Hawaii: A Retirement Paradise For Those Who Can Afford It

A dream Hawaiian retirement complete with gorgeous sandy beaches and tropical delights can be possible with careful financial planning.
lkjaslkdjflkasjdf
A dream Hawaiian retirement complete with gorgeous sandy beaches and tropical delights can be possible with careful financial planning.

Some active adults may dream of retiring to the tropical paradise of Hawaii. This chain of islands offers a scenic getaway with warm weather year-round and enough activities to last a lifetime. Though Hawaii is rich in its own island culture, the fact that it’s still part of the United States makes it easy to enjoy an extreme change of scenery without actually moving out of the country.

Many retirees who love the Hawaiian lifestyle decide that they simply don’t want to live that far away from their family and friends. A Hawaiian retirement might not be ideal for everyone, but those who can afford it may find paradise when relocating to these tropical islands.

Hawaii’s Climate

Surrounded by the sparking water of the vast Pacific Ocean, and graced with distinctive tropical vegetation, Hawaii feels a bit like another world. This vacation destination features warm, yet mild weather with year-round daytime temperatures ranging within the 70s and 80s.

Hawaii’s geography offers much wider extremes. There are sandy beaches, active volcanoes, snow-capped mountains, lush rainforests, and volcanic deserts. As a world-famous vacation spot, many parts of Hawaii certainly cater toward tourists. Yet, visitors and locals alike are sure to love exploring the state’s natural wonders with outdoor activities like hiking, biking, boating, snorkeling, diving, and even skiing. They can also begin to feel at home while discovering the charm of historic small towns like Hawi, Holualoa, and Kailua-Kona.

The Cost of Living in Hawaii 

Hawaii may offer a paradise retirement destination, but paradise comes at a cost. Many active adults scratch Hawaii off their lists simply because it is too expensive. However, those who research the islands may discover that careful planning can put this dream retirement within reach.

Hawaii’s cost of living is high. This is particularly true when it comes to buying groceries and other goods that have to be shipped from the mainland. However, there are ways to cut costs. Hawaii does have warehouse shopping centers like Costco and Sam’s Club which offer fairly good deals. You can also save money by buying produce at local markets or even starting your own garden.

Hawaii Homes & Real Estate

Housing is also expensive in Hawaii, yet some residential areas are more affordable than others. Many retirees in Hawaii choose to settle in the mountainous city of Hilo. Though this is one of the rainier parts of Hawaii, Hilo homes may be more affordable with a median home price of $255,000. Similarly priced homes can also be found in Waimalu, which is a small town located less than 10 miles from Honolulu.

Retirees with larger budgets often find their dream homes in areas like Wahiawa, Waipahu, or Kanehoe. The median home price in both Wahiawa and Waipahu is $350,000. Wahaiwa is located near Honolulu and Waipahu lies just outside of Pearl Harbor. The temperatures are a bit cooler in Kanehoe, which is set on the Kanehoe Bay near a Marine Corps base. Homes are more expensive in Kanehoe as well, with a median price of around $475,000.

Hawaii Taxes

Though Hawaii’s cost of living is high, the tax laws are often favorable for retirees. Social security benefits, out-of-state government pensions, and many other pensions are exempt. There are also Homestead exemptions (which vary by area) for retirees over a certain age. Retirees should also keep in mind that Hawaii recently reenacted an estate and transfer tax which applies to estates worth more than $3.6 million.

The distance to Hawaii may be another factor which puts this island destination out of reach. Traveling back and forth to the mainland is very expensive and time consuming, as the nearest California coast is about 2,400 miles away. 

Can you spot the $207,744 difference between these identical homes?

Financing is the difference!

Get the details in The 62+ Loan Homebuyers Guide.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.
Details here.

Share this post:

We're here to help! (800) 928-2055

Call us to speak with a customer service representative.

Subscribe to Our Newsletter

Get Weekly Updates

I agree that 55places and its affiliates, partner providers or agents may call, text, or email me about my inquiry, which may be made with automated means. I understand that my consent is not a prerequisite for buying a property. I may revoke my consent at any time by contacting [email protected] Message/data rates may apply. I also agree to 55places.com’s Privacy Policy and Terms of Use.

The Best Places to Snowbird in 2021

We’ve gathered 25 of the best places for snowbirds, including cities in Florida, Arizona, California, Texas, South Carolina, and Nevada. For each entry, we’ve also provided a list of recommended 55+ communities in the area. If you’re ready to find your own winter retreat this season, here are some of the best places to consider.

A group of older adults socialize within their 55+ community.

Top 10 FAQs About Living in 55+ Communities

We’re here to answer all of your questions about joining a mature living community, so you can feel empowered in your decision. This is the next great adventure of your life, and we’re firm believers in leaving the stress out. Check out these top 10 FAQs about living in 55+ communities.

A senior couple takes a hike in a low-humidity state they chose for their retirement.

Retirement: What Are the Top 5 States With the Lowest Humidity?

There are many factors in deciding where to retire, and the weather can be one of them. Luckily, many of the states with nice weather also offer additional benefits for people over 60 and have several exciting active adult communities. Here are the four best states for a low-humidity retirement.

Lake view during autumn at dusk of Table Rock Mountain in Pickens, South Carolina.

5 Reasons To Consider a South Carolina Retirement

What does South Carolina have to offer active adults? A selection of over 80 active adult communities is just the beginning. These five reasons to consider a South Carolina retirement just might convince you that this southern coastal state has everything you’re looking for in a 55+ community.

The Best Places to Retire in South Carolina

South Carolina is known for having some of the best golf courses in the country, but that’s not all it has to offer active adults. The state has a rich history and culture, a wide selection of entertainment and recreation, and miles of beaches and coastal living.

North Carolina vs. South Carolina

The Carolinas are a power couple when it comes to maintaining an active lifestyle in an amazing climate, but they’re separated by more than just a border. A side-by-side comparison of the two can quickly show which is better for you when it comes to your interests and needs.

Exterior view of a model home at Del Webb Carolina Gardens, Fuquay-Varina, North Carolina on a sunny day.

55+ Communities With New Homes for Sale Near Raleigh

If you’re in the market for a new construction home in Raleigh, North Carolina there are plenty of options to consider. We’ve put together a list to help you start your search for the perfect neighborhood with new homes.

About 55places

We’re changing the way people 55 and older are searching for their perfect next place. With a national network of hand-selected real estate experts, plus comprehensive information, unbiased content, and on-the-go insight about thousands of communities across the country, we’re a trusted resource paving the way from here to home. Whether you’re interested in a low-maintenance single-level residence, an active lifestyle or age-qualified community, an intimate enclave, or anything in between, we can help you make your next move the best one yet.

Scroll to Top