Oahu homes out of reach for many local residents
Click here for updates on this story
Oahu, HI (KITV) — The median price of a single-family home continues to skyrocket on Oahu.
“The (interest) rates are the lowest its ever been in years and years and it’s still frustrating how hard it is to find a decent living place where you can afford,” said Kaimuki resident Linden Miller.
The price reached $950,000 in March — and data shows locals are being outbid in many cases by out-of-state buyers.
“Being a Native Hawaiian I would like to live in my land, but I can’t afford to,” she said.
Erik Taniguchi, a Realtor for Taniguchi & Associates, says in many cases homes are selling for $100,000 to $200,000 over asking prices — and in some neighborhoods even higher than that.
“Whoever thought during a pandemic that the housing prices would really go through the roof,” Taniguchi said. “Everyone is shocked at where it’s at.”
He says in some areas more than 50% of recent buyers are not born and raised here. Many of them are from California, while many more are moving here via the military.
“There’s going to be, unfortunately, a lot of local buyers that might be priced out of the market,” he said. “You almost have to purchase with your parents, in some cases even with your grandparents, to be able to compete in this market.”
If nothing changes, experts predict the median price will soon top $1 million — and even fewer locals will be able to own houses in their home-state.
Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.
