Am I crazy to move to HI with this economy? (Honolulu: real estate market, apartment)

[NYXENA]

Hello All,

I'm poised to head out to Honolulu next month for a few job interviews. My last check on the cost of my move was approx. a little over 10k last year. With this economy, I'm sure it's a bit more. I'm just not sure if it's the best time to be looking at a huge move like this. I'm already aware that the salaries as well as the living space will virtually be cut in half to what I'm use to here in VA. I'm just worried that if the economic situation sucks here on the mainland, how bad is it on the islands? I've heard about a few airlines out that way that went out of business. That's not a good sign. Does anyone know how well the apartment rental situation is mainly in Mililani, Ewa Beach? What does $1200/mo get you? I've checked but it's always nice to hear about these things directly from people who are physically there. Any feedback would be very welcome.

Mahalo

[whynot?]

This is a tough call, depending up on what you do in NoVa, and what you plan to do on Oahu. If you are transferring within a company, that's one thing; if you're just moving to start over, it's quite another. The economy in Hawaii is in kind of a delayed flux because so much of it is based on tourism, and so much of that was reserved and paid for a year ago. That is now dwindling down, and reality is setting in.

If you care to tell more about your situation, you may get better help from the Oahu/Mililani/Ewa posters here. (I am on Maui.) They will know more about your budget for living there than I. I may be able to help, however, with any "transitional" questions you have about moving from Virginia -- I lived in the DC area for 20 years before I moved here. Feel free to contact me via direct message if I can answer anything for you.

[Kyusa]

WOW! that is crazy. i thought of places hawaii was immune from mainland disease, i guess not. i hope prices does come down. i seen few studios in waikiki for under 250k. it needs to come down further.

[kaiwahine]

ALoha...we are moving from the mainland to Maui this December. I have looked into county and state jobs and there are a lot. ALso the federal government like TSA at the airports. We are also gonna take advantage of the the real estate market and get a foreclosre. Houses have dropped like 50% for these type of properties. Our budget for moving and getting established is moderate and we can afford it. I hope the transition is smooth

Originally Posted by whynot?

This is a tough call, depending up on what you do in NoVa, and what you plan to do on Oahu. If you are transferring within a company, that's one thing; if you're just moving to start over, it's quite another. The economy in Hawaii is in kind of a delayed flux because so much of it is based on tourism, and so much of that was reserved and paid for a year ago. That is now dwindling down, and reality is setting in.

If you care to tell more about your situation, you may get better help from the Oahu/Mililani/Ewa posters here. (I am on Maui.) They will know more about your budget for living there than I. I may be able to help, however, with any "transitional" questions you have about moving from Virginia -- I lived in the DC area for 20 years before I moved here. Feel free to contact me via direct message if I can answer anything for you.

[Newk]

Good luck, and be prepared to pay $7 for a gallon of OJ.

[j760]

No, life goes on regardless of the economy. Do what you feel is best, no risks no rewards.

[maui08]

Aloha

We've been on the islands for over 14 years. We love it but simply cannot afford to buy a home here and have been wrestling with that for years. In addition, schooling here is pretty poor. We want to get our kids off the island prior to graduation time so they stand a chance at getting into a decent college. We know some kids make it through the system here and do well for themselves but the majority don't. We pour in so much attention and time into their school and tracking down answers from the teachers or staff that we feel like we work for the school ourselves most of the time!

All in all, Hawaii is a beautiful place to be. However, depending on lifestyle you may or may not struggle. We make around 100K per year and find ourselves living check to check. That's just the reality here and even on the West Coast in general it's the same story.

[hotzcatz]

Considering the financial markets this week and how many folks are getting their 401Ks wiped out, I don't expect tourism to rebound any time soon. Without the tourists, our economy is basically in the toilet. If tourism is down by twenty percent then our overall economy is going to be very grim. So, less folks working, less jobs available and theft will be up.

Folks in Hawaii can't just work in a neighboring state when the economy goes sour. They hang on as long as possible before moving to the mainland or where ever the jobs are and at the moment we are sort of in this transition time between jobs - no jobs. Most households have multiple family members and most of the family members of employable age have at least one job. As a household, they can survive as long as enough of the family are employed. They also have extended ohana which helps them find work, share food, share transportation, etc. Coming from the mainland as a single family group and without the extended support group can be very hard. Some folks will manage to get over here and survive but when times are tight folks take care of their own first.

Just because there is a shortage of workers in any given field or a lot of jobs posted somewhere doesn't necessarily mean they are being filled. If you can somehow get over here and find a job before paying out the expenses of moving, it may have a better chance of making a successful move.

http://starbulletin.com/2008/09/16/news/story01.html

[mrzh808]

Honestly, almost everything here in Hawaii is more expensive than then the mainland. Keep in mind, we live in the middle of the Pacific, and a lot of our stuff (clothes, food..etc) have to be shipped over.

In other states, a household income of 100k will have you living good and comfortable. Like what maui08 said, unfortuntely, that's not quite the case here in Hawaii. A lot of the locals get by because they live in "Ohana" homes, meaning that they share a home with like 6 other relatives/friends, and they all split the rent and bills. I work for insurance, and its quite normal to even have 10+ people living in one household! It's crazy, but hey, whatever you have to do to get by, right?

But as far as the apt situation in Ewa or Mililani, you could probably find a studio or small one bedroom for $1200 a month. But if you were willing to live in an "Ohana" home and just rent out a room, then of course you'd get a better deal.

And even though Oahu is not a very big island, be prepared to encounter some REALLY bad traffic if you live in those areas, especially if you're coming from Ewa Beach. If you work in town, you're commute will probably be an hour and a half-2hours during rush hour (and town is only like 20 miles away!).

Yes, Hawaii is beautiful and full of diversity and culture. But there IS a big price to pay to live in paradise. If you're willing to sacrifice and downgrade you're lifestyle to live in paradise, then go for it. Some people think it's worth it. Others don't. Good luck on your decision!

[mrzh808]

I didnt even get to read the previous entry and didn't realize that hotcatz already talked about the "ohana" living. But that just proves even more that it's a normal way of life here in Hawaii.