In Less Than a Decade, Even the Wealthy Won’t Be Able To Afford Homes in These 10 Hawaii ZIP Codes
Hawaii is world renowned as an island paradise whose scenic views will take your breath away, and whose prices will drain your money in a hurry. In addition to being the most expensive state to live in, Hawaii is also among the priciest to buy a home — so much so that it even stretches the budget of rich people.
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Research conducted last year by NewJerseyRealEstateNetwork.com found that Hawaii ranked as the fourth most-expensive state for homeowners based on metrics such as average annual homeowner cost and homeowner costs as a percentage of median income.
Those costs — including mortgage payments, insurance, property taxes, electric bills and homeowner association fees — make it difficult enough to own a home in Hawaii. But you also need to consider the cost of everything else in the Aloha State.
A survey conducted by GOBankingRates found that Hawaii is far and away the most expensive state to live in based on everyday expenses like groceries, healthcare, utilities and transportation. Its cost-of-living score based on a mean of 100 is 181.5 — more than 38 points higher than second-ranked Massachusetts. Average annual cost-of-living expenditures totaled $132,435 in Hawaii vs. $104,416 in Massachusetts.
Given those costs, it’s not surprising that even rich folks might find Hawaii an expensive place to live. A separate analysis from GOBankingRates looked at median home values in Hawaii and used housing data to project how home prices might move up or down in the coming years.
10. Haiku
Zip code: 96708
Projected 2033 average home price: $1,256,074
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9. Koloa
Zip code: 96756
Projected 2033 average home price: $1,283,773
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8. Honolulu
Zip code: 96821
Projected 2033 average home price: $1,284,983
7. Paia
Zip code: 96779
Projected 2033 average home price: $1,293,527
6. Kihei
Zip code: 96753
Projected 2033 average home price: $1,323,294
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5. Kula
Zip code: 96790
Projected 2033 average home price: $1,327,328
4. Lahaina
Zip code: 96761
Projected 2033 average home price: $1,421,109
3. Princeville
Zip code: 96722
Projected 2033 average home price: $1,672,371
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2. Kilauea
Zip code: 96754
Projected 2033 average home price: 2,004,659
1. Hanalei
Zip code: 96714
Projected 2033 average home price: $2,551,413
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This article originally appeared on GOBankingRates.com: In Less Than a Decade, Even the Wealthy Won’t Be Able To Afford Homes in These 10 Hawaii ZIP Codes