How much money is enough to move to and live in Hawaii in 2023?
Could a single person make it by bringing $6,000 in a bank account? If you arrived in Hawaii and made $50,000 per year with your job, could you live like that? In general things cost a lot more in Hawaii than they do on the mainland. Shipping food over the ocean in boats (or planes) is one reason for this, but another is that grocers have to maintain huge stocks of food in warehouses to keep food on the shelves all the time.
This requires a lot more money to pay the rent and people for running the warehouses.
Another reason is Hawaii’s 4% excise tax. Which is added to just about everything business related.
Cost of Housing in Hawaii – 2023
| Island | Type | Median | Average |
|---|---|---|---|
| Oahu | Condo | $492,000 | $631,000 |
| Maui | Condo | $680,000 | $1,052,000 |
| Kauai | Condo | $764,000 | $924,000 |
| Big Island | Condo | $635,000 | $927,000 |
| Oahu | Home | $986,000 | $1,141,000 |
| Maui | Home | $1,175,000 | $2,297,000 |
| Kauai | Home | $809,000 | $1,204,000 |
| Big Island | Home | $520,000 | $921,000 |
Of course the main issue factoring into the high cost of living in Hawaii is the cost of housing – owning and renting homes.
The reason land and homes are so expensive is because land is not a renewable resource. What is here on the islands is all you have to work with. With the rugged terrain there is a lot of land it isn’t possible to build on.
Want to know the major reason prices are so high?
Demand. There are people WILLING to pay those prices for a regular sized home on Oahu or Maui. In most cases they are moving from Japan or California and have sold their home there and received about the same amount. It’s a rather affordable move for them.
The number of people that would answer ‘yes’ if you asked them, ‘if you could, would you live in Hawaii?’ is probably very high.
I don’t know many that would answer ‘no’ – do you?
Cost of Renting on Oahu – 2023
| Type | Sq Ft | Avg Rent |
|---|---|---|
| Studio | 300 | $1,032 |
| 1 Bedroom | 450 | $1,548 |
| 2 Bedroom | 900 | $3,096 |
| Home | 1400 | $4,816 |
Why is the demand so high for housing and rental units in Hawaii?
Well, there is a whole lot to like about the islands! Personally I rate it as one of the two top places to live in the world. Krabi, Thailand is one, and somewhere on Maui is another one. It’s a tough call to label one as better than the other – there are vast differences between them. Hawaii is, without a doubt, the best place to live in the USA. Hands down the winner!
Hawaii has everything I like – clean air; clean water; what I’d call perfect weather; a wide range of environments – forest, desert, beaches; a great group of people; delicious restaurants; and decent nightlife.
If you’ve already lived in Tokyo, Japan; Seoul, Korea; Hollywood, California, or New York City, New York, you will think Hawaii’s cost of living is reasonable. If you haven’t lived in a very high cost of living area before, you will probably become very cost-conscious once you start living here.
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National Comparison of Healthcare Costs in Hawaii
According to the Consumer Price Index, Hawaii has relatively the lowest healthcare costs:
| Area | Hawaii Cost Increase |
|---|---|
| Midwest | -10.11% |
| Northeast | -14.93% |
| South | -6.02% |
| U.S. city average | -10.94% |
| West | -14.46% |
Cost of Groceries in Hawaii – 2023
Here’s a typical shopping list of items:
| Item | Price | Unit |
|---|---|---|
| Total of All Items | $321.45 | |
| Beer | $11.99 | 6 pack |
| Bread | $7.19 | 24 oz |
| Butter | $8.29 | 16 oz |
| Cheddar Cheese | $7.00 | lb |
| Coffee | $20.59 | 24 oz |
| Cucumbers | $1.99 | lb |
| Deodorant | $10.49 | 3 oz |
| Dish Soap | $6.99 | 20 oz |
| Eggs | $9.49 | Dozen |
| Frozen Shrimp | $12.00 | lb |
| Ground Beef | $6.49 | lb |
| Hand soap | $3.19 | 7.5 oz |
| Hummus | $6.49 | 10 oz |
| Laundry Detergent | $23.59 | 92 oz |
| Lemons | $3.29 | lb |
| Milk | $8.99 | Gallon |
| Napkins | $4.69 | Pack of 100 |
| Oatmeal | $10.49 | 28 oz |
| Olive oil extra virgin | $10.69 | 16 oz |
| Oranges | $2.79 | lb |
| Oreos | $5.59 | 14 oz |
| Paper towels | $8.99 | ea |
| Potatoes | $2.49 | lb |
| Refried beans | $4.79 | Can |
| Ribeye | $26.00 | lb |
| Salmon | $14.99 | lb |
| skippy peanut butter | $4.29 | 16 oz |
| Soda water | $6.59 | 6 pack |
| Tomatoes | $3.39 | lb |
| Toothpaste | $2.19 | 5.5 oz |
| Trash bags | $14.99 | Pack of 40 |
| Tuna canned | $1.50 | Can |
| Vanilla ice cream | $7.00 | 48 oz |
| Wine | $19.99 | 750 ml |
| Yogurt | $7.49 | 24 oz |
Add to that the cost of gas, renting apartments that are very small and with pay for parking issues all over Waikiki if that’s where you plan to stay, and it gets expensive.
