This article takes a look at the 15 best places to retire in Hawaii. If you wish to skip our detailed analysis on navigating retirement living in the US, you may go to 5 Best Places to Retire in Hawaii.
Moving Beyond Finances in Retirement
Is retirement always about the cheapest possible option? For a large majority of retirees, yes. The average American retiree often sets out in search of the most affordable places to retire in the U.S. In a Synchrony Financial (NYSE:SYF) report, data from the Federal Reserve’s Survey of Consumer Finances states that median retirement savings for Americans aged 65 to 74 are a meager $164,000. While Synchrony Financial (NYSE:SYF) does give tips that senior citizens in their 60s can use to extend their retirement savings - such as working a few extra years or monetizing assets - this is not always an option. For many senior citizens, there are no assets to monetize.
As for working longer, the US economy is not always supportive. NerdWallet reports an excess of 34,000 layoffs within the first two months of 2024, with big names such as Zoom Video Communications, Inc. (NASDAQ:ZM), PayPal Holdings, Inc. (NASDAQ:PYPL), and Microsoft Corporation (NASDAQ:MSFT) among the culprits.
“It’s just more difficult for media to be profitable, and so you’ve had a pullback and a decline in employment in that sector of the economy”-Nick Bunker, Economic Research Director for North America, Indeed Hiring Lab
Adding to this, companies often have a trend of hiring younger employees. For instance, just 10% of PayPal Holdings, Inc. (NASDAQ:PYPL)’s workforce is in the 40 and above range, reports Zippia. The same percentage also holds true for Microsoft Corporation (NASDAQ:MSFT)’s employee age demographic.
With numbers like these, it becomes difficult to think about little else but finances during retirement. That being said, there are some retirees who manage to save up for a comfortable - even luxurious - retirement. According to Smart Asset, about 10% of American retirees are millionaires when it comes to their retirement savings. With a larger budget in hand, this gives senior citizens a more varied choice when it comes to their retirement location.
Senior citizens often search for warmer weather, peaceful communities, and beachside living when deciding on where to retire. The best place to offer all this, of course, is the Aloha State. You might wonder, ‘Is retiring in Hawaii a good idea?’ After all, Nasdaq states that Hawaii is the most expensive states, with an amount as high as $3.1 million needed to retire. However, for retirees who possess the financial means, Hawaii can prove to be a great choice. There’s nothing quite as relaxing as spending one’s Golden Years in a tropical haven. The state offers a moderate climate with low temperatures and mild humidity, a welcome break from the intense cold found in other states such as Alaska, Minnesota, and Wyoming.
The winning factor, however, remains to be Hawaii’s natural beauty. The state is dotted with stunning beaches, hiking trails, waterfalls, and tropical forests - the perfect escape for nature-loving retirees.
To facilitate retirees who are pondering the move to Hawaii, we have compiled a list of the 15 best places to retire in Hawaii.
15 Best Places To Retire In Hawaii
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Methodology
To compile this list of the 15 best places to retire in Hawaii, we consulted several sources including Niche, Dewitt Move, New Home Source, Movoto, Royal Hawaiian Movers, Unbiased, Investment U, and Haven Lifestyles.Once a list of places was compiled using these sources, we then ranked them across multiple factors, namely, their cost of living, their livability scores, and their median house price. For this article, cost of living indices were taken from Best Places, livability scores were taken from Area Vibes, and median house prices were taken from Redfin Corp (NASDAQ:RDFN). A cumulative score was then assigned to each place, with the 15 highest-scoring places making our list of the 15 best places to retire in Hawaii. For places that gained an equal score, their cost of living index and median house price was used as a tie-breaker. The resulting list is presented in ascending order, with the highest-ranked place being presented last.
It is important to remember that personal preference plays a big part. The best course of action is to visit the place you plan to move to, converse with locals, take advice from a financial consultant, and only then make your final decision.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the 15 best places to retire in Hawaii:
15. Kapolei
Insider Monkey Score: 38
Cost of Living: 3.5% higher than Hawaii average
Livability Score: 68
Median House Price: $692,500
Set on the island of Oʻahu, Kapolei is located in Honolulu County. Getting its name from the volcanic cone known as Puʻu o Kapolei, Kapolei is popular for its natural beauty. Retirees can visit Ko Olina, a resort community complete with lagoons and white sand beaches.
