Builders Patch | HousingCount: Hawaii affordable housing data and latest news
Hawaii
Summary
Hawaii state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 53 units available that are affordable to them. The median rent in the state has risen by 39% since 2010, while median household incomes have grown by 37%. Currently, the state is short over 21,775 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
39.0% share of renter households
40.9% share of low-income households
51.0% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 186,599 (39.0%) |
| Homeowner households | 291,814 (61.0%) |
| Total households | 478,413 (100.0%) |
Low-income renter households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 27,212 | 14.6% |
| Very low-income (31-50% AMI) | 19,316 | 10.4% |
| Low-income (51-80% AMI) | 29,863 | 16.0% |
| All low-income households (<80% AMI) | 76,391 | 40.9% |
Rent-burdened households
| Households | % share |
|---|---|
| Moderately rent-burdened | 46,969 (25.2%) |
| 30.0–34.9% | 16,665 (8.9%) |
| 35.0–39.9% | 12,473 (6.7%) |
| 40.0-49.9% | 17,831 (9.6%) |
| Severely rent-burdened | 48,164 (25.8%) |
| ≥50.0% | 48,164 (25.8%) |
| All rent-burdened households | 95,133 (51.0%) |
Affordable housing shortage
| Category | Amount ($) |
|---|---|
| Median household income (2010) | 46,425 |
| Median household income (2021) | 63,567 |
| Increase (2010–2021) | 36.9% |
| Median rent (2010) | 1,143 |
| Median rent (2021) | 1,591 |
| Increase (2010–2021) | 39.2% |
| Units | Quantity |
|---|---|
| Supply (current stock) | 24,753 |
| Demand (total units needed) | 46,528 |
| Shortage | 21,775 |
| Supply/Demand ratio | 53.2% |
Finance institutions
Hawaii Housing Finance and Development Corporation
Hawaii Housing Finance and Development Corporation
677 Queen Street, Suite 300
Honolulu, HI 96813-5176
List of loan programs
- Low-income Housing Tax Credit Program
- Rental Housing Revolving Fund
- Dwelling Unit Revolving Fund (DURF)
- Hula Mae Multi-Family Program
- HOME Investment Partnership Program (HOME)
- Housing Trust Fund (HTF)
QAP document (Qualified Allocation Plan)
The QAP is a document that states, and a few local agencies, must develop in order to distribute federal Low Income Housing Tax Credits (LIHTCs), which can be awarded only to a building that fits the QAP’s priorities and criteria. The priorities must be appropriate to local conditions.
Housing news
How Fed Rate Cuts Impact the Housing Market
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
- Home Sales: As rates decline, more homeowners might be encouraged to sell.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist.
Housing market won’t come ‘unstuck’ until 2026
States With the Largest Homeless Populations
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
The homebuying affordability gap is widening across the country
Homelessness appears to be worsening among workers
Shortage statistics for ELI & VLI renters
List of counties
| Name | Households | % share | Households | % share | Households | % share | Shortage of units | S&D ratio |
|---|---|---|---|---|---|---|---|---|
| County statistics coming soon... |
Other Housing News
- Greystone expands affordable housing initiatives with initial LIHTC fund
- Treasury Secretary Janet L. Yellen to Announce New Housing Efforts
- Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
- Bipartisan housing policy efforts are gaining traction, but challenges remain
- HUD, VA announce $14.5M for veterans seeking permanent housing
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