An Overview of Cost of Living in Mililani Mauka, HI
Understanding the cost of living in Mililani Mauka can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Mililani Mauka cost of living index is 195, which is 95% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, Mililani Mauka 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, Mililani Mauka falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Mililani Mauka, 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 248.2% 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 Mililani Mauka, these items will cost you 26.8% 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, Mililani Mauka is no exception, where grocery prices are 16.7% above the national average.
Is Mililani Mauka Affordable?
Wondering if Mililani Mauka 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 Mililani Mauka, for example, the median home price is 298.3% higher than what folks pay nationally, and monthly rent is 131.1% higher than the usual rates. Plus, income levels matter too, with Mililani Mauka boasting a median household income of $115,551, which is 108.9% higher than the national average.
What Factors can Influence the Cost of Living in Mililani Mauka?
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 Mililani Mauka, the transportation index is 35% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
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 Mililani Mauka, the groceries index is 16.7% higher than the national average.
Where is the Data From?
The Mililani Mauka 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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