overview of Cost of Living in Waihee-Waiehu, HI
Are you thinking about relocating, but curious about the potential cost of living in Waihee-Waiehu? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Waihee-Waiehu stands at 169, making it 69% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Waihee-Waiehu is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Waihee-Waiehu falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs significantly influence the Waihee-Waiehu 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 162.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Waihee-Waiehu, you you will have to spend 26.8% more than average when compared to the typical prices for these items, making it a more expensive place to live.
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 Waihee-Waiehu, the news isn't any better as grocery prices are 16.7% higher than the national average.
Is Waihee-Waiehu Affordable?
Wondering if Waihee-Waiehu 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 Waihee-Waiehu, for example, the median home price is 210.2% higher than what folks pay nationally, and monthly rent is 52.4% higher than the usual rates. Plus, income levels matter too, with Waihee-Waiehu boasting a median household income of $109,077, which is 97.2% higher than the national average.
What Factors can Influence the Cost of Living in Waihee-Waiehu?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Waihee-Waiehu, the groceries index is 16.7% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Waihee-Waiehu, the transportation index is 35% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Waihee-Waiehu, the housing index stands at 162.8% higher than the national average.
Where is the Data From?
The Waihee-Waiehu 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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