An Overview of Cost of Living in Wailuku, HI
Knowing the cost of living in Wailuku 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 Wailuku stands at 170, marking it 70% higher than the national average.
If you prioritize affordability when seeking a new place to live, Wailuku may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Wailuku falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the Wailuku cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 164.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
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 Wailuku, 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 Wailuku, the news isn't any better as grocery prices are 16.7% higher than the national average.
Is Wailuku Affordable?
Is Wailuku affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Wailuku, for instance, where the median home price falls 217.4% higher than the national average, and monthly rent rates are 41% higher than usual. Additionally, median income levels contribute to the equation, with Wailuku flaunting a median household income of $76,624, 38.5% higher than the national norm.
What Factors can Influence the Cost of Living in Wailuku?
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Wailuku, healthcare costs are 23.1% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Wailuku, is 164.5% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Where is the Data From?
The cost of living data in Wailuku displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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