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Hawaii's Millennials Struggle with Housing Costs and Economic Pressures

·5 min read·Informational·In-Depth Analysis

Executive Summary

Millennials in Hawaii face increasing economic pressures, particularly from the high cost of housing, forcing many to work multiple jobs just to make ends meet. This situation threatens the long-term economic sustainability of the islands as young professionals consider leaving for more affordable locations.

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Aerial view of a modern urban skyline featuring prominent skyscrapers and a clear blue sky.
Photo by Jess Loiterton

The Aloha State's youthful workforce is navigating a perfect storm of economic hurdles, as highlighted in a recent article by the Honolulu Star-Advertiser. The piece profiles individuals like Corey Strickland, who juggles multiple jobs, including driving for Uber, DJing, and managing artists, to combat the high cost of living. This struggle is not isolated; it reflects a broader trend of Millennials, those roughly between 29 and 44, finding it increasingly difficult to achieve financial stability and homeownership in Hawaii.

The core issue revolves around the extreme cost of living, which is amplified by the state's steep housing prices. As the article notes, UHERO's December 2024 report revealed that Millennials in Hawaii pay a premium for housing compared to other generations, while often earning less than their predecessors, Generation X. This represents a significant generational divide, with many Millennials expressing concerns that Gen Z will face even tougher conditions.

The pressure is so immense that the survey by Holomua Collective found that three-quarters of local workers are actively considering a move to a less expensive state. Financial pressures such as housing costs, student debt, and insufficient retirement savings, mentioned by financial literacy and wealth management firms, are particularly pronounced in Hawaii. Young professionals and entrepreneurs are therefore challenged in building a stable life and career in the islands.

For Hawaii's aspiring entrepreneurs and investors, the implications are severe. The high cost of living increases operational expenses, making it harder to start and sustain businesses. High housing costs also make it difficult to attract and retain skilled workers, ultimately hindering economic growth and diversification. Policy interventions aimed at affordable housing, coupled with measures to increase the earning potential of young professionals, are crucial for the long-term prosperity of the state.

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