How to Find the Right Cornerstone Real Estate Property in Your State
A little-known, but important, fact about real estate in Hawaii is that, while the real estate industry is booming, the state’s residents are dying.
A recent report from the Honolulu-based Center for Housing Research, Hawaii Island’s “Dying Generation,” found that nearly half of all households in the state are living below the poverty line.
In fact, the percentage of Hawaii households that are below the federal poverty line has reached a staggering 80 percent.
The Center’s report found that Hawaii has the lowest percentage of households living below 50 percent of the poverty level.
The average household income in the island state is only $22,821, which is lower than the national median income of $36,945.
And while Hawaii’s median household income is lower, the median home price is significantly higher than the average national home price.
In 2017, the average Honolulu home was selling for $1.8 million, according to Zillow.
That was higher than $1 million in Portland, Oregon, and $1,500 in Minneapolis.
While Honolulu is still considered the “sustainable” city for real estate developers, it is becoming increasingly difficult for developers to get projects built in the area.
And it’s getting harder for developers, as more and more of the state is becoming affordable.
According to a recent report by the National Association of Realtors, the number of Honolulu-area homes with homes for sale in 2016 rose by 23 percent from 2015, the first increase since 2005.
And the number was up 21 percent in Honolulu’s suburbs, the highest number since 2010.
That’s according to Realtor.com, which tracks the numbers of homes in the market.
But even with the rise in demand, Honolulu’s population is projected to shrink by almost 4 million by 2035, according the Center for Hawaii.
According to the Center, the city’s population will be down by 5.5 million by 2024, a significant decrease from the current population of 11.3 million.
And if things continue to go south, it’s going to be tough for developers in the future.
As Honolulu continues to struggle to recover from the effects of Hurricane Irma, the realtor.com website reported that demand for homes in Honolulu has dropped by a whopping 94 percent since Hurricane Irma struck the city in late August.
The website noted that sales in Hawaii fell by over 70 percent during the week of the storm.
The same week, sales in the city of Waikiki also dropped by more than 80 percent, the most significant drop since at least 2008.
What’s more, real estate agents and other professionals are reporting an increase in vacancies for their properties in the Hawaiian islands, according Zillows.
A new report by The Center for Hawaiian Economics, a nonprofit organization that tracks the real-estate industry, also found that the number the average sales price for properties in Hawaii dropped by 14.5 percent during Irma’s aftermath.
That compares to a decrease of 8.6 percent in the national average price for homes during the same time period.
The decrease was also particularly pronounced in Honolulu.
According the report, the increase was particularly pronounced among properties with four to eight bedrooms, where prices dropped by 13.3 percent, and in larger buildings, where price drops ranged from 4.9 percent to 18.5, a 30.6-percent drop.
In a statement, Hawaii’s Department of Land and Natural Resources said that it has been working with the local governments in the islands to reduce the impact of Hurricane Irene.
But there are still plenty of hurdles to overcome before Hawaii can truly recover from this natural disaster.
“The state continues to work closely with the state government and the county governments in order to recover property in the coming days and weeks,” the agency said.
“We expect to resume normal operations in the next several days.
We encourage residents and visitors to check the status of their properties for updates.”