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Table 10a. Financial Qualification to Purchase a Single Family Home, Counties and State of Hawal'i,
<br /> 2011
<br /> Honolulu Maui Hawaii Kauai State
<br /> Median Sales Price $570,000 $415,000 $224,500 $415,000 $513,300
<br /> Down Payment Required $114,000 $83,000 $44,900 $81,000 $102,660
<br /> Monthly Mortgage Payment $2,448 $1,782 $964 $1,771 $2,204
<br /> Total Effective Demand Buyers 24,355 6,281 7,605 1,658 39,899
<br /> Can Afford Monthly Payments 35.6% 40.9% 71.0% 49.4% 32.7%
<br /> Have Adequate Down Payment 19.9% 15.8% 13.8% 20.9% 17.49/o
<br /> Fully Qualified 13.5% 13.2% 11.00/0 17.8% 13.1%
<br /> Source: Median sales price from Multiple Listing Service (MLS) Sept. 2011. Data about buyer qualifications from Housing
<br /> Demand Survey, 2011. Base is households that plan to purchase their next SFD unit in the State of Hawai i.
<br /> Table 10b. Financial Qualification to Purchase a Condominium, Counties and State of Hawaii, 2011
<br /> Honolulu Maui Hawaii Kauai State
<br /> Median Sales Price $316,500 $310,000 $212,500 $235,000 $315,800
<br /> Down Payment Required $63,300 $62,000 $42,500 $47,000 $63,160
<br /> Monthly Mortgage Payment $1,359 $1,331 $913 $1,009 $1,356
<br /> Total Effective Demand Buyers 14,309 1,168 1,196 275 16,947
<br /> Can Afford Monthly Payments 58.7% 55.7% 89.00/0 22.2% 59.2%
<br /> Have Adequate Down Payment 31.6% 25.4% 34.7% 26.2% 28.5%
<br /> Fully Qualified 30.1% 24.6% 34.7% 11.6% 27.0%
<br /> Source: Source: Median sales price from Multiple Listing Service (MLS) Sept. 2011. Data about buyer qualifications from
<br /> Housing Demand Survey, 2011. Base is households that plan to purchase their next MFD unit in the State of Hawai i.
<br /> Current Renters That Plan to Buy
<br /> There are approximately 25,000 households in While homeowners planning to buy are already
<br /> the State of Hawaii who currently rent their making substantial monthly housing payments,
<br /> residence and plan to purchase their next home the same is not true among current renters who
<br /> in the State of Hawaii. While buying a unit plan to purchase their next home. Many renters
<br /> would be the first choice for these households, who want to buy will have to increase their
<br /> upon further questioning, 21 percent conceded monthly shelter payment substantially when they
<br /> that they might have to rent their next home move up to home ownership. Only 21 percent of
<br /> instead. them are paying more than $1,700 a month for
<br /> shelter now. Fully 85 percent of these
<br /> Current renters often do not have adequate households earn less than 140 percent of the
<br /> savings or other assets to make the necessary AMI for the County.
<br /> down payment on a home. About forty percent
<br /> of renters reported have at least $5,000 in Households that are presently renting their home
<br /> savings to put toward a down payment and only but intend to buy their next unit are on a
<br /> eight percent could gather enough resources to substantially different timetable than are current
<br /> put $60,000 down on their next home. Sixteen homeowners. Nearly all of the current renters
<br /> percent of renter households said they had no who intend to buy (94%) plan to purchase a
<br /> money to put toward the down payment on a home within the next five years. Based on their
<br /> home. financial qualifications, however, homeownership
<br /> Hawaii Housing Planning Study,2011 Page 17
<br /> 0 SMS, Inc. November,2011
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