It’s not hard to see how a family in Hawaii will need to spend thousands of dollars each month. The trips to Costco for 2 people average out to about $1,000/mo in 2023. It is not difficult to do; there are some great restaurants on the islands. Restraint is called for! Restraint I obviously didn’t have. Maybe that’s why I exercise so much.
Can you live in Hawaii making $50K per year? Yes, probably. But, be prepared to be very frugal and live in a manner you may not be accustomed to, eating food you may not be so happy with.
High Electricity Costs – 2023 Edition
| Island | Cents/kWh |
|---|---|
| Oahu | $32.47 |
| Maui | $34.85 |
| Big Island | $37.92 |
Hawaii’s electrical generators are run on petroleum for the most part. When the price of gas went through the roof – so did electricity in Hawaii. The islands now boast the highest cost for electricity per unit – in the USA. It’s about 300% of the national average.
I think the figure mentioned above is being conservative. I typically used over $200 in electricity per month. Unless you’re really conscious about your electricity use, your average bill for a home will be over $200 and probably more like $300.
Water: Average cost $64/mo in 2023
I’ve had water bills as low as $45 in Hawaii a couple years back. Some people with five adults and three or four kids report having to pay $300 every two months. Keep in mind, anyone with a house is using the sprinklers on their lawn, and sometimes filling swimming pools as well.
How Much Money is Enough?
This is the biggest unknown for most people, as they consider moving to Hawaii. It is for me too. Every time I move back to the islands, it is also the main question on my mind.
How much money is enough to cover you as you move from the mainland USA, or maybe another part of the world, to Hawaii? How much do you need each month to live, and for savings for the unknown future?
It depends on you, and how you want to live before you buy or rent a home. You’ll be spending hours looking at houses or condominiums and you will need a place to sleep, that’s about it. You’ll be out of your room all day until nighttime. You only, realistically, need a place you can sleep that is safe and clean.
I don’t recommend bringing any valuables with you, like notebook computer, jewelry, or anything else too expensive that you can’t carry around with you all day in a backpack or bag.
Though the hotels insist their room safes are secure, I have lost items there when the cleaning staff or others broke into them. People I know have also been victims of theft.
I think it’s better to have a trusted friend or family member send valuables to you after you find your new home.
According to the US Census from their 2021 database, median household income in Hawaii is $88,005 and that feels about right. It does make sense why everyone is griping about how expensive everything is!
It’s safe to say, at these income levels – you need A+ credit to buy a home in Hawaii – well, anywhere but Big Island, where homes are still somewhat affordable!
What will you pay in Hawaii income taxes in 2023?
At $88K annual income for a married couple
| Item | Amount |
|---|---|
| Gross Income | $88,000.00 |
| Federal Income Tax | -$13,528.00 |
| Hawaii Income Tax | -$5,266.85 |
| Total Income Tax | -$18,794.85 |
| What's left: | $69,205.15 |
You’re left with $69k to spend.
I really think that any income over $50K per person is ‘barely enough’ to live in Hawaii. You can make that work on any of the islands. If you’re making any less than that you’re going to be too stressed that you aren’t making enough. My most recent multi-year stay in Hawaii had me racking up $800 in food bills per month – minimum!
Even if you’re staying in a studio in Waikiki that is clean and has security, you’ll be paying $1K per month. Want 1-bedroom? You’ll pay around $1,500.
Every time we went to the grocery behind Ala Moana shopping center we shelled out $200+ for groceries. In Pennsylvania, where I grew up, you could fill the back of a truck for that! In Hawaii? You might get four or five bags if you’re lucky. I remember going to the fresh fish shop on Maui in Honokowai and paying $25/lb for some tuna, swordfish, and shrimp. It’s THAT bad! Who can go without fresh fish though? I certainly cannot. You just have to pay the price!
