Here’s how much it costs to live in the most expensive ZIP code in Hawaii

The income you need to afford a home in the biggest U.S. cities

It's no secret that living in Hawaii can be expensive. The average price for a home is $605,100, almost three times the national average of $215,600. Still, in the most expensive ZIP code in the Aloha State, prices can go way higher.

That's according to financial website GOBankingRates, which collected median home values and mortgage data from Zillow, as well as Bureau of Labor Statistics-based cost of living components from across the U.S., in order to identify some of the nation's most expensive ZIP codes.

While places like Maui and Pearl City boast real-estate prices above the national median, the state's most expensive ZIP code is 96821 in the city of Honolulu.

"Far and away, the state with the highest cost of living in the U.S. is Hawaii. Annual groceries, utilities and transportation costs all top the charts," says GOBankingRates. "Thus, the cost to live in the state's most expensive ZIP code is high and requires an income of more than $200,000."

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ZIP code 96821 refers to East Honolulu, the site points out. Honolulu, overall, "has a fairly high median home value ... but ZIP code 96821, specifically, blows this out of the water."

To calculate exactly how much you'd need to earn to live there comfortably, GOBankingRates used the 50-30-20 budget rule: 50 percent of your income would be used to cover necessities, 30 percent is discretionary income and 20 percent is allocated to savings.

"Monthly costs were totaled and multiplied by 12 to get the annual dollar cost of necessities in each ZIP code, according to GOBankingRates. "This dollar amount for necessities was then doubled to find the actual annual income needed to live in the location."

Zillow Home Value Index for 96821. Data through Apr. 30, 2018.

Based on that data, here's how much it costs to live in 96821:

  • Necessities: $101,399
  • Splurges: $60,839
  • Savings: $40,560
  • Total income needed: $202,798

Home values in 96821 have gone up only 1 percent over the past year, but Zillow predicts they could rise nearly 8 percent in the next year.

If you're looking for a home, experts suggest making sure you're ready to transition from renting. Here are some tips to help you get started.

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