Honolulu, Hawaii
COMPREHENSIVE HOUSING MARKET ANALYSIS Honolulu, Hawaii U.S. Department of Housing and Urban Development Office of Policy Development and Research As of October 1, 2014 Honolulu Housing Market Area Moloka'i The Honolulu Housing Market Area (HMA), comprising Honolulu County in Hawaii, is coter- Lanai minous with the Urban Honolulu, HI Metropolitan Maui Pacific Ocean Statistical Area. The military, agriculture, health care, trade, and tourism provide a strong economic base for the HMA. Summary Economy Sales Market struction of rental units and the conversion of single-family homes, Economic conditions have strength - Sales housing market conditions townhomes, and condominiums to ened in the Honolulu HMA since in the HMA are tight, with a 0.8- rental units. During the forecast 2011. Nonfarm payrolls increased percent vacancy rate, down from period, demand in the HMA is by 4,800 jobs, or 1.1 percent, to 1.1 percent in 2010. During the expected for 2,675 new market-rate 459,100 jobs during the 12 months next 3 years, demand is expected rental units. ending September 2014, with the for 4,375 new homes (Table 1). most significant growth occurring The 550 homes under con struction Table 1. Housing Demand in the in education and health services, and a portion of the 16,300 other Honolulu HMA During the leisure and hospitality, and govern- vacant units that may reenter the Forecast Period ment sectors. Nonfarm payrolls are market will satisfy some of the Honolulu HMA expected to grow an average of 1.2 forecast demand. Sales Rental percent a year during the 3-year Units Units forecast period.
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