After seeing the housing market increase to an enormous amount last year, the prices in Hawaii’s homes have finally started to fall. Compared to 2002, where the median price for a single family home was $335,000, 2005 saw prices at $590,000, according to the Honolulu Board of Realtors. By November of 2005, the median price for a single family home was $640,000, which has recently dropped to $610,000 last month. Granted it isn’t a large drop, this is still a good indication that the hot housing market is slowly dying down.
Most people I know don’t make enough to even consider purchasing a home. With Hawaii workers making less than the national average in salary, and to couple this with the high cost of living in Hawaii, it is no wonder people tend to move to the mainland to pursue jobs with higher pay and a lower cost of living. As great as Hawaii is, it is hard to live here.
Condominiums on the other hand have not decreased in price. With all the new condominiums being built around town, prices are still too high for the average person in Hawaii to purchase. Hopefully condo prices will also lower to give us local people a chance to purchase one ourselves.
- Hawaii #1 for Median Monthly Housing Costs for Renters
- Housing Sales Dip Due to Increase in Housing Costs in 2006
- Low Priced Condominum in Salt Lake for Sale
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December 18th, 2006 at 2:04 pm
[...] According to the Honolulu Advertiser, Hawaii is ranked as the most expensive state for renters. This is the second year in a row that Hawaii is ranked number one. Just when I reported that home prices were decreasing on Oahu, rent not only has gone up, but renters need to earn $48,940 a year to rent a normal 2 bedroom apartment. The national average salary renters must earn to afford a 2 bedroom apartment is $33,924…that’s about a $15,000 difference. [...]
January 4th, 2007 at 3:13 pm
[...] According to the Honolulu Board of Realtors, home sales in Hawaii were down and to their lowest level in 10 years. Total sales fell to $5.47 billion versus $5.99 billion last year. Even though home prices were starting to decrease, from a previous article I wrote, housing is still too expensive. [...]
January 12th, 2007 at 1:50 pm
[...] Now how can this be? I’ve been ranting about high housing costs, Hawaii being the most expensive state to rent, the increase in electricity rates, and the increase of gas prices for quite some time already. If everything is going UP, why do we get paid so LITTLE? Yes, we have the luxury of beaches, clean air, beautiful water, moutains galore, etc. But how can we enjoy all this if the state just gets more and more expensive to live in, while our wages are still below the national average? [...]