One of the first issues that prospective Maui real estate buyers consider when they're thinking about moving here is the cost of living. It's often reported that Hawaii's utility bills are high, thanks to its isolation, but in fact, the Aloha State was recently counted among the 15 least energy-expensive states in the nation in a report by WalletHub. Surprised? Although Hawaii's electricity cost is the 10th most expensive in the nation, the other energy costs are low enough to put Hawaii at No. 37 on the list, with the most expensive state being No. 1. According to the report, the average cost of energy for a Hawaii resident is $264 per month. You can visit WalletHub for the breakdown and description of the data.
The report includes a chart, which ranks each state based on four categories, and includes their energy totals. The categories are the monthly cost of electricity, natural gas, motor fuel, and home heating oil, which were added for each state's total energy cost. Factoring all of these in, Hawaii's total energy cost of $264 per month is definitely on the cheaper end of the spectrum. This is largely due to the fact that while many other states pay for heating and natural gas, we Hawaii residents don't have to. We live in a much steadier, more comfortable climate than most other Americans.
Hawaii's monthly electricity cost was $145 (rank 10), natural gas was $4 (rank 50), motor fuel was $115 (rank 15), and home heating oil was 0. Around half the states had no home heating oil cost, so that rank is moot. The total came out to $264 per month. Compare the costs to the most energy-expensive state, Connecticut, with electricity at $166 (rank 3), natural gas at $39 (rank 19), motor fuel at $99 (rank 35) and home heating oil at $76 (rank 2). The total energy cost was $380 per month. Again, rank 1 is the most expensive, and rank 50 the cheapest.
Among the notes in the report was that Hawaii ranked lowest in the nation for average monthly consumption of electricity per consumer, at just 489 kilowatt hours. That's 3.1 times lower than the highest state, Louisiana, which registered 1,521 kilowatt hours. The report also revealed that Hawaii has the most expensive electricity, motor fuel, and natural gas, but residents don't tend to need as much of those things as residents in other states.
If you're in the market for a South Maui home, you'll find that many have photovoltaic systems installed to offset the cost of electricity, in case you were planning on using much of it. In fact, this part of the island has undergone many energy improvements. If you'd like our assistance finding the right property for your needs, our contact information is at the bottom of the page. Mahalo!
One of Maui's best qualities is its versatility. You can live humbly, or you can engage in a luxury lifestyle if you have the means. Yes, this applies to Maui real estate, of course, but it also applies to how you spend your time. Anyone can enjoy beach days, hiking, and visiting waterfalls, while others can indulge in ocean cruises, spa days, and fine dining regularly. Then there's the wine, which also runs the full spectrum in terms of quality and pricing.
Recently, Wine Spectator awarded 35 Hawaii restaurants for their wine lists, and while Oahu establishments claimed 15 awards, Maui boasted no less than 17. This is the island that people choose when they want to enjoy themselves, whether they're vacationers, residents, or prospective Maui home buyers. For many, a good dinner just isn't complete without a nice glass of wine to pair it with.
The awards given to Maui restaurants fell into two categories Award of Excellence and Best of Award of Excellence. If you're curious, here are the winners from both categories.
Best of Award of Excellence Winners
Award of Excellence Winners
The winners for the Award of Excellence were chosen based on wine lists that include a well chosen collection from quality producers. The Best of Award of Excellence went only to those restaurants with extensive selections featuring wines with significant vintage depth and excellent breadth across multiple regions.
The winners should be proud of their awards, considering that throughout all 50 U.S. states and 75 countries, there were a total of just 3,592 winners. Many of them are located within minutes of some of the finest South Maui real estate listings on the market, if you're looking to buy. After all, what could be more enjoyable than sipping a glass of wine from a wonderful restaurant located just minutes away from your South Maui home as you watch the sunset over the Pacific Ocean?
Visitors to Hawaii spent nearly 9 percent more in May than they did in the same month last year, according to the Hawaii Tourism Authority. It's a good barometer for the state of the economy, considering that most of our visitors come from the U.S. West, followed by the U.S. East. Those who rent out Maui properties are in a good position now, and the news could be a motivating factor if you're thinking about buying Maui real estate for use as a short term rental.
The report revealed an 8.7 percent increase in spending in May, for a grand total of $1.3 billion. The income goes a long way for those who work or own businesses related to the visitor industry. Also, a healthy visitor industry tends to stimulate the real estate market as visitors fall in love with the islands and become residents, or simply find a good investment opportunity.
According to the report, there was also a 4.5 percent increase in the number of Hawaii visitors in May, year-over-year, for a total of 751,191. Not only were arrivals from the U.S. West and East up, but so were arrivals from Japan and Canada. In fact, this has been true for March, April and May.
As usual, the U.S. West market statistics stood out the most. The spending increase from that region was up 9 percent to $478.7 million. Meanwhile, aside from Japan and Canada, spending from international markets fell 3.9 percent to $232.9 million, a circumstance that's often attributed to the strengthening value of the dollar compared to some other currencies.
As for the more reliable year-to-date statistics, the report revealed that spending is up by 9.8 percent to $6.9 billion for the first five months of the year. Arrivals grew by 4.2 percent during the same period, while daily spending was up 5.2 percent. As we often remind folks exploring the Maui real estate market trends, monthly data tends to swing, while year-to-date statistics present clearer, more consistent trends. On that note, if you're interested in a Maui real estate investment of your own in light of this information and you need our assistance, you'll find our contact information at the bottom of the page. Mahalo!
One of the first issues that prospective Maui real estate buyers consider when they're thinking about moving here is the cost of living. It's often reported that Hawaii's utility bills are high, thanks to its isolation, but in fact,… Continue Reading
17 Maui Restaurants Win Wine Spectator Awards
One of Maui's best qualities is its versatility. You can live humbly, or you can engage in a luxury lifestyle if you have the means. Yes, this applies to Maui real estate, of course, but it also applies to how you spend… Continue Reading
Hawaii Visitor Arrivals and Spending On An Upward Trend
Visitors to Hawaii spent nearly 9 percent more in May than they did in the same month last year, according to the Hawaii Tourism Authority. It's a good barometer for the state of the economy, considering that most of our… Continue Reading