An Overview of Cost of Living in Nanakuli, HI
Getting a feel for the cost of living in Nanakuli is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Nanakuli is 150, which is 50% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you prioritize affordability when seeking a new place to live, Nanakuli 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, Nanakuli 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 Nanakuli 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 97.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
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 Nanakuli, 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.
Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Nanakuli, it's the same story – grocery costs are 16.7% higher than what people pay across the country.
Is Nanakuli Affordable?
Is Nanakuli 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 Nanakuli, for instance, where the median home price falls 112.7% higher than the national average, and monthly rent rates are 63.5% higher than usual. Additionally, median income levels contribute to the equation, with Nanakuli flaunting a median household income of $77,448, 40% higher than the national norm.
What Factors can Influence the Cost of Living in Nanakuli?
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 Nanakuli, the transportation index stands at 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 Nanakuli, the housing index stands at 97.9% higher than the national average.
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 Nanakuli, the groceries index is 16.7% higher than the national average.
Where is the Data From?
The cost of living in Nanakuli, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
Here are the best places to live in Hawaii
10 best cities to buy a new house in Hawaii
These are the 10 most affordable cities in Hawaii
10 Best cities in Hawaii for employment