For many retirees, it doesn't get much better than relaxing on the beach and enjoying the sunshine. Retiring in Hawaii, then, could be a dream come true for many people.
As with any state, though, there are advantages and disadvantages to calling Hawaii home. While it can be an incredibly costly place to retire, there are plenty of perks to starting your next chapter in life in The Aloha State.
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Hawaii offers tropical (yet mild) weather, with average daytime temperatures of 85 degrees Fahrenheit in the summer and 78 degrees Fahrenheit in the winter. But the state also has plenty of geographic diversity, ranging from sunny beaches to rainy mountains and nearly 700,000 acres of state-managed forested land across its many islands.
Hawaii can also be a good choice for retirees, in particular. The state ranks sixth in terms of healthcare for elderly adults, according to a report from Medicare Guide that focused on factors like prescription drug prices, life expectancy, and the number of doctors per capita. A separate report from Medicare Guide also ranked Hawaii ninth on the list of the best states for long-term care.
All of the perks of living in Hawaii come at a cost, though. The average home price in the state is $858,569, according to Zillow. The average rent is $2,677 per month for an 845-square-foot apartment, according to RentCafe, which is significantly higher than the national average of $1,739 per month.
Also, Social Security benefits are tax-exempt in Hawaii, and the property tax for owner-occupied homes is just 0.26% -- the lowest rate in the country. However, the state does have higher income tax rates, ranging from 1.40% to 11% for single filers.
Overall, Hawaii offers plenty of perks but can be an expensive place to live. If you have a robust retirement fund and can afford a higher cost of living, Hawaii could be a fantastic retirement destination.
