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 | Hilo | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,746 | $555,557 | $242,182 |
| Price Trend (Annual %) | 8.7% | 2.3% | 8.2% |
| Median Gross Rent | $1,345 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hilo is about 40% lower than in Hawaii. Rent is about 31% lower 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 Hilo, up about 8.7% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Hilo rose about 46.1% between 2015 and 2023, from $921 to $1,345. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Hilo.
Buying the median-priced home in Hilo costs roughly 20.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hilo. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Hilo | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,746 | $555,557 | $242,182 |
| Median Household Income | $80,102 | $98,332 | $78,145 |
| Price-to-Income Ratio | 4.1 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hilo rose about 69.7%, while median household income rose about 45.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hilo | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.4% | 54.1% | 58.2% |
| Rental Rate | 31.3% | 32.5% | 31.3% |
| Vacancy Rate | 9.3% | 13.4% | 10.6% |
| Median Tenure (years) | 20.0 | 17.0 | 15.0 |
| Median Year Moved In | 2006 | 2009 | 2011 |
Hilo has a homeownership rate of 59.4%, higher than the Hawaii average of 54.1%. Its housing vacancy rate is 9.3%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Hilo | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1980 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 4.7 | 5.5 |
The typical housing unit in Hilo was built around 1980. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hilo, Hawaii.
What is the median home price in Hilo, Hawaii?
The median home price in Hilo, Hawaii is $330,746, lower than the Hawaii average of $555,557.
What is the average home price in Hilo, 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 Hilo, Hawaii?
The median gross rent in Hilo, Hawaii is $1,345 per month, lower than the Hawaii average of $1,937.
What was the median gross rent in Hilo in 2020?
In 2020, the median gross rent in Hilo, Hawaii was $1,100 per month.
What is the price-to-rent ratio in Hilo, Hawaii?
The price-to-rent ratio in Hilo, Hawaii is about 20.5, meaning it would take roughly 20.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hilo.
Are home prices or rent rising faster in Hilo, Hawaii?
Both home prices and rent are rising in Hilo, up about 8.7% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hilo, Hawaii?
59.4% of households in Hilo, Hawaii own their home, higher than the Hawaii average of 54.1%.
What is the vacancy rate in Hilo, Hawaii?
The housing vacancy rate in Hilo, Hawaii is 9.3%, lower than the Hawaii average of 13.4%.