Seniors live longer in Hawaii than any other state in the nation, so it’s no surprise that so many dream of retirement in its moderate climate and tropical landscape. In fact,
Forbes named Hawaii the best place to retire in 2012.
But that long life in paradise comes with a price: Hawaii has one of the highest costs of living in the nation. Home costs, food, gasoline, and even taxes are expensive in the chain of islands. For anyone planning on retiring to Hawaii, it’s critical to have a serious retirement plan, a realistic budget, and expectations that may be different from life on the mainland.
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Still, some islands of Hawaii are more affordable than others. Creating a plan with an understanding of the differences among the islands will help when it’s time to make the big move.
The Big Island of Hawaii is the most affordable, as it has the lowest priced homes of all the islands.
The Hawaiian Association of Realtors reports homes there average $242,500 and condos average $225,900.
Like Oahu, Maui, and Kauai, there is a
Costco on the Big Island. That’s important, because the big box store is one of the best places to find affordable food.
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But, as with everything, you get what you pay for. The Big Island suffers from the highest unemployment rate of the islands, and, in some spots, is a haze of volcanic smog.
For those planning to find a job after retirement to Hawaii, Oahu offers good options with Honolulu recording the lowest unemployment and the highest average annual salaries of the islands, according to the
Pacific Business News. The island with the city of Honolulu, Oahu is also the densest by far, with 1,521 people per square mile. But with the population comes the most museums, cultural attractions, and parks of the islands.
There are many benefits to the other major islands of Hawaii (Maui, Kauai, Lanai, and Molokai), but the cost of living is even higher. To reduce your footprint on any of the islands, experts suggest investing in alternative power options, growing your own food and living simply.
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