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HOUSING IN HAWAII, 2006 <br />The objectives of the Hawaii Housing Policy Study Update (HPS), 2006 were to update the <br />information gathered in previous studies and to continue the development of the Study as a <br />comprehensive housing planning tool. In past Housing Policy Studies, the results have slowly <br />evolved toward the latter goal. In 2006, the Study was expanded to include an analysis of <br />housing production data over the last five years. <br />Two other changes were implemented in 2006. First, the Study's time schedule was changed to <br />include major updates every three years with interim updates on an annual basis. Second, the <br />housing model was radically restructured in response to the needs of housing analysts in <br />Hawaii. The new housing model is more comprehensive and fitted with additional front -end <br />programming to make it usable by a much broader group of housing analysts and planners. <br />PROJECT STRUCTURE <br />The Housing Policy Study, 2006 has five parts: <br />A Housing Stock Inventory: An inventory of all housing units in the State at the end of 2004. <br />In 2006, the inventory was used to develop a long -range model of housing production to <br />serve as input to the housing model. <br />2. Rental Housing Study: A study of rental unit advertisements, prices, and characteristics <br />from January 2003 through November 2006. The rent study was also institutionalized to <br />produce trackable data into the future. <br />3. Production Data: A review of County data on scheduled housing unit production and a set <br />of interviews with housing producers to develop more reliable estimates of short -run housing <br />production and better understand the issues related to housing development. <br />4. Demand Survey: A statewide survey of adults in 4,995 households to measure current <br />housing conditions, and expectations to move to a new unit, new unit preferences, financial <br />qualifications for purchase or rent, and demographic characteristics of household members. <br />5. Housing Model: A model of Hawaii housing conditions, prices, and sales, that permits <br />forecasting of housing unit needs by income group through the year 2030. <br />Each of these project elements is described in greater detail in the Technical Report for HPS <br />2006 and in several companion documents in the series6. <br />6 See list of reports on p. iii. <br />Hawaii Housing Policy Study, 2006 <br />© SMS, Inc. <br />Page 7 <br />February, 2007 <br />