Cost of Living/Salary Chart - Hawai'i Worst Again (transplants, sales)

[mdand3boys]

Ouch.



10 States Where Salaries Are Too Low



1. Hawaii: Based on a cost of living index of 158.9, median income should be $82,531. However, it is much lower than that, at $61,408. This represents a difference of $21,123.[LEFT]
Read more: 10 States Where Salaries Are Too Low
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[winkosmosis]

Hawaii salaries are way too low for the cost of living, but the rest of the chart really has no meaning because they're all state averages.

Texas has a low *average* cost of living, but that's irrelevant to you if you live in any of the cities. An apartment in Houston in a trendy urban neighborhood costs as much as one in LA. A house would cost at least $600k with 3% property tax. The reason the average COL is low is because of rural areas and ghetto neighborhoods in the cities bringing down average housing costs.

[whtviper1]

If you want really expensive - get the median income to $82K and then I can only imagine what houses would cost at that point. Then the state would just tax you more. A higher median income doesn't necessarily translate to more money in your pocket.

[winkosmosis]

Originally Posted by whtviper1

If you want really expensive - get the median income to $82K and then I can only imagine what houses would cost at that point. Then the state would just tax you more. A higher median income doesn't necessarily translate to more money in your pocket.

A significant portion of real estate sales in HI are to transplants bringing outside money and outside investors. Higher income here would help local people buy their own houses

[whtviper1]

Originally Posted by winkosmosis

A significant portion of real estate sales in HI are to transplants bringing outside money and outside investors.

Outside investors are a small fraction of people buying real estate compared to the local population. "Transplants" (only about 10,000 a year) generally take pay cuts, mostly wash out after 2 years and move back, usually rent at first - and unless they came from somewhere like San Francisco, they don't exactly have the income and savings requirements either to buy a home.

Hawaii continues to have a net migration of residents leaving the state. However, the rising population of far more births than deaths the past 40 years has a situation of a housing shortage, hence - lack of supply, therefore, high prices.

[hawaiian by heart]

The population of hawaii under 18 is 25% of the population? The majority is 25 to 54 which takes almost 50% of the population. Hmmmm Mr Ellis just bought an island, most of your resorts etc are owned by foriegners. And the simple fact that there is no real definition of local or transplant in stats besides the legal definition for requirement to be a resident in Hawaii. I would stake some money that the majority of the population especially oahu isn't multi generational, born and raised locals, but transports from the mainland or other countries? Most of the redevelopment in Hawaii currently isnt focused on affordable housing for locals but a min of 100,000 year family income for rich outsiders. Kaka`ako is the example.

[hawaiian by heart]

Originally Posted by winkosmosis

A significant portion of real estate sales in HI are to transplants bringing outside money and outside investors. Higher income here would help local people buy their own houses

Be careful wink in telling the truth on here.

[winkosmosis]

Originally Posted by whtviper1

Outside investors are a small fraction of people buying real estate compared to the local population. "Transplants" (only about 10,000 a year) generally take pay cuts, mostly wash out after 2 years and move back, usually rent at first - and unless they came from somewhere like San Francisco, they don't exactly have the income and savings requirements either to buy a home.

Hawaii continues to have a net migration of residents leaving the state. However, the rising population of far more births than deaths the past 40 years has a situation of a housing shortage, hence - lack of supply, therefore, high prices.

I don't know how it is exactly on Oahu but here on Maui the vast majority of real estate purchase money comes from out of state, with most coming from California, Texas, and Canada. Wailea Realty had a display outside their office, I presume as a way to show vacationers here that they should buy real estate. I'll find the numbers and post them