An Overview of Cost of Living in Pearl City, HI
Are you thinking about relocating, but curious about the potential cost of living in Pearl City? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Pearl City stands at 189, making it 89% 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 you're in pursuit of an economical living environment, Pearl City may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Pearl City falls within this bracket.
Housing costs significantly influence the Pearl City 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 226.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
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 Pearl City, these items will cost you 26.8% more than what most folks pay, making it a bit more expensive to live here.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Pearl City is even less favorable, with grocery prices here being 16.7% higher than the national average.
Is Pearl City Affordable?
Is Pearl City 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 Pearl City, for instance, where the median home price falls 274.6% higher than the national average, and monthly rent rates are 115.4% higher than usual. Additionally, median income levels contribute to the equation, with Pearl City flaunting a median household income of $101,517, 83.5% higher than the national norm.
What Factors can Influence the Cost of Living in Pearl City?
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Pearl City, the groceries index is 16.7% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Pearl City, the utilities index is 51.3% higher than the national average.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Pearl City, the housing index comes in at 226.8% higher than the national average.
Where is the Data From?
The Pearl City 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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