Car insurance, car payment, health insurance payment, kids’ private school costs, personal taxes, emergency costs, going out costs… all of these add up to eat up your entire paycheck if you’re making under $50K per year.
Life is what you make it, and life in Hawaii can be done at less than $75K per year in personal income, but I wouldn’t really recommend it unless you are ready to live very frugally. There are people that can do it on even $50K income per year. I’ve seen them. They don’t eat well, and they don’t do anything at night. Some are happy that way, and others tolerate it for a while before they move back to the mainland and raise their standard of living back up to what they are comfortable with.
Your standard of living is kind of built into you. You were raised in a certain standard – and that usually becomes your minimum you are willing to go down to. If you made $70K back in the mainland – in a town like Gibson City, Illinois – you could have whatever you wanted. Move to Hawaii and it’s like you’re making $40K. You have about the same amount of spending power.
So, the answer to the questions about how much money should you have saved before you arrive in Hawaii – is all based on what you need to be comfortable. For myself, just me arriving on Oahu, I’d want around $10,000 USD saved. I think I could get away with only spending half of that before I found a job, but I consider myself very resourceful and I have a lot of different skills. You might want to wait until you save even more than that before giving it a shot. I think the key is to bring more than you think you’ll need. Maybe twice as much as you initially think. That way if things go bad, you’re not packing up right away and moving back to the mainland with your tail between your legs!
Think very hard about moving to Hawaii if money is going to be a severely limiting factor. Can you live on less so you actually have some savings at the end of the month? Should you spend the next year before you move to learn skills that will help you get a better job? Should you start an Internet business that provides residual income in addition to what you make at a regular job working eight hours per day? Should you sell your car and get a bike in Hawaii?
There are so many questions… and so many ways to make it work if you really want to. Don’t take your move to the Hawaiian Islands lightly. Consider money very carefully, especially if you have a family relying on you.
Article originally authored by Vern Lovic and any expressed opinions are his own.
I’m single and have a job offer with Hawaiian electric on Maui. They’re offering 130K. I’m single and live in Bay Area. Is this worth the move?
There’s no way I can give you a quality answer with such limited input.
If you supplied a correct email, I will include you on my newsletter which also has a free email course to help you understand the complexities and reasons for and against living in hawaii.
Hope that helps!
One more thing you could do is take the quiz I have on this site for a quick answer
I always find it interesting that the CONDO prices are listed as an alternative to high housing costs, but they never take into account the CONDO FEES that are quite substantial and will be a must pay as long as you own the CONDO (even if you pay off the mortgage). As a resident of Oahu, with grown children trying to buy a place — it is so frustrating that they will never be able to afford a place of their own, even when they both have decent paying jobs.
Condo fees vary and it’s really difficult to create a true apples to apples comparison with single-family homes.
Though I do share your frustration, totally.
I’m retired. I just came back from Oahu and am considering moving to the big island. I would purchase a home outright; my concern is could I afford monthly expenses on only $1500 a month?
I’ve got a ton of details on this page to help you do the math. What did you come up with?
I moved from Long Island to the Big Island and I found the cost of living on the Big Island to be about 50% less than Long Island, NY. My property taxes went from $17,000 a year on LI (for a humble house with no property) to $1,100 a year in HI for a larger house, with three acres outside of lava zones 1 and 2!!! Food prices are about the same, gas is a little bit higher, everything else is basically FREE compared to Long Island. The Big Island is one of the least expensive places I have ever lived and that’s saying a lot as I have lived in 12 states and 11 countries. On Long Island you might as well light 100 dollar bills on fire daily. A couple on Long Island needs to make about $300,000 a year just to be able to remotely be comfortable. EVERYTHING is a commodity on Long Island. Everything. Our little 2 bedroom ranch, with all LED lights would cost $250/month for electric and about $250/month for gas. That’s just THOSE utilities. It’s out of control in NY.
Thanks for sharing along with all those facts.
John you are blessed to be able to live out there on Big Island. Trust me, you are really fortunate man. God Bless.
We know! And count our blessing EVERY DAY.
Car insurance is decidedly less expensive on the island…at least in my experience going from Maryland to Oahu.
So I see a ton of stuff about cost of living as it relates to families and folks talking about it that are moving from low cost of living areas and are sticker shocked, but…. are there any articles or write-ups about DINKS (dual income, no kids) making the jump from a high cost of living area?
