# 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](https://dbedt.hawaii.gov/hhfdc/developers/lihtc_html/)  
- [Rental Housing Revolving Fund](https://dbedt.hawaii.gov/hhfdc/developers/rhtf_html/)  
- [Dwelling Unit Revolving Fund (DURF)](https://dbedt.hawaii.gov/hhfdc/dwelling-unit-revolving-fund-durf/)  
- [Hula Mae Multi-Family Program](https://dbedt.hawaii.gov/hhfdc/developers/hmmf_html/)  
- [HOME Investment Partnership Program (HOME)](https://dbedt.hawaii.gov/hhfdc/federal-housing-programs/home-investment-partnerships-program/)  
- [Housing Trust Fund (HTF)](https://dbedt.hawaii.gov/hhfdc/federal-housing-programs/national-housing-trust-fund/)

### 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.

[Download document](/content/housingcount/us-states/hawaii#/index.html)

### 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.

[Full article](https://www.fastcompany.com/91193735/housing-market-what-fed-rate-cuts-will-actually-do?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_nm9nCdKkRNvu6uHb-Oj_MHevbBny0zyg3GmWdJmo6ZfcNZjLMGPZGhD7XXrm6HHPhg_i4)

#### Housing market won’t come ‘unstuck’ until 2026
[Full article](https://nypost.com/2024/06/26/business/housing-market-wont-bounce-back-until-2026-economists-predict-heres-why/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

#### 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)

[Full article](https://www.usnews.com/news/best-states/articles/states-with-the-most-homeless-people?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz--a4rsRpLbdj0rgcr1WOgq3zfiv--chzD5guiVN2jN7pkx10UAbVZN1gfTFkSbNNrEGVtMu)

#### The homebuying affordability gap is widening across the country
[Full article](https://www.nbcnews.com/data-graphics/housing-affordability-worst-and-costs-highest-rcna155285?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

#### Homelessness appears to be worsening among workers
[Full article](https://www.washingtonpost.com/business/2024/07/28/homeless-lack-of-affordable-housing-economy/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9JiYMxP47t5wqM-8ciCUfuaPzeMB0KK-AZoUwExxwBUGgkJ0U0t5ZTkDXpGDesWDkACHvx)

### 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](/content/us-states/hawaii#/index.html)
- [Treasury Secretary Janet L. Yellen to Announce New Housing Efforts](/content/us-states/hawaii#/index.html)
- [Homebuyers’ quandary: to wait or not to wait for lower mortgage rates](/content/us-states/hawaii#/index.html)
- [Bipartisan housing policy efforts are gaining traction, but challenges remain](/content/us-states/hawaii#/index.html)
- [HUD, VA announce $14.5M for veterans seeking permanent housing](/content/us-states/hawaii#/index.html)

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