According to Business Insider, the median income for millennials living in Hawaii is $25,900.
What’s concerning is $25,900 can’t buy you much in this day and age. Millennials aren't making much, but they are entering the workforce with massive debt. In 2015, the average student loan debt was $35,000. Personally, I know people who have student loans well over $100,000.
The Honolulu Board of REALTORS® recently released its March 2016 housing stats. Single family homes appreciated 3.6 percent from the same time last year, while condo prices increased 1.3%. The median single family home price this past March was $725,000, while the median condo price was $385,000. Sales for both single family homes and condos increased over 20%, compared to sales in March 2015.
All is not lost. Reserved housing projects like Ke Kilohana are intended to help first-time home buyers. If you miss the boat on that, don't sweat it. SamKoo's "Kapiolani Residence" is going to have 485 units, 60% of which will be considered affordable housing.
-RO
Source: HiCentral.com, US News, and Business Insider.
Disclaimer: This is a personal blog. Ryan Oda (#RS-75450) is a licensed real estate salesperson with Benn Pacific Group, Inc (#RB-19423). The opinions expressed here represent my own and not those of Benn Pacific Group, Inc., its agents, and or its affiliates. My thoughts and opinions can change over time. This blog is intended to provide a semi-permanent snapshot of a selection of various thoughts and opinions that may not be the same, or even similar, to those I may hold today.
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