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Table 19. Financial Qualification to Purchase a Single-Family Home, Counties &State, 2019
<br /> County
<br /> Honolulu Maui Hawaii Kauai State
<br /> Median Sales Price $770,000 $819,500 $362,000 $630,000 $695,000
<br /> Down Payment Required* $154,000 $163,900 $72,400 $126,000 $139,000
<br /> Monthly Mortgage Payment** $2,940 $3,129 $1,382 $2,406 $2,654
<br /> Total Effective Demand SFD Buyers 26,649 7,119 8,332 1,761 43,861
<br /> Can Afford Monthly Payment 40.3% 28.4% 43.3% 34.2% 40.8%
<br /> Have Adequate Down Payment 19.1% 26.8% 25.7% 27.4% 27.1%
<br /> Fully Qualified 17.2% 11.7% 19.8% 20.3% 19.7%
<br /> Source. Locations Market Reports, Q1 2019; Housing Demand Survey, 2019.
<br /> https://www.locationshawaii.com/learn/market-reports/hawai i-statewide-real-estate-report/
<br /> *Assumes a 20 percent down payment.
<br /> **Based on a 30-year fixed loan with a 4% interest rate.
<br /> Base is effective demand households that plan to move within the next 5 years and purchase an SFD unit.
<br /> Can Afford Monthly Payment if the monthly payment is less than or equal to 30%of household income.
<br /> Table 20. Financial Qualification to Purchase a Multi-Family Unit, Counties & State of Hawaii, 2019
<br /> County
<br /> Honolulu Maui Hawaii Kauai State
<br /> Median Sales Price $418,000 $444,444 $418,500 $459,000 $430,000
<br /> Down Payment Required* $83,600 $88,889 $83,700 $91,800 $86,000
<br /> Monthly Mortgage Payment** $1,596 $1,697 $1,598 $1,753 $1,642
<br /> Total Effective Demand MFD Buyers 20,994 1,298 1,655 493 24,439
<br /> Can Afford Monthly Payment 29.2% 27.6% 34.9% 19.1% 28.6%
<br /> Have Adequate Down Payment 20.3% 19.6% 26.5% 8.1% 20.1%
<br /> Fully Qualified 16.7% 23.4% 13.2% 8.7% 15.7%
<br /> Source. Locations Market Reports, Q1 2019; Housing Demand Survey, 2019.
<br /> https://www.locationshawaii.com/learn/market-reports/hawaii-statewide-real-estate-report/
<br /> *Assumes a 20 percent down payment.
<br /> **Based on a 30-year fixed loan with a 4% interest rate.
<br /> Base is effective demand households that plan to move within the next 5 years and purchase an MFD unit.
<br /> Can Afford Monthly Payment if the monthly payment is less than or equal to 30%of household income.
<br /> b. Renter Qualifications examined as well to determine the financial
<br /> readiness of prospective renters.
<br /> Seven in ten households planning to rent their
<br /> next home cited financial reasons for their Statewide, 15 percent of those planning to rent a
<br /> decision. Reasons for not buying included the single-family unit indicated they could afford to
<br /> inability to afford a down payment or monthly make the median monthly rent payment of
<br /> payment and the belief that homes in Hawaii are $2,220. For 23 percent of these households, their
<br /> just"too expensive." These households were also current income suggests that making the median
<br /> asked if they would opt to purchase a home if monthly rent payment would require less than 30
<br /> there was a unit available they could afford. Close percent of their income. Twenty-nine percent
<br /> to 70 percent responded affirmatively. (29%), however, were currently paying more each
<br /> month for housing than the median monthly rent
<br /> Financial qualification for households planning to amount.
<br /> rent their next unit was evaluated using the
<br /> current average monthly rental rate for single- Among the 53,850 households across the State
<br /> family and multi-family units in each county. that intend to rent their next unit, 35 percent prefer
<br /> Household income, current monthly shelter a single-family unit. Those planning to rent single-
<br /> payment, and affordable monthly rent were family units on Maui were most financially
<br /> Hawai'i Housing Planning Study,2019 Page 22
<br /> ©SMS December,2019
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