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Tuesday, April 26, 2016
DBEDT: Housing Gobbles Up Hawaii Consumers Income
By News Release @ 3:30 AM :: 4154 Views :: Hawaii Statistics, Cost of Living

Honolulu Consumer Spending: 2013‐2014

From DBEDT, April, 2016 (excerpt)

An overview of the results of the survey are as follows: 

Honolulu consumers spent an average of $62,357 per year for 2013‐2014 survey period.    

Of the 14 major spending categories, 71.8% of expenditures went towards the three basic needs categories of housing, food, and transportation.   

Housing was the largest expenditure category, comprising an average of 43.2% of total expenditures or $26,982 per year.   

Housing was followed by food (14.7% or $9,171 per year), transportation (13.9% or $8,714 per year) and personal insurance & retirement savings (8.2% or $5,118 per year). 

Compared with 2004‐2005, Honolulu consumers spent more on housing in 2013‐2014, with the share of housing increasing from 31.7% to 43.2%.  The spending share for food remained the same at 14.7%.  Spending for transportation decreased from 18.1% to 13.9% (Figure 1).

Compared with the U.S. average, Honolulu consumers spent more on housing (43.2% for Honolulu, 33.4% for U.S.) and for food (14.7% for Honolulu, 12.8% for U.S.) but spent less for transportation (13.9% vs. 17.3%)  (Figure 2).  

The highest income group (above $100,000) had the highest average total expenditure at $88,894 per year; this was more than twice the spending of the lowest income group (less than $50,000) at $38,131 per year.   

Households with higher educational attainment had higher annual spending.  The highest group of master's, professional, and PhD category was at $76,872 and the lowest group of less than high school diploma was at $33,166.    

Home owners with mortgages spent an annual average of $37,651 or 46 % of their total annual expenditures for housing related expenses.  Home renters spent an annual average of $24,424 or 47.3% of their total annual expenditures for housing related expenditures; although the amounts are different, the percentages are similar due to the mortgage group having a higher total annual expenditure amount.   

Military households spent significantly more on housing, with an average expenditure of $38,391 or 54.8% of their total annual expenditures versus non‐military households with an average expenditure of $26,062 or 41.8% of total annual expenditures.   

Among all the goods and services purchased by an average Honolulu household, 1.2% of them were purchased online, representing about $720 per household per year.

read … Honolulu Consumer Spending: 2013‐2014

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