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The best and worst cities in Hawaii for your finances
If you’ve recently considered moving to Hawaii, you know how expensive the state is compared to much of the rest of the United States. In fact, only 20% of families in the state can afford a single-family home, according to the Associated Press.
In a recent study, GOBankingRates found the cities in each state where you are most and least likely to live salary to salary. Averages are based on the cost of household expenses, mortgage payments, cost of living and average household income.
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Here are some of the best and worst cities in Hawaii for your finances.
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Best city
Kapolei is the place in Hawaii where you’re least likely to live paycheck to paycheck, with an average remaining savings of more than $24,000.
Here’s a summary of what to expect:
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Average annual cost of expenses: $32,208
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Average annual mortgage: $65,349
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Average annual cost of living: $97,557
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Average family income: $121,768
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Remaining savings: $24,211
Other affordable areas include Ewa Beach, where residents have an average of $18,709 left after expenses, and Aiea, where they are left with $16,045 after expenses.
Explore more: How much does the average middle class person have in savings?
Worst city
Makawao is the place in Hawaii where a high cost of living it is more likely to force residents to live paycheck to paycheck.
Here’s a summary of what to expect:
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Average annual cost of expenses: $30,490
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Average annual mortgage: $77,891
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Average annual cost of living: $108,381
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Average family income: $109,385
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Remaining savings: $1,004
Other expensive areas include Hilo, where residents have an average of $6,494 left after expenses, and Kaneohe, where residents have an average of $5,716 left after expenses.
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This article originally appeared on GOBankingRates. with: The best and worst cities in Hawaii for your finances