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<br /> Table 20. Financial Qualification to Rent a Single Family Unit, Counties and State of Hawaii, 2016
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<br /> Honolulu Maui Hawaii Kaua'i State
<br /> Median Monthly Rent Amount $2,657 $2,090 $1,431 $1,930 $2,084
<br /> Security Deposit + 1st Mo. Rent $5,314 $4,180 $2,862 $3,860 $4,168 j
<br /> Total Effective Demand Renters 12,026 3,792 3,845 1,618 21,282
<br /> Affordable Rent' Same or Higher 23 7% 22.9% 38.2% 29.6% 36.5%
<br /> Current Rent Same or Higher 27 2% 26.1% 27 0% 17.9% 28.0% 1
<br /> Income-Based Qualification 23.0% 10.7% 29 2% 15.1% 23.7%
<br /> Source Median rents from RentRange®(Feb 2016)for all unit sizes. Qualified renters from HHPS 2016.
<br /> Base is households that plan to rent their next SFD unit in the State of Hawai'i.
<br /> Self-reported affordable rent amount.
<br /> 5. Housing Preferences percent preferred an apartment or condominium,
<br /> iiiand another seven percent chose a townhouse.
<br /> Preference for single-fa mjiy hnmw once
<br /> a. For Owned Units wain m ch hi•h- •• k -•• I** Islands, On
<br /> O`ahu, renters were more interested in j
<br /> Once again, most potential buyers statewide townhomes.
<br /> (68%) preferred single-family detached homes.
<br /> Single-family units are more important to buyers Across the State, renters first choice would be
<br /> in Hawai'i (85%), Kaua`i (84%), and Maui larger units with two (43%) or three bedrooms 3
<br /> Counties (83%) than in Honolulu (61%). The (31%). Nearly all of the potential renters,
<br /> County of Hawaii, with the lowest percentage of however, were willing to take units with fewer
<br /> condominium units in the State, also showed the than three bedrooms, if necessary (83%). Again, til
<br /> lowest preference for condominium units (5%). these figures suggest a willingness to accept
<br /> smaller units than in the past. The number of
<br /> About 40 percent of potential buyers said they bathrooms required was also relatively low, with
<br /> al
<br /> would be looking for at least a two-bedroom unit 69 percent reporting that they could accept one
<br /> and 29 percent said they would need at least or one-and-a-half baths.
<br /> three bedrooms. The willingness to settle for3
<br /> fewer bedrooms was higher than in the past, About 41 percent of potential renters said they
<br /> perhaps reflecting their readiness to compromise would need less than 1,000 square feet of space
<br /> on unit size in the face of high prices. The same in their next unit. An almost equal number of
<br /> was true for the preferred number of bathrooms. renters reported a need for between 1,000 andII
<br /> Half of buyers conceded that they would be 1,500 square feet (39%).
<br /> willing to accept a unit with only one or one-and-
<br /> a-half bathrooms Sixty-five percent of households that plan to rent
<br /> their next unit indicated that they would like to
<br /> Asked about the smallest unit they would accept, purchase a home in the future. Their reasons for
<br /> nearly half of would-be buyers (46%) said they not doing so now most often included the high
<br /> could live with 800 to 1,200 square feet. An cost of housing and insufficient funds for a down
<br /> additional 16 percent said they could accept payment. On average, these households plan to
<br /> units between 1,200 and 1,500 square feet buy a unit in about eight years.
<br /> b. For Rented Units C. HOUSING PRICES j
<br /> Households that planned to rent their next home The primary determinants of housing prices are
<br /> were mostly current renters (87%). Among housing demand and housing supply. As I
<br /> those who would rent their next unit, 43 percent
<br /> preferred to rent a single-family house. About 47 demand increases, prices rise. If new units are
<br /> supplied to the market, prices fall. As prices rise,
<br /> Hawaii HousingPlanningStudy,2016 Page 24
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<br /> ©SMS,Inc. December,2016
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