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Table 4. State of Hawaii, Total Households, 1990- again during the last housing market boom. The
<br /> 2010 rate has been drifting down since 2007.
<br /> State of County County County County
<br /> Of of of Figure 5. Homeownership Rates, U.S. and
<br /> Hawaii Honolulu Hawaii of Maui Kauai State of Hawaii, 1985-2010
<br /> 1990 389,810 281,683 48,253 42,261 17,613 75.0
<br /> 1992 411,494 290,571 49,394 51,578 19,951
<br /> 1997 449,385 311,398 59,098 54,321 24,568 70.0
<br /> 1999 456,091 314,448 61,108 55,475 25,060
<br /> 2000 460,542 315,988 62,674 56,377 25,331 65.0
<br /> 2003 475,972 322,845 68,260 59,558 26,698
<br /> 2004 482,873 325,775 70,122 61,018 27,153 60.0
<br /> 2005 491,071 329,300 71,984 62,178 27,609
<br /> 2006 500,021 332,718 75,185 63,610 28,508 55.0
<br /> 2010 519,508 1 336,899 1 82,324 1 70,492 29,793 -U.S.
<br /> Average Annual Increase 50.0 -Hawaii
<br /> 1990- 1.81% 1.22% 2.99% 3.34% 4.38%
<br /> 2000° 45.0
<br /> 2000- X15 el^ 41 e°jti eC3 �Ce eCj\ eCj o°ti o°°'
<br /> 1.12% 0.72% 2.97% 1.88% 1.80%
<br /> 2003°
<br /> 2003- Source: Federal Reserve Bank of St. Louis, Economic
<br /> 2006° 1.68% 1.02% 3.38% 2.27% 2.30% Research Division.
<br /> 2006-
<br /> 2010° 0.97% 0.31% 2.37% 2.70% 0.83% The trend in homeownership has been upward,
<br /> a_ Average annual increase forthe period noted. but we haven't moved ahead of other states. In
<br /> Sources: 2009 DBEDT Data Book, 2010 Census. 1985, Hawaii ranked 49th out of the 51 markets
<br /> (50 states and Washington, D.C.). Only the
<br /> District of Columbia and New York State had
<br /> Household Conditions lower ownership rates. In 2009, Hawaii still
<br /> ranked 48th ahead of D.C., New York, and
<br /> Conditions in Hawaii's households reflect our California.'"
<br /> high-priced housing market. We investigated
<br /> homeownership, shelter costs, crowding, and The federal government did not publish annual
<br /> out-of-state ownership. home ownership rates for Hawaii counties until
<br /> 2005. Figure 6 shows the comparison of county
<br /> rates as they drifted downward from a high in
<br /> Homeownership 200515.
<br /> Growth in housing stock between 1990 and 2010 Hawaii and Kauai Counties have higher
<br /> was matched by higher homeownership rates homeownership rates and the City and County of
<br /> across the State (Figure 5)13. Homeownership Honolulu has the lowest rate among the four
<br /> rates in Hawaii rose from just over 50 percent in counties. Maui's home ownership rate was
<br /> 1985 to 57 percent in 2010. Homeownership similar to that of Kauai and Hawaii Counties
<br /> rose during the market run-up in the early until the late 1980s, when it began moving
<br /> nineties, fell during the late nineties, and rose toward Oahu's rate.
<br /> 14 U.S Census 2010
<br /> 13 Note that Federal homeownership figures (Figure 5) do 15 The ACS rates are slightly different from those of the
<br /> not match Hawaii's demand survey data (Figure 6) Federal Reserve Bank. The FED shows the peak as
<br /> exactly. The Federal data suggest a significant dip in 2007, which is a more likely scenario. ACS figures for
<br /> homeownership in the late nineties counties are reliable.
<br /> Hawaii Housing Planning Study,2011 Page 10
<br /> ©SMS, Inc. November,2011
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