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The total housing unit growth rate is slowing. Figure 1. Total Housing Units, Housing Stock,
<br /> Between 2003 and 2007, Hawaii added 31,639 Seasonal and Other Vacant Units, County of
<br /> housing units to its total. Between 2007 and Hawaii, 2000-2017
<br /> 2011, 14,895 were added. Between 2011 and 100,000 14,000
<br /> 2014, 7,468 units were added to total housing 90,000
<br /> units and 8,028 units were added between 2014 0,
<br /> 8000 12000 Y
<br /> ro
<br /> and 2017.1 70,000 10,000
<br /> 60,000 8,000 O
<br /> In recent years, Hawaii has been building more Y 5000
<br /> 0
<br /> 6,000 m
<br /> units that aren't being used for Hawaii families. In m 40,000To
<br /> 0
<br /> Table 2 we see that total housing units grew by = 30,000 4,000 30000
<br /> 1.5 percent between 2014 and 2017. Housing g 1, 0,000 2,000
<br /> stock, on the other hand, grew by only 1.1
<br /> 0 0
<br /> percent. Vacant and unavailable housing units M P A I P I A , o
<br /> U
<br /> grew by 11.2 percent. Tota lHousing Units Housing Stock o Seasonal Other Vacant
<br /> Within the housing stock, the number of occupied Source: SMS calculations from State of Hawaii Time Series
<br /> Data Book and ACS Tables in Series B25000.
<br /> housing units grew by 1.1 percent, the same rate
<br /> as housing stock. But the number of vacant units
<br /> went up by 7.3 percent, due almost entirely to c. Homeownership
<br /> increasing numbers of rental vacancies.
<br /> Homeownership rates fell across the nation as a
<br /> Still, the major concern is over vacant unavailable result of the Great Recession and Hawaii was no
<br /> units. The increase in seasonal units was 6.8 exception. Some experts feel the low
<br /> percent between 2014 and 2017, down somewhat homeownership rate is a sign that the housing
<br /> over the earlier part of the decade but still rising market recovery is not yet complete. High prices,
<br /> faster than the usable housing stock. The growth low inventories, and a lack of confidence in the
<br /> in "other vacant" units was 21.3 percent in the last market slowed sales, especially in high-priced
<br /> four years as more of our usable stock is markets like Hawaii. More important, the impact
<br /> remaining unoccupied when families vacate. of the slow recovery falls heaviest on first-time
<br /> buyers. It is their entry to the market that boosts
<br /> The County of Hawaii had the largest average the homeownership rate.
<br /> annual increase, adding 1.7 percent to its housing
<br /> stock each year. The City and County of Honolulu Between 1990 and 2010, while the housing stock
<br /> had the smallest average annual increase at 0.3 was growing, homeownership rates also grew.
<br /> percent per year. The counties of Maui and Kauai Homeownership rose during the market run-up in
<br /> added 2.1 and 0.8 percent to their total housing the early nineties and fell during the late nineties.
<br /> stock each year.
<br /> Overall, the number of vacant and available units
<br /> changed little. There were 27,221 vacant units in
<br /> 2014 and 27,354 vacant units in 2017. The overall
<br /> numbers hide a large increase in rental vacancies
<br /> and a significant decrease in vacant-for-sale
<br /> units. The market gets tighter as we build in more
<br /> unavailable units.
<br /> 1 DBEDT Data Book 2014, Table 21.20, Housing Units by
<br /> County: 2000 to 2014.
<br /> Hawai'i Housing Planning Study,2019 Page 5
<br /> ©SMS December,2019
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