2016 Hawaii Housing Planning Study

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O Table 9. Population Change by County, 2005-2015 those reported in 2010, suggesting that average %Change between 2005 and 2015 household sizes were increasing very slightly. Total Number Average This would not be unusual in a housing market Population of HH HH Size marked by low supply elasticity. Hawaii +19.1 +17.0 +0.3 Table 11.Average Household Size, 1990-2015 . ' Honolulu +10.9 +3 5 +8.8 11 m County o o Kauai +14.3 +11.7 +2.3 Hawaii Honolulu Kaua`i Maui State Maui +19 3 +12.5 +5.8 1990 2.86 3.02 3.09 2.99 3.01 3 State +131 +6.8 +7.9 2000 2.75 2.95 2.87 2.91 2.92 Source:Calculated from Table 6 and Table 8. 2005 2.77 2.91 2.85 2.86 2.88 Data for all four counties were consistent with a 2010 2.70 2.95 2.84 2.82 2.89 I housing market where demand was greater than 2014 2.88 3.03 3.03 2.94 3.00 supply. The situation in Hawaii County was 2015 2.78 3.21 2.92 3.03 3.11 I much closer to the preferred circumstances than Sources: U.S Decennial Census, 1990, 2000, 2010, ACS was found in the other counties: population 2005 (1-yr Estimate), 2014 (5-yr Estimate), PEPANNRES, growth and household formation grew at nearly 2015, DBEDT 2040 Projections the same rate, and average household size grew I by only one third of one percent. 2. Demand for Residential Property by The State's population growth was relatively Persons Living Out-of-State slow during the nineties and increased a bit The above data demonstrate that consistent during the last decade, largely in response to growth in the size of Hawaii's resident economic growth. The average household size population increases demand on the residential fell off a bit by 2003 and even more by 2006. It housing stock. Though most of the demand for then resumed faster growth, but did not quite residential real estate in Hawaii originates from reach the level seen in the years before 2000 the local population, Hawai'i's housing market is until the present. In 2015, the average also affected by demand from non-residents. household size for the State is 3.11 persons. This is a notable increase over the 2014 average Hawaii has a list of qualities that drive non- household size of 3.00. resident demand for our housing units. We have Table 10.Total Household Growth, 1990-2015 a temperate climate, beautiful beaches, and abundant opportunity for outdoor activities and j County entertainment. Chronic health conditions are less Hawaii Honolulu Kauai Maui State prevalent than the national average, wages are 1990-2000 27 8% 8.0% 25.3% 31 3% 13 2% higher, household incomes are higher than in other states, and our social welfare programs are 2000-2005 14.0% 4.9% 8 0% 11.2% 7.0% at least perceived as being more available. Hawaii's unique and welcoming culture is 2005-2010 11.1% 1 4% 5.7% 6.0% 3 5% attractive to many people who wish to vacation1 or have a second home in the islands. 2010-2015 5 3% 2.1% 5.7% 6.2% 3 2% Recent research by DBEDT combined with Source: Calculated from Table 8 tabulation of County Tax Map Key records and Average household size decreased slowly from Housing Demand Survey data point toward high 1990 through 2005 and between 2007 and 2009, rates of out-of-state ownership for residential depending on the county (Table 11). Census property in Hawaii. numbers reported for 2014 were higher than Hawaii Housing Planning Study,2016 Page 16 1 ©SMS,Inc December,2016