2011 Housing Planning Study - County of Hawaii

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Sixty-five percent of the prospective buyer It was interesting to note that 23 percent of households who prefer a small-lot SFD are households interested in a MFD reported that current homeowners, 32 percent currently they could afford to pay more than $2,000 for occupy their residence without payment. The monthly rent while only 17 percent of those who majority (81%) currently live in a single-family prefer a SFD could afford payments at that level. home, while the rest live in multi-family dwellings There were 52 percent of households with a such as condos or apartments. preference for MFD that indicated they were not sure how much they could afford to pay, which Just over 36 percent of the potential small-lot might suggest that other households in this SFD buyer households earn less than 80 percent category may have overestimated their ability to of the HUD median income for their county, while pay. nearly one-quarter (24%) earn between 80 and 140 percent and 40 percent have household Table 16. Current and Affordable Housing incomes of over 140 percent of the HUD median. Payment, Kauai Movers, 2011 Table 15. Current and Preferred Housing, Kauai Small- Not Buyers, 2011 Lot SFD MFD Sure Total Small- Total Monthly Mortgage Payment Lot Not Up to$499 9.0°% 23.6% 9.3% JL SFD MFD Sure Total $500 to$1,099 4.1% 3.89/ Total Households 1,869 233 89 2,191 $1,100 to$1,399 8.5% 7.89/ Current Tenancy $1,400 to$1,999 23.1% 76.4% 24.4% Own 65.4% 22.1% 56.4% 61.2% $2,000 to$3,000 26.7% 28.5% 25.7% Rent 31.6% 65.8% 43.6% 35.2% Over$3,000 22.9% 71.5% 23.6% Occupy w/o pmt 2.9% 12.1% 3.6% Already paid for 5.7% 5.49/ Current Home Type Total Monthly Rent Payment SFD 80.7% 100% 100% 83.6% Less than$800 14.7% 72.89/ 23.9% MFD 19.3% 16.4% $800 to$1,099 19.5% 11.2% 61.5% 20.2% HUD Income Category $1,100 to$1,399 18.2% 14.1% less than 30% 7.5% 12.1% 77% $1,400 to$1,699 18.89/ 38.5% 16.6% 30 to 50% 6.2% 5.3% $1,700 to$1,999 21.6% 16.0°% 19.5% Over$2,000 7.2% 5.69/ 51 to 80% 22.6% 41.5% 16.6% 24.4% Affordable Monthly Mortgage Payment 81%to 120% 9.3% 43.1% 9.7% Up to$499 5.9% 12.0°% 6.49/ 121%to 140% 14.5% 28.6% 15.4% $500 to$1,099 10.69/ 9.1% 141%to 180% 18.9% 26.9% 17.2% $1,100 to$1,399 6.5% 5.69/ more than 180% 1 21.0% 1 17.8% 1 13.3% 1 20.3% $1,400 to$1,999 18.69/ 8.6% 16.8% Source: Housing Demand Survey, 2011. $2,000 to$3,000 30.89/ 5.2% 13.5% 27.3% Over$3,000 17.49/ 22.7% 27.0% 18.3% Those who prefer to live in a MFD generally paid Not Sure 10.2% 51.5% 59.6% 16.5% less each month for housing than those who Source: Housing Demand Survey, 2011. prefer a smaller-lot SFD (Table 16). Residents who are unsure how much they can afford to pay While a substantial number of Kauai's each month were also more likely to prefer the prospective buyers were willing to accept a SFD MFD option, while those with higher current on a small lot, the lot size requirements among housing payments or with the ability to afford these households varied. Close to forty percent higher monthly amounts in the future opted for reported the need for a lot with more than 6,000 the smaller-lot SFD. square feet. Eighteen percent of small-lot SFD buyers need at least 5,000 square feet and an additional 26 percent require between 4,000 and Hawaii Housing Planning Study,2011 Page 33 0 SMS, Inc. November,2011