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Hawai'i is ranked 4th in millionaire households per capita in the US. This is not because of the tourism trade which is mostly owned by japanese and international investors but by the housing and land markets lack of supply for the demand. 27% of homes bought in Hawaii recently are by mainland or foreign buyers. Heres the tell all, The average price for homes purchased by foreign residents was the highest at $785,604, followed by homes purchased by U.S. mainland buyers at $630,390, while homes purchased by Hawaii residents averaged at $478,189. I suspect the percentage of outside buyers is alot higher because the term "Hawaii resident". We all know its not to hard to become a resident of Hawaii. This my point outside money is raising the median average wealth on the islands. I think people should also talk to the 70% of the total native hawaiian population living now in other states in our country and ask them why they don't live on Hawaii anymore or the 90,000 Former Hawaii Residents in Navada alone.
Last edited by Aloha State; 07-07-2016 at 11:35 PM..
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Unless the residents have money - you can't have record home prices. And I doubt a lot of investors are snapping up Ewa Beach properties. I had to drive to Ko Olina yesterday and I still can't believe people subject themselves to that traffic.
The analysis found that 1 in 5 Oahu home sales are in Ewa, while 20 percent of condo sales are in Waikiki.
Some 28 percent of homes sold in June on Oahu went for more than their initial asking price. And the median number of days single-family homes were on the market in June was just 15. That’s a record low.
Hawaii's housing costs are not keeping up at the same pace of other west coast cities (San Diego to Seattle). If you want to include Vancouver BC there is no comparison. Vancouver alone had a 38% increase yoy for detached home sales (June 2016). The average price in Greater Vancouver for detached houses sold last month reached $1.77-million CD. Seattle, Portland and San Francisco are all up over 10% yoy. My understanding of the housing market in Hawaii is that it tends to lag behind West Coast cities but quickly catches up to trend. With interest rates at record lows the current market might be considered a bargain.
With interest rates at record lows the current market might be considered a bargain.
Well - I don't think to many people consider a $760,000 median a bargain.
Regardless - $760,000 isn't going to get you in a prime neighborhood for a single family home.
And comparing to the West Coast isn't a good comparison.
The distance from Hawaii to the West coast is roughly the same as the distance as the West coast to the East coast. Hawaii doesn't have a silicon valley, Disney, amazon, Microsoft, etc......
The report’s data also shows 32,829 Hawaii households with $1 million or more in investable assets, for a ratio of 6.93 millionaires to the total household count.
More then 70% of Native Hawaiians live in other states then Hawaii.
So what? What does that have to do with anything? How many weren't even born in Hawaii?
Breaking news - lots of people don't want to live in Hawaii. Only roughly 950,000 live on Oahu and unprecedented low population growth is ahead of Oahu.
Shall we see how many Irish don't live in Ireland? Or French live in France? How about Japanese - how many don't live in Japan?
Lets complete what i said ok? " I think people should also talk to the 70% of the total native hawaiian population living now in other states in our country and ask them why they don't live on Hawaii anymore or the 90,000 Former Hawaii Residents in Navada alone." Another words what you claim to be Oahu middle class bettering itself is really out of state movers who became hawaii residents and former rich oahu residents. Follow me here ok, if 27% of homes bought in Hawaii recently are by mainland or foriegn buyers in a few years imagine what that percentage is like for a few decades? Further if 73% currently are hawaii residents and the average sales is $478,189? Which neighborhoods have these price ranges or less? Since half of hawaii residents are buying for this amount or less? mostly leeward side not windward right? lower class to middle class neighborhoods right?
Geez, if I was Hawaiian why would I move? Even if we made low middle class, you have DHHL which will sell you a home with the land for free. You can barely match that on the mainland. Or they will give you land to build on.
I'm think of the Hawaiian's I know who moved..... one was a doctor who found Hawaii to be burdensome to a small business, one is a kid who just wanted to experience new stuff.
Heck, people move for all kinds of reasons.
It's easy to misinterpret data.
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I think people should also talk to the 70% of the total native hawaiian population living now in other states in our country and ask them why they don't live on Hawaii anymore or the 90,000 Former Hawaii Residents in Navada alone
if 27% of homes bought in Hawaii recently are by mainland or foriegn buyers in a few years imagine what that percentage is like for a few decades?
You still can't spell HBH.
Regardless, I think many people would be surprised only 27% of the homes purchased are not people from Hawaii. That was probably a higher number in the 80's when you lived here. Breaking news: It is Hawaii - of course people out of state are going to buy - just like Florida, Arizona, California, Carolina's, etc....How many people out of state buy in South Florida - what is the point? I also doubt they are buying the types of homes "locals" would buy - they buy oceanfront - Waikiki.
But the funniest comment is - talk to the 70% of Native Hawaiians living in other states. First, no thank you. Second - probably 69% of those weren't even born in Hawaii. And probably a great majority of them have never even been to Hawaii. What a false premise - you make it sound like every single Native Hawaiian was born in Hawaii and now 70% of them left. Uh, no. Just because you are Native Hawaiian doesn't mean you were born, lived, or have ever been to Hawaii.
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