2011 Housing Planning Study - County of Hawaii

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About 22 percent of those who intended to move the past. Eighty percent of all potential renters wanted to move to a home outside of Hawaii, up needed three or fewer bedrooms and 92 percent notably from 13 percent in 2006. If we subtract said they could accept one (61%) or two (31%) those households from the total who want to bathrooms. Just over one-third of potential move, the resulting measure of "effective renters (34%) said they needed less than 1,000 demand" indicates pressure on the housing square feet of space and 20 percent each market over the next several years. Effective reported the need for 1,000 to 1,200 or 1,200 to demand was equal to 26 percent in 2011. It fell 1,500 square feet of space. from 40 percent in 1992 to 35 percent in 1997 and held at 35 percent in 2003. In 2006, it rose slightly to 37 percent and has presently returned FINANCIAL QUALIFICATIONS to its 2003 level. Several indicators of financial qualifications of Hawaii households are assembled in each HOUSING PREFERENCES iteration of the HHPS. In 2011, we found that 55 percent of households planning to purchase their Preferences for new housing unit characteristics next home own their current homes and 37 have changed little over the past 15 years. percent have owned their current unit for more Among households that want to move, 51 than five years. About 18 percent of them have percent want to own their next unit. In 2011, at least $5,000 in savings or investments, but however, about eight percent of those who want only 9 percent said they could gather $60,000 as to buy were not sure they could afford it and an a down payment. additional 16 percent indicated that having to rent their next home was a definite possibility. Among potential buyers, 41 percent had That would drop purchase incidence to about 40 household incomes in excess of 140 percent of percent, less than the current homeownership the County median. Incomes at this level may rate and significantly less than the 65 percent mean that the monthly mortgage payments identified in 2006. would be more manageable than the down payment. More than half of the potential buyers Buyer Preferences: Most potential buyers (52%) said they could afford to pay $2,000 or (87%) wanted single-family homes purchased in more each month. Among current homeowners, fee. About 30 percent said they would like two- one-third were already paying more than $1,700 bedroom units, 35 percent said they wanted at a month. Among renters who wanted to buy, least three bedrooms, and 25 percent would nearly as many (31%) were paying more than prefer four or more bedrooms. The preferred $1,700 a month for shelter. number of bedrooms was higher than in the past, potentially due to the increase in average household size. The same was true for ISSUES bathrooms. More than 91 percent of buyers said they would need fewer than three bathrooms. HHPS 2011 data are rich and comprehensive. Almost half (49%) reported that they could live They can be applied to a broad range of housing with less than 1,000 square feet. An additional issues and planning alternatives. Some issues 21 percent required 1,000 to 1,200 square feet that have been addressed at this point are briefly and slightly less than one-quarter (24%) said summarized below. they needed more than 1,500 square feet. Renter Preferences: Among those who wanted to rent, 74 percent wanted single-family homes. This was notably higher than the 56 percent who desired a SFD in 2006. The 2011 renters, too, were more willing to accept smaller units than in Hawaii Housing Planning Study,2011 Page in 0 SMS, Inc. November,2011