An Overview of Cost of Living in Kailua CDP (Hawaii County), HI
Knowing the cost of living in Kailua CDP (Hawaii County) 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 Kailua CDP (Hawaii County) stands at 148, marking it 48% higher than the national average.
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 Kailua CDP (Hawaii County) 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, Kailua CDP (Hawaii County) falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Kailua CDP (Hawaii County), 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 91.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Kailua CDP (Hawaii County), you can expect to pay 26.8% more than average for these items, making it a more expensive place to live.
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, Kailua CDP (Hawaii County) is no exception, where grocery prices are 16.7% above the national average.
Is Kailua CDP (Hawaii County) Affordable?
Is Kailua CDP (Hawaii County) 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 Kailua CDP (Hawaii County), for instance, where the median home price falls 123.4% higher than the national average, and monthly rent rates are 17.8% higher than usual. Additionally, median income levels contribute to the equation, with Kailua CDP (Hawaii County) flaunting a median household income of $61,629, 11.4% higher than the national norm.
What Factors can Influence the Cost of Living in Kailua CDP (Hawaii County)?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Kailua CDP (Hawaii County), the housing index is 91.7% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Kailua CDP (Hawaii County), the transportation index stands at 35% higher than the national average.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Kailua CDP (Hawaii County), the utilities index registers 51.3% higher than the national average.
Where is the Data From?
The Kailua CDP (Hawaii County) 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.