If you are considering moving to a state where there is always sun, surfboards, and friendly people, you might need to do some calculations before you buy a plane ticket and sell your apartment. Although It can be tempting to pack up and move from your dreary and cloudy home to a bright and sunny location, you want to make sure you can afford to move to a new start.
When thinking of moving to paradise, doing a simple monetary analysis first can help you with your confidence that you can afford the move, or it can show you what you need to make in the next few months financially so you can prepare for the move in the upcoming years. Before jetting off to Honolulu, figure out the price of the move!
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Hawaii cost of living in 2021 – should you move here?
If you’re considering moving to one of the islands of Hawaii but you’re not sure if you can afford it, doing a cost analysis can help you figure out if this is the place for you. Although It can seem expensive with flights, buying a house or renting an apartment, and trying to find a job, you can make it work if you have the right information beforehand.
The Hawaii cost of living in 2021 typically comes out to around 88% higher than the national average, making it slightly more difficult to just pack your bags and move, but you may go through one of our blogs about the smooth moves during a busy life, to get a bit of guidance. In addition, the cost of housing in Hawaii – possibly due to smaller surface areas and spaces to buy a house or rent an apartment – is over 200% higher than the national average.
The majority of households living in Hawaii have an income of over $80,000, which is a very high amount of money for one person to do alone, and an attainable number for a couple to reach together.
However, the Hawaii cost of living in 2021 actually showed that Honolulu required its residents to have over $120k per year to live comfortably – as you can see, there is a huge gap between these two numbers, showing that not all Hawaiian residents can live “comfortably” according to state standards.
If you want to move to Hawaii in 2021, you need to know what is considered low income for this state. Low income for this state is a whopping $93,000 – a number that would be considered very well-off and wealthy in other areas of the world and in the country. The national average income of a full-time salary is just $48,000 – meaning the “low income” rate in Hawaii is DOUBLE the national average!
In addition, the average salary in Hawaii is just over $60,000 – so either finding a job here will suit your economic situation or you need to have a well-off job set up before completing your move
As I can see, the Hawaii cost of living in 2021 is much higher than other states in theocentric. This means that you need to do some research beforehand so you can be prepared to get a job that is well paying, find an apartment or house to rent, and make sure you do not break the bank before you even get there!