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What source is that? I've always been under the impression that home ownership, at least in Oahu, was extremely high, there doesn't seem to be that many rental properties.
It seems like Hawaii is on a different housing market than the mainland. But, was Hawaii once affordable?
Like, say, 10-20 years ago, back when most places on the mainland were?
If it was, than perhaps quite a few people bought their houses back then, and just holding on to them, and keeping them within the family?
That's pure speculation though, I haven't seen any data whatsoever. But I can't imagine people would be able to afford half a million house on Honolulu wages very easily.
What source is that? I've always been under the impression that home ownership, at least in Oahu, was extremely high, there doesn't seem to be that many rental properties.
Over my years of living here I've heard about it either on the TV news or the paper. Ever since I bought my first place about 10 years ago I've paid attention to real estate trends in Hawaii. However, if you're asking for a specific newscast date or newspaper article I don't remember that.
I also found this website with demographic data regarding all 50 states. It's helpful if you're thinking about moving to another area.
If you look at Hawaii compared to the rest of the US you'll see that the homeownership rate is lower and the housing units in multi-unit structures (eg. apartments, condos) is much higher. I don't see anything about rentals though. Look at the median value of owner occupied housing units ($521,500 vs.$185,400), it's just insane compared to the rest of the US.
And yet median salary is about the same as the mainland. Is it any wonder when our main industry is tourism, and the wealth that comes to Hawaii from tourism ends up in enriching the wealthy few, many of whom don't even live here? Just because you aren't cutting cane doesn't mean you aren't working on a plantation.
Looks like it's starting to go down again (if it's now $521,500), but still quite high.
One thing about Oahu though, is it seems even if the market goes down on the Mainland, it just means that Asia investors often times get into the market.
I don't understand why people buy condos. Yes, they're cheaper, but you pay insane maintenance costs. So instead of being an investment, you're throwing your money away just like when you rent.
It seems like Hawaii is on a different housing market than the mainland. But, was Hawaii once affordable?
Like, say, 10-20 years ago, back when most places on the mainland were?
If it was, than perhaps quite a few people bought their houses back then, and just holding on to them, and keeping them within the family?
Housing in Hawaii is always more affordable yesterday. Friends from the mainland thought I was crazy to pay almost $35,000 for a one bedroom Diamond Head condo in 1978. They could buy 3beds/2bath single family for less. Now my property is worth over $400,000 and their SFH are less than $200,000.
That $35,000 WAS expensive then, otherwise I'd bought a couple of 'em. TODAY is the good ole days 10-20 years from now.
Housing in Hawaii is always more affordable yesterday. Friends from the mainland thought I was crazy to pay almost $35,000 for a one bedroom Diamond Head condo in 1978. They could buy 3beds/2bath single family for less. Now my property is worth over $400,000 and their SFH are less than $200,000.
That $35,000 WAS expensive then, otherwise I'd bought a couple of 'em. TODAY is the good ole days 10-20 years from now.
How much did you pay in maintenance fees over the years though?
I don't understand why people buy condos. Yes, they're cheaper, but you pay insane maintenance costs. So instead of being an investment, you're throwing your money away just like when you rent.
What do you consider an "insane" maintenance cost? Not everybody wants to cut their own grass, cut/plant flowers, clean the pool, patch the roof, maintain the bbq area - and a lot of HOA fees include basic cable or more, water, trash - some, like mine - include phone and internet.
What do you consider an "insane" maintenance cost? Not everybody wants to cut their own grass, cut/plant flowers, clean the pool, patch the roof, maintain the bbq area - and a lot of HOA fees include basic cable or more, water, trash - some, like mine - include phone and internet.
Here is an example I just pulled off a listing for a condo in Hawaii.
"Maintenance Fee Includes: Insurance, Cable TV, Electricity, Water, Sewer, Trash, Landscaping and Maintenance of all common areas.
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