According to a study released by the Economic Policy Institute, a household of two adults and two children would need to earn approximately $78,000 a year "to attain a secure yet modest living standard" in Honolulu. This equates to approximately $6,500 per month for housing, food, child care, transportation, health care and other necessities and taxes. The study estimates that the highest monthly costs would be housing, about $1,314 per month, child care at $1,315 per month, and health care at $1,349 per month.
Ivette Stern, the Kids Count project director at the Center on the Family, commented, "When you have housing taking a huge part of the budget, that means there is less resources available for other things. Families may not necessarily have a lot of options in what type of child care they use, they may not be able to buy all the school supplies or enroll kids in extracurricular activities, all things that are healthy for their development. Several years out of the recession, we still see the number of children that are in poverty increasing. Families are spending more than a third of their income on housing. We had a lot of families already living on the edge. We're still seeing conditions getting worse. Families are still struggling to come out of that deep hole."
To access the full report, go to www.epi.org/types/report
Source: Honolulu Star Advertiser, 7-22-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
