|
Kona Residential Housing Demand Relative to Roval Vistas Paae 1
<br />Testimony Summary
<br />The subject property is attempting to reduce housing prices, stabilize welfare within our community, provide
<br />shelter for our workforce (fueling our economy), and increase the county and the state's ability to support and
<br />sustain the less fortunate in our community... all by building homes for our middle and middle -lower income
<br />neighbors.
<br />Hawaii has seen a significant increase in families living in poverty, according to an Aloha United Way report
<br />released this month, thanks to the pandemic, and inflation. And the coming recession will make this worse.
<br />15% of Hawaii households were below the federal poverty line in 2022, up from 9% in 2019 (1 in 7 of us).
<br />Another 26%, 1 in 4, are considered ALICE households, or some 634,000 people having tough times.
<br />ALICE — Asset Limited, Income Constrained, Employed. Per the report, "ALICE workers educate our
<br />children, keep us healthy, and make our quality of life possible, yet do not eam enough to support their own
<br />families. ALICE households are forced to make tough choices, such as deciding between quality child care or
<br />paying the rent, which have long-term consequences not only for ALICE, but for all. How many?
<br />39% of the families in North Kona (5,831 households), 48% in South Kona, 33% in South Kohala , or 2,166,
<br />Total Percent ALICE Alice & Below
<br />North Kona 15,073 39% 5,878
<br />South Kohala 6,495 33% 2,143
<br />South Kona 3,609 48% 1,732
<br />Leeward 32,750 32% 10,439
<br />Note this is 2018 data, not 2022 data - it's not yet processed down to the county level. However, the statewide
<br />numbers came in at 15%, 6% points higher than the 9% statewide in 2018
<br />4 years ago, a study was done by the state on housing, describing the effects of high housing costs on families.
<br />It found evidence of doubling up ('more than one family group' in a household) and crowding (2 or more
<br />persons per bedroom). For this area, North Hawaii, showed that
<br />1. 13% of the households in the North Hawaii area had two or more families per dwelling, and that
<br />2. 10% had more than 2 persons per bedroom and that
<br />3. 21 % of all households had to double up or crowd in.
<br />Per the chart, housing supplied since 1960 has fallen significantly. Every time it rises, prices moderate. When
<br />if falls, prices escalate. Today, the average assessed value of a condominium on Leeward Hawaii is $1.6MM.
<br />Falling Supply, Rising Prices, Kona/Kohala MF
<br />2,000 -- $1,600,000
<br />I,800 -- Condo Production $1,440,000
<br />- Ave Assess'd $
<br />$1,280,000
<br />$1,120,000
<br />$860,000
<br />$800,000
<br />$640,000
<br />$480,000
<br />$320,000
<br />$160,000
<br />1,600
<br />1,400
<br />1,200
<br />1,000
<br />800
<br />600
<br />400
<br />200
<br />0
<br />y� rIts
<br />cf r9•la y9� s9Qi 19O yA9a 1A� 0 0 0 0 0
<br />cY K 0'K d K cr K cl K cr q d
<br />yA� y0 y91 +41 y0 ti0 ti`A ti`A 'ti`f' ti0 °~ ti°y °ry
<br />By Ricky Cassiday rcassidavhme.com
<br />$0
<br />Re'd ati4smist by
<br />Dist'i
<br />COPY
<br />
|