2011 Housing Planning Study - County of Hawaii

Home

through 1998, and then rose at an increasing and 2003. The depressed housing market of the rate from 1998 through 2005. In 2006, sales nineties held prices and rents in check while the prices continued to rise, but at a slower pace. In good economy of the late nineties raised 2006, the median sales prices in the County of household incomes. Between 2003 and 2006, Hawaii peaked at $421,250 for SFD and rapidly rising housing costs pushed the shelter- $426,500 for condominium units. Since then, the to-income ratio back to its 1997 level. median price has fallen to $278,800 for SFD and $275,000 for condominiums. The situation improved a bit during the past four years. In 2006, just over 49 percent of County Average shelter costs for renter households in households had shelter-to-income ratios less Hawaii rose by 20 percent between 2006 and than .30. That percentage was down in 2011. 2011. This increase was half the amount In 2006, the percent of households that were observed between 2003 and 2006. paying 40 percent or more of their income on shelter was 26 percent. That figure fell to 25 percent in 2011. The period between 2006 and CURRENT HOUSING SITUATION FOR 2011 was marked by fairly stable or slightly rising HAWAII COUNTY RESIDENTS housing costs and by rising unemployment and substantial decreases in household incomes. Among the County's 67,096 households in 2010, about 70 percent were homeowners and 94 Other conditions in Hawaii households have not percent of them owned their property fee simple. changed much as a result of recent changes in Eighty-seven percent of all households were Hawaii's housing market. About the same located in single-family detached dwelling units. number of people (84%) rated the condition of Five percent were renting apartments, and an their units as excellent or satisfactory. approximately equal number were living in Crowding3, which dropped from 19 percent in condominium or townhome units, either owned 1992 to 6.6 percent in 2006, is back up to 8.6 or rented. Most of the rest were in multifamily percent in 2011. Eleven percent of households units. The median monthly mortgage payment in the County of Hawaii were doubled up in was $1,573 a month and the median rent was 2011". $1,039 per month. Hawaii household incomes were up slightly HOUSING DEMAND since 2006. The Census Bureau reported Hawaii County's median household income in The Housing Demand Survey measures demand 2010 at $53,828. The current Housing Demand as interest in moving to a new housing unit, Survey found similar medians. U.S. Department whether to buy or to rent. In 2011, 42 percent of of Housing and Urban Development (HUD) all Hawaii County households expressed a income guidelines express income in terms of desire to move to a new home in the near future. the median household income for each County in This remained unchanged since 2006. The rest Hawaii, adjusted for household size. HUD said they did not intend to move in the reported an increase in median income for the foreseeable future. County of Hawaii from $55,300 to $68,700 between 2006 and 2011. It Is also necessary to consider how Hawaii 3 Crowding is a measure of the number of persons per County households are doing relative to high room. A household is considered "crowded" if there is housing costs and general inflation. Shelter-to- more than one person per room. income ratios (SI-Ratio) measure the percent of 4 Households occupied by two or more families or groups a household's monthly income that is paid out for of persons who are not related by birth, marriage, or shelter (mortgage or rent payments). In Hawaii adoption are considered "doubled-up". The figure may include those who are in mufti-generation households by County, SI-ratios dropped steadily between 1992 choice. Hawaii Housing Planning Study,2011 Page ii 0 SMS, Inc. November,2011