Cost of Living in Honolulu, HI
Housing
The housing market plays a significant role in determining the cost of living in Honolulu, HI.
- Housing Index: 186.5 / 100
- Median Home Price is: $727,700
- Average Rent (2 BR Apartment): $2800 per month
- Average Rent (2 BR House): $2846 per month
When considering a move to Honolulu, HI, the housing landscape is characterized by a high housing index of 186.5. The median home price sits at a staggering 727700, indicating a competitive market for homebuyers. Renting is also costly, with average rents for a 2-bedroom apartment reaching 2800 and houses at 2846. It’s essential to weigh your budget against these figures, especially if you prioritize homeownership over renting. Typically, this type of market may offer positives such as strong investment potential and desirable neighborhoods, but be prepared for the financial commitment associated with such a high cost of living.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Honolulu, HI.
- Electricity Price: $42.45 USD (median by state)
- Natural Gas Price: $51.22 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $400 per month
Living in Honolulu, HI could entail higher utility costs. Electricity costs sit at $42.45, while natural gas is priced at $51.22 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $400 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Honolulu is a financially viable option for your relocation.