My husband and I are in our late-thirties, living in Seattle currently. Traffic looks the same (I spend about an hour each way now), the housing prices are pretty similar, and the cost of most things looks pretty similar as well.
We both have the opportunity to work remotely and will likely bring in close to $150k/annually combined if we were to move, and have just over $100k in savings. We don’t have expensive taste, just looking to live a life with a little more sunshine and salt water.
Is this all reasonable enough to live “comfortably” or does anyone have advice for a situation like ours?
Thanks for commenting! everyone’s “comfortable” situation is different so it’s really hard to say. Watch this video “Can you afford Hawaii? Is it worth it?” to get a different insight and to address your question.
The medium price for a condo or house is over 900k now. A single family would need to make in excess of 90k a year to survive. You can’t live here on 25k yearly income.
my wife is self-employed she makes one of a kind women apparel so we think we can make our business work in Hawaii, we just need a small work place or a small retail store what kind of expense our we looking at ?
What kind of research have you done already?
I buy my local organic produce from one of the many farmers markets open daily on the Big Island. It is not only healthy and delicious but saves a lot of money
Great article! This gave me a lot of idea about living in Hawaii especially when money is related. Thanks for sharing this article.
hi Peter, wait, you live there off and on or all the time?
thank you… ” Every time I move back to the islands, it is also the main question on my mind.” thank you, very interesting, all of it…
Good question! I live here all the time. This article was originally authored by Vern Lovic (who did move away) and any expressed opinions are his own.
Working on a home right now in Honolulu, after that we have some 178k in savings, how long do you think we could last on that with our jobs making 70k after taxes?
Can’t really answer that unless you can show the math and if you can do that, then you don’t need to ask. Generally: double your expenses, add your mortgage, and hit the = button
generally you need to make 3x your rent or mortgage per month. So, if your rent or mortgage is $2500 then $7500 is what you need to make per month to pay your bills and be comfortable… 90k a year roughly
I’m planning to retire back home there on the $12k or $15k SS will give me at age 65.
You start getting breaks on stuff at age 65 and that will help
No car, bike walk and DaBus.
A lot of cheap places to live open up when you don’t have to find parking for a car.
Hawaii has tons of great thrift stores and flea markets for all kinds of odds and ends.
It’s easy to eat cheap – brew your own coffee, don’t drink alcohol, cook at home. B’fast can be a couple eggs scrambled with green onions, make simple meals … when I was there last New Zealand lamb was cheap.
I plan to arrive with enough to live on for a year. That’s right, a YEAR. Because first I am not going to feel like doing anything for a year. Then, along with SS income, I’ll have hobby income to take care of groceries and day to day stuff.
Really, think about those anchors you have hanging around your neck, the big house, the car or two, restaurant meals, all the commonly agreed upon status symbols, and just adopt different status symbols. Being good at tai chi, or meditation, or music, all kinds of things that are really cheap can give just as good satisfaction as having a fast car etc.
Good vibes buddy *thumb up We are interested in moving there, but like everyone else, concerned w/ the finances
Luckily that’s one of the easiest things to model out. Put together the spreadsheet and you can see the result in black and white.
I am trying to encourage my husband that we could make it work on Maui. We are pregnant with our first child and he makes $110,000 currently per year. He can work remotely. Would that be enough to be able to buy a home (We are working on a large down payment) and have a comfortable lifestyle? We don’t eat out a ton and are totally fine finding free things to do. I lived on Maui in my twenties and I am desperate to move back.
Did you take the quiz? What does it say?
I am thinking about how much do I need to move to a place like Hawaii. This article gives me a lot of idea. This just answers some of my questions. Thanks for sharing this article.
You’re welcome!
Which part of Oahu is the cheapest to live in without being in the bad parts?
Watch the youtube video linked off the home page “Can you afford it and is it worth it?”
Hi, very nice website, I’m moving from Tahiti, actually Bora to Hawaii, honolulu and will be working for a big hotel brand around kapolei. I’ll have advantages like health insurance and 14 month salary depending on how I perform. Now i’m going to be on 95k per month, how much tax should I removed and then do you think it’s comfortable enough to support my family (wife and 2yo daughter).
Thx in advance if you take the time to respond.
Mauruuru (Mahalo)
Mo
Are organic fruits and vegetables available on the Big Island? I live in Queens NYC and everything is available here. However, I buy wild Alaskan sockeye red salmon frozen from Alaska so can that be flow in? Thank you very much for all you insights about “living in Hawaii!”