Housing
Vacancy - 12.5%
The Hawaii, HI Market ranks 54th in Vacancy across STI Markets with a Vacancy rate of 12.5%. That is 70,213 Vacant Housing units compared to 489,276 Occupied units.
Average Home Value - $1,080,916
The Average Home Value for owner occupied housing units in the Hawaii, HI Market is $1,080,916. This ranks 6th across STI Markets. Over the last 2 years there has been a change of 6.6% in this markets Average Home Value, compared to a national change of 11.8%. This 2 year change in home values ranks 150th across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Extremely High
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Hawaii, HI Market is 4.4. The market subsequently ranks 1st across STI Markets. This is considered to be a Extremely High level of mortgage risk.
Affordability Level - Steep
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 7.6. The Hawaii, HI Market therefore earns the Steep classification for housing affordability and ranks 4th across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