14. Princeville
Insider Monkey Score: 38
Cost of Living: 6.7% lower than Hawaii average
Livability Score: 68
Median House Price: $1,777,500
Known for its master-planned condos and homes, Princeville offers unlimited beauty, including incredible views of the Pacific. A small town, Princeville is one of the best places to retire in Hawaii for retirees with its peaceful environment, beaches, and golf courses, among much more.
13. Kaneohe
Insider Monkey Score: 39
Cost of Living: 3.5% higher than Hawaii average
Livability Score: 72
Median House Price: $850,000
For retirees who are looking to indulge in the island life without being swamped with an onslaught of tourists, Kaneohe is the perfect spot. Surrounded by the Ko’olau Mountains, Kaneohe experiences a tropical climate throughout the year. Residents can visit the Hoʻomaluhia Botanical Gardens, the Heʻeia State Park, and stock up on retail therapy at Windward Mall.
12. Makawao
Insider Monkey Score: 40
Cost of Living: 3.3% lower than Hawaii average
Livability Score: 70
Median House Price: $950,000
Part of Maui County, Makawao translates to ‘Eye of the Forest’. Historically known for agriculture and ranching, Makawao is among the cheapest places to retire in Hawaii.
11. Pukalani
Insider Monkey Score: 41
Cost of Living: 3.3% lower than Hawaii average
Livability Score: 65
Median House Price: $900,000
Another Maui County pick, Pukalani is known for being family friendly and diverse. Retirees from all walks of life will easily fit in and enjoy life at this laid-back destination. With a country club, shopping mall, and a variety of eateries - including the highly-rated Kalei’s Lunchbox - residents will find everything they need nearby.
10. Wahiawa
Insider Monkey Score: 42
Cost of Living: 3.5% higher than Hawaii average
Livability Score: 71
Median House Price: $765,000
Nestled between volcanic mountains, Wahiawa is set on the island of Oahu. An agricultural place, the area is famed for its pineapples. Residents can explore the Dole Pineapple Pavilion which boasts a range of pineapple varieties and a pineapple garden maze and the Wahiawa Botanical Garden.
9. Pearl City
Insider Monkey Score: 44
Cost of Living: 3.5% higher than Hawaii average
Livability Score: 70
Median House Price: $829,000
One of thebest places to retire in Hawaii is Pearl City. The area is best known for being the site of the historic Pearl Harbor. Serene tropical setting, vibrant local culture, and a plethora of recreational activities makes it an ideal retirement destination.
8. Wailuku
Insider Monkey Score: 47
Cost of Living: 3.3% lower than Hawaii average
Livability Score: 77
Median House Price: $960,000
Set at the mouth of the Lao Valley and very near to the Kahului Airport is Wailuku. A friendly place, senior citizens can bask in the pleasant weather and fill their days with a host of activities that the place has to offer. Among the most popular are the Mystery Maui Escape Room, the Kepaniwai Park, and the Papohaku Park.
7. Mililani
Insider Monkey Score: 48
Cost of Living: 3.5% higher than Hawaii average
Livability Score: 78
Median House Price: $782,500
A city in Honolulu County, Mililani offers residents a suburban feel. Known for being a residential community, Mililani is perfect for retirees looking to move for retirement. The place holds a variety of retail options and restaurants, giving senior citizens a healthy mix of outdoor and indoor activities.
6. Kahului
Insider Monkey Score: 48
Cost of Living: 3.3% lower than Hawaii average
Livability Score: 72
Median House Price: $914,500
Home to a deep raft harbor, Maui’s main airport, and an extensive shopping area, Kahului residents can revel in nature without forgoing any amenities. The area’s sandy beaches are known to be excellent surfing spots - and visitors can also get lucky and see wildlife such as turtles. The best part is the cost of living - at 3.3% lower than the Hawaii average.
