See on Scoop.it – PRG HAWAII NEWS WITH RUSS ROBERTS
RealtyTrac: Hawaii home prices second only to Washington, D.C.
Russell Roberts‘s insight:
What else is new? The combination of limited space, high prices, and inability of many peope to qualifiy for a home loan, makes home ownership a most difficult task for many Hawaii residents. How anyone can afford a decent home in a good neighborhood at an affordable price is beyond me. Affordable housing is an illusion. Aloha, Russ.
See on www.bizjournals.com
Affordable housing is all relative, and in Hawaii, in many cases it means living WITH your relatives. WIth the new housing qualification requirements and low wages being offered by many companies (UH and other government entities not included) home ownership is something that truely is relative. Many people have to rely on living with their relatives and either hope to inherit a place or have the parents “gift” them with money (for down payment for example) to help get them started. I know several people in their 30’s (couples even) who still live with one set of parents because it is just too expensive to get a place of their own. Even renting is becoming prohibitive.The paradise in the “paradise tax” is becoming very costly indeed.
This phenomenon is common on Hawaii Island, too. It’s very hard to “just make it here.” We pay a lot for good weather and a relaxed life style. Russ.