2011 Housing Planning Study - Inventory Report

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The County of Maui housing inventory increased by 2,440 housing units in the four years since the last Housing Policy Study. The number of single-family units went up by 2,730 and the multi-family inventory lost 275 units. The average annual growth rate for single-family units was 1.75 percent per year. Other Stock Characteristics Maui County housing units have the second highest assessed values in the State (2010). The median single-family assessed value was $538,000 and multi-family units were valued at a median of $374,000. Maui's multi-family units have higher assessed values than Oahu and slightly lower values for single-family units. Maui's single-family units are smaller than those on Oahu, and its multi-family units are newer. About 68 percent of single-family housing units in the County of Maui were owner-occupied and 34 percent of residents in condominium units were homeowners. The overall homeownership rate was 56 percent. The County's housing units were mid-range with regard to age, with an average age of 30 years for single-family dwellings and 28 years for condominium units. Single-family units were moderate in size with an average of about 1,500 square feet under roof. Lot sizes, however, were larger than on Oahu, but somewhat smaller than Hawaii and Kauai Counties at 19,400 square feet. At almost 18 percent, Maui County has the State's highest rate of out-of-state ownership. Maui also has a high rate of foreign ownership. Eight percent of all out-of-state owners were residents of other countries. Many of those were non-resident homeowners are Canadian. COUNTY OF KAUAI The Census Bureau counted 29,793 housing units in the County of Kauai in July 2010. The total number of occupied housing units was 23,240. 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 27,636 units were available in 201019. Residential housing on Kauai is concentrated around Poipu in the South (Zone 2, 26 percent) and near Kapa'a on the eastern coast (Zone 4, 29 percent). Single-family homes account for 82 percent of all housing in the County of Kauai. Fifteen percent of units are condominiums and the remaining 3 percent are apartments. There are a few military units on Kauai (87 units). The land tenure for essentially all of the housing units, regardless of type, is fee simple. Housing Stock Growth Rates Based on HHPS 2011 inventory data, Kauai County's housing stock numbered 27,636 housing units in 2010. That was up from 26,228 in 2006. The average annual growth rate between 19 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 12 0 SMS, Inc. November,2011