2011 Housing Planning Study - Inventory Report

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Other Stock Characteristics Not only do Hawaii Island homes have the lowest median assessed value in the State (2010), they are also the only ones for which the median assessed value for single family dwellings ($218,900) is lower than for condominiums ($231,800). This is likely related to the fact that Hawaii County condos are the largest condo units in the State (average 1,141 square feet) and that half of the County's condo units are owned by non-Hawaii residents who are willing to pay more for a part-time home in paradise. Fully 65 percent of single-family housing units in the County of Hawaii were owner-occupied and 20 percent of residents in condominium units were homeowners. The overall homeownership rate was 54 percent. The Island's housing units are some of the youngest in the State, with an average age of 28 years for single-family dwellings and 24 years for condominiums. Single-family units were moderate in size with an average of about 1,464 square feet under roof. Lot sizes, however, were the highest in the State, with an average size of about 25,250 square feet. Hawaii' County's 17.8 percent is one of the highest rates of out-of-state ownership is second only to Maui County. COUNTY OF MAUI The Census Bureau counted 70,492 housing units in the County in July 2010. The total number of occupied housing units was 53,955. The total number of housing units available to the residential housing market (available units) would be between those two numbers. The 2011 HHPS housing inventory tells us that 65,724 units were available in 201016. Zone 23 (Central Maui), which extends across the Island from Kahului in the North to Kihei in the South, contains 43 percent of all the housing units in the County. An additional 28 percent of the housing units are in the Upcountry region immediately to the East Maui (Zone 22). Nearly all of the remaining housing units can be found near the western coast of the Island of Maui. Single family dwellings account for almost two-thirds (63%) of the housing available in Maui County in 2010. There were also 23,837 multi-family units giving the county second place ranking in percentage of multi-family units. Maui has about 160 student dormitory units, no military housing, and no cooperative units. The stock is clearly residential in nature. Housing Stock Growth Rates HHPS data indicate that Maui County's housing stock numbered 65,724 housing units in 2010. That was up from 63,284 in 2006. The average annual growth rate between 2006 and 2010 was 0.96 percent. The average annual growth rate between 2003 and 2006 was 2.8 percent per year. Maui's growth rate dropped by 1.85 points per year since 2003, much more than in any other county. 16 Please refer to Sources of Inventory Data on page 4 for a complete explanation of the reasons for the differences in total housing unit counts between U.S. Census data and HIPS data. Hawari Housing Planning Study,2011 -Inventory Report Page 11 0 SMS, Inc. November,2011