Cost of Living in Honalo, HI

With a cost of living index of 112, Honalo, HI is somewhat more expensive than average. Living here is 12% more expensive than the national average and 46% below the Hawaii state average of 157. Honalo is a small community of 1,057 residents.

Housing costs are the biggest factor in Honalo's cost of living. The median monthly rent is $850 (36% below the US median of $1,319), and the median home value sits at $578,800 (90% above the national median of $304,900). At current prices, the median home costs roughly 8.9x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Honalo is $65,000, which is 14% lower than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.