F
55%
Overall NAT. AVG.
34%
Goods & Services NAT. AVG.
64%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Hilo Hawaii National
Cost of living155173100
Goods & Services134130100
Groceries157137100
Health care129126100
Housing164250100
Transportation151143100
Utilities209180100

An Overview of Cost of Living in Hilo, HI

The cost of living in Hilo affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Hilo is 155, which is 55% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you prioritize affordability when seeking a new place to live, Hilo may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hilo falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a major factor in the Hilo cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 64.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Recurring goods and services expenses like haircuts, toothpaste, gym memberships and movie nights are a big part of your spending and make up 33% of the cost of living index. In Hilo, these items will cost you 33.6% more than what most folks pay, making it a bit more expensive to live here.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Hilo is even less favorable, with grocery prices here being 57.1% higher than the national average.

Is Hilo Affordable?

Is Hilo affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Hilo, for instance, where the median home price falls 84.9% higher than the national average, and monthly rent rates are 15.7% higher than usual. Additionally, median income levels contribute to the equation, with Hilo flaunting a median household income of $65,727, 18.8% higher than the national norm.

What Factors can Influence the Cost of Living in Hilo?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Hilo, the housing index comes in at 64.1% higher than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Hilo, the utilities index stands at 109% higher than the national average.

Where is the Data From?

The cost of living data in Hilo displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hilo is 11% lower than the Hawaii average
  • The cost of living in Hilo is 55% higher than the national average
  • Hilo housing is 64% higher than the national average
  • Hawaii general sales tax is 22% lower than the national average
  • Hawaii state income tax is 46% lower than the national average

Most Affordable Places to Live in and Around Hilo

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Compare Hilo, HI Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$85,783$7,149$2,001$2,574
      Renters$33,115$2,760$773$994
      To approximate the cost of living and the housing affordability in Hilo, HI, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Hilo have a median income of $85,783. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,001 per month to avoid calamity and poverty. The renters in the city have an income of about $33,115, which would make their monthly maximum allowable rental costs $773.

      Hawaii Sales Tax

      State General Sales Tax With Max Surtax
      Hawaii 4% 4.712%

      Hawaii Income Tax

      State Income Tax (Low) Income Tax (High)
      Hawaii 1.4% 11%

      Goods & Services

      Item Hilo National avg. Difference
      Haircut $12.17$24.2649.8%
      Beauty Salon $31.47$45.5630.9%
      Toothpaste $4.08$3.7010.3%
      Shampoo $1.72$1.2834.5%
      Movie $10.04$12.1317.2%
      Bowling $13.87$18.0022.9%

      Groceries

      Item Hilo National avg. Difference
      Ground Beef $4.25$5.8427.2%
      Fried Chicken $2.19$1.5739.1%
      Milk $3.21$4.6731.4%
      Potatoes $4.25$4.9313.8%
      Pizza $12.30$12.091.7%
      Beer $7.78$10.4125.3%

      Health Care

      Item Hilo National avg. Difference
      Optometrist $136.85$125.688.9%
      Doctor $133.68$135.781.5%
      Dentist $112.79$113.290.4%
      Ibuprofen $13.01$10.6522.2%
      Lipitor $398.63$468.6014.9%

      Housing

      Item Hilo National avg. Difference
      Home Price $341,500.00$184,700.0084.9%
      Avg. Mortgage Payment $2,014.49$2,346.6914.2%
      Apartment Rent $1,098.00$949.0015.7%

      Transportation

      Item Hilo National avg. Difference
      Gasoline $3.16$3.468.6%
      Tire Balancing $72.96$59.9221.8%

      Utilities

      Item Hilo National avg. Difference
      All Electricity $431.66$193.99122.5%
      Phone $39.39$192.2579.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Eden Roc, HI70012726.9%
      Nanawale Estates, HI1,38513332.8%
      Ainaloa, HI3,63613737.5%
      Fern Acres, HI1,74013939.1%
      Mountain View, HI3,51714140.6%
      Hilo, HI45,24815554.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      West Seneca, NY45,272937.3%
      Herriman, UT45,21113232.3%
      Oro Valley, AZ45,30312424.3%
      Rockwall, TX45,16812221.8%
      Pearl City, HI45,15918988.6%
      Hilo, HI45,24815554.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.