Hawaii needs an additional 64,693 to 65,991 housing units between 2015 and 2025 according to a projection from the state Department of Business, Economic Development & Tourism (DBEDT). This forecast is based on population and economic trends.
The growth rate has been 1 percent per year since 2000.
Households have been increasing at a rate of 0.8 percent per year.
There has been a sustained flow of military personnel since 2009.
Migration has been steady over the last two decades.
Residential construction and the housing supply have not kept up with increasing demand, leading to record-high prices.
Wages and incomes have not been growing as fast as housing prices, making it more difficult for young and low-income families to afford a home.
Foreign investment in real estate exerts additional price pressures on housing market.
There‘s no indication that high housing prices are increasing residential construction.
An increase in visitors and a lack of vacant hotel rooms have resulted in a number of residential units being used as vacation accommodations.
Demand for vacant for-sale, for-rent, and second and occasional use properties when the markets were in balance (late 1980s to early 1990s), as well as demographic trends, are considered when determining the new housing demand.