2011 Housing Planning Study - County of Hawaii

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SUMMARY: COUNTY OF HAWAI'I HOUSING CONDITIONS, 2011 The objectives of the Study have developed over the past 19 years. Since the Housing Policy Between 1990 and 2006, the housing stock used Study series began in 1992, HHPS has by Hawaii County households dropped from produced a single, comprehensive, and widely 86.0 to 78.9 percent. As is true for the other accepted compendium of data on Hawaii's counties, the percentage of the total housing housing market accessible to all parties in the stock on the Big Island that is available to local business of providing housing for Hawaii's residents soared to 93.0 percent. people. Since 1997, HHPS has also included some form of housing forecast to support Households: The number of households, or planning for housing development across the occupied housing units', in Hawaii is a strong State. Over the years, individual iterations of the indicator of housing stock available to Hawaii HHPS have investigated specific topics of residents. The total number of households on interest to Hawaii's housing development the Big Island grew 6 percent in the past four community, some of which have remained as years, to 67,096 total households in 2010. The part succeeding studies and some that have average household size also increased during been replaced by issues of greater interest to that same time period, from 2.68 to 2.76 persons planners and developers. In 2011, the interests per household. of HHPS stakeholders expanded to include a greater interest in alternative housing production Home Ownership: Housing stock growth from procedures, the interfaces between housing and 1990 to 2006 fueled increasing home ownership transportation, and housing for special needs rates across the State. The percent of occupied groups. units that were owner occupied rose from 61 percent in 1990 to 67 percent in 2006. The growth rate was slow at first, rising three points FUNDAMENTAL HOUSING DATA between 1900 and 2000, one point between 2000 and 2003, and then another point in the Population: Between 1990 and 2000, the last three years. Since 2006, that trend has County of Hawaii's population grew at a rate of leveled off. In 2011, 66 percent of the County's 2.0 percent per year. In the first six years of the units were owner occupied. present decade, the county growth rate was 2.1 percent per year. Hawaii County was the only Out-of-State Ownership: In 2011, 12 percent one of Hawaii's counties that had higher growth of Hawaii County's single-family housing units rates in 2000-2006 than in the nineties. The and 49 percent of the condominium units were population growth rate climbed to 2.3 percent per owned by persons from outside of the State. year between 2006 and 2010 —tied with Maui for highest in the State over the last four years. Housing Prices: The most salient characteristic of Hawaii's housing market in the last four years Housing Stock: The total number of housing has been a slow decline in the prices. Home units in Hawaii County at the beginning of 2011 resale priceS2 statewide fell in Hawaii from 1990 was about 83,325 units. Since 1990, the average annual growth rate for total units has 1 Throughout the analysis and reporting of data for HHPS been higher than the population growth rate. 2011, we have followed the U.S. Census convention of Hawaii housing stock grew by 2.5 percent per defining households and occupied housing units as year between 1990 and 2000. Between 2000 identical. The number of occupied housing units, or households, is equal to the total housing stock minus and 2006, the growth rose to 2.9 percent per units held for use by non-residents and vacant units. year. In the past four years, the annual growth 2 New unit sales prices are unavailable. They are rate was down slightly at 2.7 percent. expected to be higher than for resale prices, and to vary according to the same patterns as resale prices. Hawaii Housing Planning Study,2011 Page ix 0 SMS, Inc. November,2011