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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Honolulu County | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $682,688 | $555,557 | $242,182 |
| Price Trend (Annual %) | 1.7% | 2.3% | 8.2% |
| Median Gross Rent | $2,054 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Honolulu County is about 23% higher than in Hawaii. Rent is about 6% 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 Honolulu County, up about 1.7% and 3.8% a year respectively. Rent is changing faster.
Median rent in Honolulu County rose about 30.9% between 2015 and 2023, from $1,569 to $2,054. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Honolulu County.
Buying the median-priced home in Honolulu County costs roughly 27.7 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 Honolulu County. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Honolulu County | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $682,688 | $555,557 | $242,182 |
| Median Household Income | $104,221 | $98,332 | $78,145 |
| Price-to-Income Ratio | 6.6 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Honolulu County rose about 29.7%, while median household income rose about 55.1% 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 | Honolulu County | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.9% | 54.1% | 58.2% |
| Rental Rate | 36.7% | 32.5% | 31.3% |
| Vacancy Rate | 9.4% | 13.4% | 10.6% |
| Median Tenure (years) | 17.0 | 17.0 | 15.0 |
| Median Year Moved In | 2009 | 2009 | 2011 |
Honolulu County has a homeownership rate of 53.9%, about the same as the Hawaii average of 54.1%. Its housing vacancy rate is 9.4%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Honolulu County | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1979 | 1981 | 1978 |
| Median Number of Rooms | 4.7 | 4.7 | 5.5 |
The typical housing unit in Honolulu County was built around 1979. On average, 2.9 people live in a home with about 4.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Honolulu County, Hawaii.
What is the median home price in Honolulu County, Hawaii?
The median home price in Honolulu County, Hawaii is $682,688, higher than the Hawaii average of $555,557.
What is the average home price in Honolulu County, 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 Honolulu County, Hawaii?
The median gross rent in Honolulu County, Hawaii is $2,054 per month, higher than the Hawaii average of $1,937.
What was the median gross rent in Honolulu County in 2020?
In 2020, the median gross rent in Honolulu County, Hawaii was $1,778 per month.
What is the price-to-rent ratio in Honolulu County, Hawaii?
The price-to-rent ratio in Honolulu County, Hawaii is about 27.7, meaning it would take roughly 27.7 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 Honolulu County.
Are home prices or rent rising faster in Honolulu County, Hawaii?
Both home prices and rent are rising in Honolulu County, up about 1.7% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Honolulu County, Hawaii?
53.9% of households in Honolulu County, Hawaii own their home, about the same as the Hawaii average.
What is the vacancy rate in Honolulu County, Hawaii?
The housing vacancy rate in Honolulu County, Hawaii is 9.4%, lower than the Hawaii average of 13.4%.