Average home loan in Hawaii is highest in the nation - $677k
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That's why the Mean is often more instructive. That's the point at which half the values are higher, and half the values are lower. And the Mean for Hawai'i real estate right now is about $600,000, last time I looked... highest in the nation.
I am pretty sure you mean median, not mean. Median is the halfway point (half higher, half lower).
Either way really, the way this is being reported on is almost completely without any contextual meaning. It's just another "ZOMG HYPE HYPE CLICKBAIT" stupid Internet statistic.
If you were to make a cookie cutter the size of Oahu, Maui, and the Big Island combined and go cut out the areas of equivalent size around NYC, LA, and several other cities in the USA you'd get relatively comparable results. In fact there are certain parts of the country, outside of any city, where you'd find the same result. There's no point in reporting crap this way at all. This stuff gets so tiring. What's next, freaking out because lot sizes in Hawaii are smaller than average? How about the ridiculously low number of miles of interstate highways it has? Hey let's make up some more stuff that's ridiculous to be surprised about considering isolated island geography...
No one is freaking out, just reporting data, which can be very helpful.
Well, maybe one person is freaking out. ^^^^
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I am pretty sure you mean median, not mean. Median is the halfway point (half higher, half lower).
You are absolutely correct. My apologies for the brain burp!
The thing that makes the very high median home prices so relevant in Hawai'i is that unlike places on the mainland with similar high home prices, folks can't just add another 30 minutes or an hour to their commute to get out past the shore to the affordable 'burbs. <glub>
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