GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
For the roughly 1.44 million people who live there, its home now and forever for many.
Ive always been in awe of Hawaiis beauty and culture because I used to live there.
Patel isnt alone in not wanting to retire in the Aloha State either.
According to aSmartAsset study, Hawaii ranks only 26th in terms of popularity for retirement.
While Hawaii is still quite the popular destination, heres why Patel said shewouldnt want to go back permanently.
Hawaii is known for havingexorbitant living expenses, she said.
Due to the island states need to import a large number of goods and services, prices have increased.
When it comes to grocery expenses, this is particularly clear.
Basic utilities for a 915-square-foot apartment cost over $304 a month in Honolulu.
High Costs and Lower Incomes
Using 2022 data, theU.S.
Bureauof Labor Statistics found that the average retiree brings in around $47,815 a year after taxes.
The BLS also found that the average household in Honolulu spent around $74,965 in 2021-22.
For Patel, this is a major concern.
The increased costs in Hawaii can quickly pile up, particularly for those on a fixed income.
Expensive Healthcare
As MERIC found, the cost of healthcare is higher than the national average.
On the one hand, it can be quite peaceful.
On the other, having to fly to and from the mainland can be pricey.
For Patel, this is something to avoid.
That said, she does see the appeal in the state for other retirees.
Hawaii does havecertain appealing retirement characteristics, she said.
This includes a calm and easygoing lifestyle, beautiful scenery and a strong feeling of community.
More From GOBankingRates
Share This Article:
