Hilo is a small city located in Hawaii with a metropolitan area population of 43,263. A couple could live a moderate lifestyle in Hilo on a budget of $3,541 per month, or $42,491 per year.
Cost of Living in Hilo, Hawaii
As noted above, the cost of living in Hilo, Hawaii is $3,541 per month for a couple living a moderate lifestyle. This budget consists of $1,761 for housing related costs, $1,054 for food, and $726 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Hilo is estimated to cost $1,429
- Basic utilities including electricity, water, and gas will run about $243
- High-speed internet averages $89
- Typical grocery costs of $818 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $96
- Frequent coffees in a neighborhood café are estimated to be about $140
- Meals out are estimated to be $438 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $120 for public transport passes and occasional taxis
- Fitness center memberships of $108
- Cinema tickets of $60 include several outings for international releases
Note that Hilo, Hawaii is a not very walkable city with a Walk Score of 24/100, which means you definitely need a car if you are living in the city center and public transportation may not be very accessible or convenient.
Amount of Money Needed to Retire in Hilo, Hawaii
Many people searching the internet for the cost of living in Hilo, Hawaii are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,062,267 to live a moderate lifestyle in Hilo, Hawaii.
Annual expenses of $42,491 ÷ 4% = $1,062,267 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Hilo, Hawaii is affordable coming in at $3,541 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,062,267.