The Best and Worst Cities in Hawaii for Your Finances
If you’ve recently considered moving to Hawaii, you know how expensive the state is compared to much of the rest of the United States. In fact, just 20% of households in the state can afford to buy a single-family home, according to the Associated Press.
In a recent study, GOBankingRates found the cities in each state where you are most likely and least likely to live paycheck to paycheck. The averages are based on the cost of household expenditures, mortgage payments, cost of living and median household income.
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Here are some of the best and worst cities in Hawaii for your finances.
Best City
Kapolei is the spot in Hawaii where you’re least likely to live paycheck to paycheck, with average leftover savings of more than $24,000.
Here’s a breakdown of what to expect:
Average annual cost of expenditures: $32,208
Average annual mortgage: $65,349
Average annual cost of living: $97,557
Household median income: $121,768
Leftover savings: $24,211
Other affordable areas include Ewa Beach, where residents have an average of $18,709 left after expenses, and Aiea, where they’re left with $16,045 after expenses.
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Worst City
Makawao is the location in Hawaii where a high cost of living is most likely to force residents to live paycheck to paycheck.
Here’s a breakdown of what to expect:
Average annual cost of expenditures: $30,490
Average annual mortgage: $77,891
Average annual cost of living: $108,381
Household median income: $109,385
Leftover savings: $1,004
Other expensive areas include Hilo, where residents have $6,494 left, on average, after expenses, and Kaneohe, where residents have an average of $5,716 left after expenses.
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This article originally appeared on GOBankingRates.com: The Best and Worst Cities in Hawaii for Your Finances