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But, it may not seem like a sacrifice to nix that luxury car or to eat out less, especially if living near the ocean, enjoying a warm climate and healthy island environment are important to you. It’s all about balancing your values and discovering what works for you and your family. According to Payscale, the average salary in the island's capital, Honolulu, is $69,000, but the state has the second-highest income tax rates in the country, with its top bracket at 11 percent. According to the Bureau of Labor Statistics, the median U.S. salary, as of the 1st quarter in 2022, is $53,924 ($1,037 weekly). In another analysis by Indeed.com in April 2022, the average salary in Hawaii for an office assistant is $37,500 while the average salary for a physician is $191,184.
Food is delicious in paradise, especially with an abundance of tropical fruits, vegetables and locally grown coffee. But Hawaii is the most expensive place to buy groceries in the nation, especially because products are shipped from the mainland. According to a 2021 annual report by the Missouri Economic Research and Information Center, Hawaii’s groceries are incredibly steep. The study used a national index of 100 and Hawaii ranked at 193.3, while comparatively Washingon D.C. Ranked at 158.1, New York at 148.2 and California at 142.2. Despite the high cost of energy, the sun shines in Hawaii at a rate of 8% more than other states, creating an opportunity for cost effective solar energy.
Typical home price in Arkansas: $177,710 (41% of typical U.S. price)
Despite below average housing costs in North Carolina, median income 11% less than the national average leads residents in the state to miss the 28% rule. The low average housing prices in Kentucky make up for incomes 16% below the national median. Since houses are inexpensive, Kentucky residents don't need to spend too much of their incomes on their mortgages. Although apartment rental prices have declined in the last 12 months, Hawaii is one of the least affordable states to rent or buy as a rental property investor. Rental prices may be falling, however prices are often beyond the reach of many Hawaiians.
Colorado's homes are among the nation's largest, with the average home measuring 2,126 square feet. Colorado's homeownership rate is 67% higher than the national average despite the high home costs. A typical home in Washington state is 1,903 square feet and costs $595,723. However, despite the high housing costs, Washington State residents enjoy one of the country's best qualities of living.
Typical home price in New Mexico: $296,395 (69% of typical U.S. price)
House Speaker Scott Saiki says they have allocated hundreds of millions of dollars to help finance affordable housing projects. Local real estate experts say buyers should not be discouraged. Start simplifying every aspect of your property management experience today using a platform designed to be user friendly with automated features to give you optimize your workload. Ensure they’re using a modern cloud based property management solution.
Wyoming has less-expensive homes than the norm, and earnings are only 4% lower than the median income. It still doesn't manage to pass the 28% rule, even though it's fairly close. The state of New Mexico is another where affording a home is possible, but it can take some aggressive budgeting. While home prices are below the typical U.S. price, the median income is also 25% lower than the U.S. median. Homes in Connecticut cost less than the typical price across the country while the median income in the state beats the U.S. median by 20%.
View houses in Kauai County that sold recently
Let’s say you do choose to live outside of the busy Honolulu or downtown area – you’ll then need to consider the cost of owning and driving a vehicle. Gas prices as of May 2022 is about $5.45 per gallon in Honolulu. Taking the bus or, in Oahu, TheBus, may be a more affordable method of transportation, at $70.00 a month for unlimited rides, although it may not be an appealing daily commute of choice. Renting in Hawaii is much more expensive than most places on the mainland – and it all depends on location. For example, a studio on Oahu can range from $1,000 to more than $1,600 per month and that’s not including utilities, which can be around $150 per month for one person.
The median home in Hawaii is 1,300 square feet, approximately 70% of the national median of 1,800 square feet. The median price for a typical home in Hawaii is $848,926, more than twice the national average. Hawaii also has one of the country's lowest homeownership rates, with 59% of its residents owning their homes. Tennessee’s lower-than-average housing costs isn’t enough to compensate for incomes 19% under the national median. As a result, average mortgage payments exceed the 28% rule.
This is a significant increase in just a few years, with the median home price sitting at only $329,000 back in the first quarter of 2020. The typical homeowner in Louisiana spends just over a quarter of their salary on their mortgage. That reasonable amount is due to the cheap housing, as incomes in this state are 25% lower than the U.S. median. That doesn't quite pass the 28% rule, which says that your mortgage payment should be no more than 28% of your pre-tax income. Honolulu’s residential property tax rate is 0.35 percent, one of the lowest rates in the nation. If you work in downtown Honolulu or Waikiki, you’ll most likely need to rent a parking spot in the case your company doesn’t provide one.
Mortgage applications have dropped 40% in the last with an even steeper drop in the last 8 months. Natives of the Mountain State have rated Bridgeport and Athens as the best cities to live in for 2022. If you’re selecting a state solely based on affordability, West Virginia is the way to go, with the lowest median home price in the country at $114,600. And though the state also has a relatively low median household income ($48,037), the cost of living more than makes up for it. While understanding median home prices in your area of interest is important, it’s equally important to consider this information alongside other factors, such as the median household income.
The average sale price per square foot in Kauai County is $753, up 1.1% since last year. Whether you are selling or buying a condominium or home on Kauai, get in touch with us today by calling the number below or send us a message for any real estate questions you want to be answered. Budget Your Trip has average travel costs for thousands of cities around the world, all provided by other travelers.
Most of this data is unadjusted and based on job posts and user verification. As of Jan. 6, interest rates for 30-year-fixed mortgages were at 3.22%, their highest since May of 2020, according to a survey by Freddie Mac. Higher interest rates typically lead to a decrease in housing prices, but Locations Lead Real Estate Analyst John Jacobson does not expect that to be the case this year. One of several real-estate signs lines the Kalihiwai Ridge neighborhood filled primarily with luxury homes.
Mortgage payments take up a big chunk of homeowner' 'budgets in Arizona. That's due to a combination of high housing costs and a median income 1% below the national median. West Virginia has the cheapest home prices according to Zillow at 40% of the typical U.S. price. Mortgage payments there take up 16.5% of the state's median income on average, the lowest rate in the nation.
The decline steepest on the islands of Hawai’i and Kaua’i where sales took a 17% and 16.2% dive respectively YoY. Home prices overall have still risen strongly with a 21.95% growth overall, including Kaua’i where prices rocketed 37.54% YoY. But if you think you have to spend big money to see a big return on your investment, think again. Other best cities to live in include the state capital of Little Rock, a historic city set along the Arkansas River, and the quaint city of Bentonville, where Walmart got its start. With a median home price of $732,000, Hawaii has the highest median home price in the country. But this isn’t a shock when you take the time to understand the appeal of the Aloha State, which is often considered one of the most desirable vacation destinations in the U.S.
About Kauai County, HI
Reset the market for greedy investors, real estate agents/companies and developers. Buyers are pooling resources to break into the housing market. If you’d like to sign up for a gym membership, the monthly rate goes for around $37.20.
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