Average household income? (to buy, tile, price)

[SoloPilot]

Originally Posted by whtviper1

you'd think they would have at least cleaned it up before they took pictures.

Maybe they DID!

[Conroy25]

I make about $80k here for total family income and couldn't afford a decent place that I was willing accept. I work downtown and didn't want to do Leeward side since the commute times. It seems like there is bubble going on here right now and I don't want to fall into that trap again. The rents don't equal the mortgages which is bad for me because I move around a lot for work. After about 9 months of looking I've given up. I was trying to retire here but will be going to Puerto Rico instead mostly based on real estate prices.

[whtviper1]

Originally Posted by Conroy25

I make about $80k here for total family income and couldn't afford a decent place that I was willing accept. I work downtown and didn't want to do Leeward side since the commute times. It seems like there is bubble going on here right now and I don't want to fall into that trap again. The rents don't equal the mortgages which is bad for me because I move around a lot for work. After about 9 months of looking I've given up. I was trying to retire here but will be going to Puerto Rico instead mostly based on real estate prices.

Yeah, that'll only get you a $400K place with no debt and 10% down.

I disagree about the bubble part though - at least on Oahu, I think we are just in the beginning in a rising housing market which started fall 2012.

Something catastrophic could always happen though - Russia, Syria, other bad stuff......

[Geezerrunner]

That house looked horrible-

Filthy bathroom with some tiles cracked or missing.
No closet doors
Very narrow hall
Small, only 896 square feet
No central air conditioning
Cheap mahogany slab interior doors, damaged drywall.

On the other hand the yard looked quite nice and kitchen not terrible.

[oregonwoodsmoke]

Originally Posted by Geezerrunner

..............
Filthy bathroom with some tiles cracked or missing.
No closet doors
Very narrow hall
Small, only 896 square feet
No central air conditioning
Cheap mahogany slab interior doors, damaged drywall.

On the other hand the yard looked quite nice and kitchen not terrible.

Bathrooms can be cleaned, tile can be replaced.
Closet doors are not terribly expensive. Nor are they difficult to install.

There isn't much that can be done about a narrow hall or small size
Central air conditioning can be added. Or use a window unit.
Interior doors are easy to replace. Drywall is easy to repair.

If a person can only afford at the low end of the price range, then they will get a lot more house if they are willing to buy a fixer and do a little work.

If you are already paying $600,000 for a house, it seems petty to balk at an additional $2,000 for repairs and a couple thousand more for new paint inside and out. If you can afford the perfect house, then buy it. If you can't afford it, you buy what you can afford and fix it up.

[whtviper1]

That house needs so much more than some paint.....it has been on the market since February and the condition shows why - median days on the market for Oahu is running 20 days or less.

[Pyramidsurf]

There will never be a bubble on Oahu. There's only so much land to go around. If you look around, you can find something good in a nice area for around 650K to 800K.

My friend bought a small lot in Kailua for 400K back in 2008. It's a half lot in Coconut Grove but it's three bed, two bath and livable.

Unfortunately, you really need a big down payment or a high household income to buy a decent house in Hawaii.

[hotzcatz]

Nope, you only need a big down payment or a high household income to buy a decent house on Oahu. It isn't so bad in the rest of the state, although employment is harder to come by on islands other than Oahu. If you can telecommute, then it's a no-brainer to select one of the other islands.

[whtviper1]

Originally Posted by hotzcatz

Nope, you only need a big down payment or a high household income to buy a decent house on Oahu. It isn't so bad in the rest of the state, although employment is harder to come by on islands other than Oahu. If you can telecommute, then it's a no-brainer to select one of the other islands.

I have to highly disagree. Many people would be bored quite quickly on the other islands. Many wouldn't. But Oahu offers the only real city.

I've been looking at real estate on Maui and anything new construction around Wailea isn't coming cheaply.

[hotzcatz]

Well, true, all the real urbanites will have to select Oahu since none of the other islands have any real city at all. It brings to mind "be careful what you ask for" since frequently we get folks who "want to get away from it all" and plunk themselves down out in the middle of nowhere. They are happy for a bit, off away from everything, then they realize any time they want to do or get anything they have a long journey to any sort of amenities. They usually find some reason to get back among other folks after a bit. Other folks want "acreage" or an "estate" and then the relentless growth swamps them.

How much household income they need should factor in transportation costs for those who "want to get away from it all" as well as maintenance costs and effort for those who want acreage.