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Hawaii real estate

Hawaii – Should You Say “Aloha” to a New Home?

When you live in paradise, it’s hard to imagine that anything could ever go wrong, but the recession proved otherwise. Since other people couldn’t afford to come visit paradise, Hawaii’s economy took a huge hit.

As 2012 came to a close, Hawaii’s housing market was a classic case of supply and demand, and that trend is expected to continue for the foreseeable future. The number of homes for sale in Hawaii is down (especially on Oahu, Hawaii’s largest island and home to Honolulu), but the demand is getting stronger. As a result, prices are going up. In fact, after a sluggish start to the year, Hawaiian home prices spent the entire second half of 2012 rising.

Just how far did they rise?

By the end of 2012, the median sales price for a single-family home on Oahu was $640,000. Back at the end of 2011, it was $605,000. The median sales price for a condo on Oahu jumped $50,000 – from $285,000 to $335,000.

Builders couldn’t help but take notice of the increase in sales prices, so they pulled out their tools and got to work. So, expect to see an influx of new construction going up for sale as 2013 moves along. Apparently, an increase in demand was the exact kick-start builders needed!

That being said, though, realtors in Hawaii say that the time to buy is now. While they agree that the housing market goes in cycles, they agree that this pattern of low prices and low mortgage rates isn’t going to last forever – especially in a place like Hawaii, where the standard is much higher than the mainland.

But can Hawaiians withstand higher prices right now, as they continue to recover from the recession?

That remains to be seen. In addition to tourism, a big part of Hawaii’s economy is defense. With the recent death of Senator Daniel K. Inouye, it’s unclear who will fight for Hawaiians’ slice of the federal budget pie in Washington.

And, Hawaii’s economy isn’t just dependent on what happens in the U.S. Because of its proximity to Asia, it relies heavily on China’s and Japan’s economies, too.

What about renting? Is that a better alternative?

Apartments for rent in Hawaii will cost you a pretty penny! Like most of the rest of the country, landlords here have capitalized on people’s fears over buying. As a result, a one-bedroom apartment in Honolulu will cost you, on average, $1,446 per month. If you need some extra space, plan on paying for it. Two-bedroom apartments for rent in Hawaii cost, on average, $1,997 per month!

At those rates, 2013 just might be the perfect time to say “Aloha” to a new home!

Living in Hawaii

Have you ever thought about picking up and moving to paradise? You don’t have to give up your job and head off to a remote island to do it, though. Instead, you can stay right in the U.S. and live in Hawaii!

But before you trade in your suit and tie for a flower-print shirt, learn more about the 50th state added to the U.S. with these fast facts:

  • What is the population of Hawaii?
  • The population of Hawaii is 1,392,313
  • What is the capital of Hawaii?
  • The capital of Hawaii is Honolulu
  • What is the largest city in Hawaii?
  • The largest city in Hawaii is Honolulu

No matter where you live, the weather in Hawaii is better. After all, how many other places come with wintertime highs in the 70’s, refreshing ocean breezes, and a dry season that hits its peak right in the middle of the Summer when the kids are out of school and ready to hit the beach?

Hawaii is a cultural melting pot of sorts; there’s no racial majority here. However, this is the only state in the country with its own language. Derived from the area’s Polynesian roots, the language is still used in bits and pieces today, so if you want to live here, you’ll have to learn a few basic words. Luckily, Hawaii’s history is a great learning experience for your kids – and with fun things like luaus and stories of ancient Hawaiian royalty, they won’t even realize they’re learning!

If you want to live here, you’ll likely do so on Oahu – the state’s biggest island and home to the capital city of Honolulu. In fact, about 75% of Hawaii’s residents live here, which means you’ll have to deal with lots of congestion (and lots of tourists!). However, living in a full-fledged paradise more than makes up for it!

When you’re not lounging on the beach or watching one-of-a-kind sunsets, there are plenty of job opportunities here. As you might expect, Hawaii’s biggest industry is tourism, but this state is also a hub for agricultural exports and defense.

Kinda makes you want to say “Aloha” to a whole new life, doesn’t it?

This is the Census data for Hawaii

Population

Total population estimate for Hawaii (July 1) 2012
1,392,313
Total population change for Hawaii- April 1, 2010 to July 1, 2012
2.4%

Age

Percentage of the population that's under 5 years old in Hawaii, 2011
6.4%
Percentage of the population that's under 18 years years old in Hawaii, 2011
22.2%
Percentage of the population that's 65 years and over Hawaii, 2011
14.7%

Gender

Percentage of the population that are females in Hawaii, 2011
49.8%

Race breakdown for Hawaii in percentages

White alone, 2011
26.0%
Black alone, 2011
2.0%
American Indian and Alaska Native alone,2011
0.4%
Asian alone, percent, 2011
38.5%
Native Hawaiian and Other Pacific Islander alone, 2011
10.1%
Two or more races, 2011
22.9%
Hispanic or Latino Origin, 2011
9.2%
Not Hispanic, White alone, 2011
22.9%

A little more about the residents of Hawaii

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.9%
Percent of residents who are foreign born 2007-2011
17.8%
Percent speaking a language other than English at home, 2007-2011
25.6%

Education

Percent high school graduates or higher for residents 25 years old and over in Hawaii, 2007-2011
90.1%
Percent with a bachelor's degree or higher for residents 25 years old and over in Hawaii, 2007-2011
29.5%

Veterans

Total number of Veterans living in Hawaii 2007-2011
114,109

Communting

The average travel time to work for workers in Hawaii (16 years and over not working at home), 2007-2011
25.9 mins

Real estate stats in Hawaii

Housing unit estimates, 2011
522,305
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
58.7%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
38.9%
Median value of specified owner-occupied housing units, 2007-2011
$529,500.00
Households, 2007-2011
445,513
Average household size, 2007-2011
2.93

Income

Per capita income for Hawaii in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$29,203.00
Median household income in Hawaii, 2007-2011
$67,116.00
Percentage of people living in poverty in Hawaii 2007-2011
10.2%

Business and commerce info for Hawaii

Private nonfarm establishments, 2010
31,939
Private nonfarm employment for pay period including March 12, 2010
478,838
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
10.8%
Total number of businesses in Hawaii, 2007
120,374
Percentage of Black-owned businesses in Hawaii, 2007
0.9%
Percentage of American Indian- and Alaska Native-owned businesses in Hawaii , 2007
1.3%
Percentage of Asian-owned businesses in Hawaii, 2007
47.2%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Hawaii, 2007
9.5%
Percentage of Hispanic-owned businesses in Hawaii, 2007
3.6%
Percentage of Women-owned businesses in Hawaii, 2007
31.0%

Land size and population

Size of Hawaii in Square Miles, 2010
6,422.63 mi²
Population per square mile in Hawaii, 2010
211.8

Hawaii real estate

Ko Olina

Makakilo

Makawao

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

Paauilo