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 | Mililani Town | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $652,057 | $555,557 | $242,182 |
| Price Trend (Annual %) | 0.7% | 2.3% | 8.2% |
| Median Gross Rent | $2,264 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mililani Town is about 17% higher than in Hawaii. Rent is about 17% higher than the Hawaii average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2019
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Mililani Town, up about 0.7% and 3.3% a year respectively. Rent is changing faster.
Median rent in Mililani Town rose about 22.8% between 2015 and 2023, from $1,844 to $2,264. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Mililani Town.
Buying the median-priced home in Mililani Town costs roughly 24.0 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 Mililani Town. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Mililani Town | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $652,057 | $555,557 | $242,182 |
| Median Household Income | $123,821 | $98,332 | $78,145 |
| Price-to-Income Ratio | 5.3 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2019, the median home price in Mililani Town rose about 4.3%, while median household income rose about 42.8% 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 | Mililani Town | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.2% | 54.1% | 58.2% |
| Rental Rate | 18.0% | 32.5% | 31.3% |
| Vacancy Rate | 1.8% | 13.4% | 10.6% |
| Median Tenure (years) | 25.0 | 17.0 | 15.0 |
| Median Year Moved In | 2001 | 2009 | 2011 |
Mililani Town has a homeownership rate of 80.2%, higher than the Hawaii average of 54.1%. Its housing vacancy rate is 1.8%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Mililani Town | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1977 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 4.7 | 5.5 |
The typical housing unit in Mililani Town was built around 1977. On average, 2.8 people live in a home with about 5.9 rooms, staying for about 25.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mililani Town, Hawaii.
What is the median home price in Mililani Town, Hawaii?
The median home price in Mililani Town, Hawaii is $652,057, higher than the Hawaii average of $555,557.
What is the average home price in Mililani Town, 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 Mililani Town, Hawaii?
The median gross rent in Mililani Town, Hawaii is $2,264 per month, higher than the Hawaii average of $1,937.
What was the median gross rent in Mililani Town in 2020?
In 2020, the median gross rent in Mililani Town, Hawaii was $1,890 per month.
What is the price-to-rent ratio in Mililani Town, Hawaii?
The price-to-rent ratio in Mililani Town, Hawaii is about 24.0, meaning it would take roughly 24.0 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 Mililani Town.
Are home prices or rent rising faster in Mililani Town, Hawaii?
Both home prices and rent are rising in Mililani Town, up about 0.7% and 3.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Mililani Town, Hawaii?
80.2% of households in Mililani Town, Hawaii own their home, higher than the Hawaii average of 54.1%.
What is the vacancy rate in Mililani Town, Hawaii?
The housing vacancy rate in Mililani Town, Hawaii is 1.8%, lower than the Hawaii average of 13.4%.