Regulatory costs account for half of the price of new condos in Hawaii, university report finds

By AUDREY McAVOY
Associated Press

HONOLULU (AP) — A University of Hawaii report says regulatory costs account for more than half of the price of a new condo in Hawaii. High housing costs in the state are fueling an exodus of local-born residents searching for cheaper places to live. Some are worried the migration of Native Hawaiians and other local residents could accelerate if the rebuilding of the wildfire-stricken Maui town of Lahaina makes housing there unaffordable for people from the community. The report from the university’s Economic Research Organization was published Monday. It found the median price of a new two-bedroom condo in Hawaii is $672,000. That’s more than twice the nationwide average of $300,000.