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Tuesday, June 28, 2016 |
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DBEDT: Housing Over 40% of Consumer Spending for Kauai, Hawaii Co
By News Release @ 5:16 PM :: 7780 Views :: Hawaii County , Kauai County, Hawaii Statistics, Cost of Living
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DBEDT RELEASES DATA ON BIG ISLAND AND KAUAI CONSUMER SPENDING
News Release from DBEDT, June 27, 2016
HONOLULU—The state Department of Business, Economic Development and Tourism (DBEDT) released two reports today that provides data and analysis on spending patterns of Big Island and Kauai households in 2014.
The reports summarizes data obtained through household surveys conducted by DBEDT in 2015 and covers spending in 2014. DBEDT’s Research and Economic Analysis Division created the report.
Historically, the U.S. Bureau of Labor Statistics (BLS) published the consumer expenditure data for Honolulu County, which was compiled from the U.S. Census Bureau’s Consumer Expenditure Survey. The BLS survey only included Oahu residents and excluded neighbor island residents. Data on consumer spending patterns for neighbor islands did not exist before DBEDT compiled the data through household surveys.
Some of the findings in the Hawaii County report include the following:
- An average household in Hawaii County spent an average of $51,700 in 2014. Of the 14 major spending categories, 71.2 percent of the expenditures went towards the three basic needs categories of housing, transportation, and food.
- Housing was the largest expenditure category, comprising an average of 40.5 percent of total expenditures or $20,921 in 2014. Housing was followed by transportation (16.3 percent or $8,405), food (14.4 percent or $7,420), and personal insurance & retirement savings (7.8 percent or $4,046).
- In 2014, a typical Hawaii County household spent about $10,000 less than its Honolulu counterpart, who spent $62,280 on average. Compared with Honolulu County, Hawaii County consumers spent slightly less on housing and more on transportation and food, though the total shares allocated to these three basic needs categories are rather similar, both between 71 percent and 72 percent of total expenditures.
- Hawaii County household’s annual expenditures were slightly lower than the U.S. average in 2014, with Hawaii County at $51,700 and the U.S. at $53,495. Housing comprised a larger portion in Hawaii County consumers’ spending (40.5 percent for Hawaii County and 33.3 percent for U.S.). Hawaii County consumers spent relatively more on food (14.4 percent for Hawaii County and 12.6 percent for U.S.) and less on transportation (16.3 percent for Hawaii County and 17 percent for U.S.).
- Lower income households spent relatively larger shares on the three basic needs categories, 78.3 percent for the lowest-income households compared with 65.5 percent for the highest-income households. Furthermore, higher income households spent both a greater amount and share of their expenditures on entertainment and insurance and retirement savings.
- Homeowners with mortgages spent $65,911 in 2014, which was more than $20,000 higher than the annual expenditures of home renters and home owners without mortgages. Both homeowners with mortgages and renters spent a large share on housing, 42.2 percent and 44.8 percent, respectively, resulting in comparably smaller shares on most other spending categories, relative to home owners without mortgages.
Some of the findings in the Kauai County report include the following:
- A typical household in Kauai County spent an average of $64,651 in 2014. Of the 14 major spending categories, nearly 73.2 percent of the expenditures went towards the three basic needs categories of housing, transportation, and food.
- Housing was the largest expenditure category, comprising an average of 41.5 percent of total expenditures or $26,819 in 2014. Housing was followed by transportation (16.8 percent or $10,836), food (14.9 percent or $9,638), and personal insurance & retirement savings (6.8 percent or $4,398).
- In 2014, a typical Kauai household spent more than $2,000 more than its Honolulu counterpart, who spent $62,280 on average. Compared with Honolulu County, Kauai consumers spent slightly less on housing and more on transportation and food, though the total shares allocated to these three basic needs categories are rather close, both at around 73 percent of total expenditures. Kauai household’s annual expenditures were 21 percent higher than the U.S. average in 2014, with Kauai at $64,651 and the U.S. at $53,495. Housing comprised a larger portion in Kauai consumers’ spending (41.5 percent for Kauai and 33.3 percent for U.S.). Kauai consumers spent relatively more on food (14.9 percent for Kauai and 12.6 percent for U.S.) and slightly less on transportation (16.8 percent for Kauai and 17 percent for U.S.).
- Lower income households spent relatively larger shares on the three basic needs categories, 80 percent for the lowest-income households compared with 69.8 percent for the highest-income households. Furthermore, higher income households spent both a greater amount and share of their expenditures on transportation, insurance and retirement savings, and entertainment.
- Homeowners with mortgages and renters had comparable shares for housing related expenses (44.5 percent versus 44 percent). However, homeowners’ annual expenditure amount was much higher than renters, with $87,460 for home owners with mortgages versus $54,139 for home renters.
The Hawaii County results are based on 554 completed surveys from the Big Island, and the Kauai County results are based on 337 completed surveys from the islands of Kauai and Lanai.
The full reports are available here. (PDF)
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HTH: Survey sheds light on Big Isle household expenses
SA: Maui leads isles with highest expenses
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