Recent Grad's Hawaii Housing Hack: Saving for a Home in America's Priciest State
Recent Graduate Finds Financial Footing in Hawaii’s Costly Paradise
A recent college graduate has turned living with parents in Hawaii, the nation’s most expensive state, into a financial opportunity. The move has allowed them to build savings and work towards homeownership in a notoriously costly market.
Hawaii’s reputation for high living costs has only intensified in recent years. Skyrocketing grocery and housing expenses, coupled with limited salary growth and job opportunities, present significant challenges for residents. To illustrate the stark cost disparity, a comparison of egg prices between Texas and Hawaii was noted. Furthermore, in 2020, a $93,000 salary on Oahu was considered “low income,” nearly double the national average income of $48,672.
For many first-generation Americans, navigating the U.S. financial system can be particularly daunting. The graduate, coming from an immigrant household, found that personal finance wasn’t a primary topic of conversation growing up. This led to a lack of understanding about credit and savings during their college years.
Despite the cultural stigma in American society around living at home as an adult, the graduate recognized the financial benefits of this arrangement. By staying with family, they were able to focus on improving their financial literacy and building savings while living in Hawaii’s expensive environment.
Nearly four years and three jobs later, the decision to live at home has proven financially advantageous. The graduate has invested considerable time in self-education about personal finance, resulting in a full emergency fund and a readiness to start investing. Their next financial goal is to save for a down payment on a home in Hawaii.
Looking ahead, the graduate plans to pursue roles that will increase their income as their skills develop. While acknowledging the ongoing challenges of Hawaii’s rising costs, they remain committed to their dream of long-term residency in the state. This commitment includes continued financial discipline and investments in both stocks and, fittingly, “good sunglasses” for a future in the Aloha State.
