Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | East Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $729,692 | $555,557 | $242,182 |
| Price Trend (Annual %) | 0.3% | 2.3% | 8.2% |
| Median Gross Rent | $3,256 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in East Honolulu is about 31% higher than in Hawaii. Rent is about 68% higher than the Hawaii average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in East Honolulu, up about 0.3% and 3.7% a year respectively. Rent is changing faster.
Median rent in East Honolulu rose about 29.9% between 2015 and 2023, from $2,506 to $3,256. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in East Honolulu.
Buying the median-priced home in East Honolulu costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in East Honolulu. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | East Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $729,692 | $555,557 | $242,182 |
| Median Household Income | $156,707 | $98,332 | $78,145 |
| Price-to-Income Ratio | 4.7 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in East Honolulu rose about 3.1%, while median household income rose about 53.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | East Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.8% | 54.1% | 58.2% |
| Rental Rate | 15.3% | 32.5% | 31.3% |
| Vacancy Rate | 6.9% | 13.4% | 10.6% |
| Median Tenure (years) | 22.0 | 17.0 | 15.0 |
| Median Year Moved In | 2004 | 2009 | 2011 |
East Honolulu has a homeownership rate of 77.8%, higher than the Hawaii average of 54.1%. Its housing vacancy rate is 6.9%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | East Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1977 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 4.7 | 5.5 |
The typical housing unit in East Honolulu was built around 1977. On average, 2.8 people live in a home with about 5.8 rooms, staying for about 22.0 years on average.
Frequently Asked Questions
Common questions about the housing market in East Honolulu, Hawaii.
What is the median home price in East Honolulu, Hawaii?
The median home price in East Honolulu, Hawaii is $729,692, higher than the Hawaii average of $555,557.
What is the average home price in East Honolulu, Hawaii?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in East Honolulu, Hawaii?
The median gross rent in East Honolulu, Hawaii is $3,256 per month, higher than the Hawaii average of $1,937.
What was the median gross rent in East Honolulu in 2020?
In 2020, the median gross rent in East Honolulu, Hawaii was $2,715 per month.
What is the price-to-rent ratio in East Honolulu, Hawaii?
The price-to-rent ratio in East Honolulu, Hawaii is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in East Honolulu.
Are home prices or rent rising faster in East Honolulu, Hawaii?
Both home prices and rent are rising in East Honolulu, up about 0.3% and 3.7% a year respectively. Rent is changing faster.
What is the homeownership rate in East Honolulu, Hawaii?
77.8% of households in East Honolulu, Hawaii own their home, higher than the Hawaii average of 54.1%.
What is the vacancy rate in East Honolulu, Hawaii?
The housing vacancy rate in East Honolulu, Hawaii is 6.9%, lower than the Hawaii average of 13.4%.