Cost of Living in Honokaa, HI

With a cost of living index of 118, Honokaa, HI is a notably expensive place to live. Living here is 18% more expensive than the national average and 39% below the Hawaii state average of 157. Honokaa is a small community of 2,353 residents.

Housing costs are the biggest factor in Honokaa's cost of living. The median monthly rent is $1,145 (13% below the US median of $1,319), and the median home value sits at $551,800 (81% above the national median of $304,900). At current prices, the median home costs roughly 6.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Honokaa is $85,556, which is 14% higher 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. While incomes are above average, they do not fully offset the higher cost of living.

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.