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 | Pearl City | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,034,766 | $555,557 | $242,182 |
| Price Trend (Annual %) | 21.6% | 2.3% | 8.2% |
| Median Gross Rent | $2,305 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pearl City is about 86% higher than in Hawaii. Rent is about 19% 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 Pearl City, up about 21.6% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Pearl City rose about 39.8% between 2015 and 2023, from $1,648 to $2,305. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 9.0 yearly household incomes in Pearl City.
Buying the median-priced home in Pearl City costs roughly 37.4 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 Pearl City. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Pearl City | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,034,766 | $555,557 | $242,182 |
| Median Household Income | $114,730 | $98,332 | $78,145 |
| Price-to-Income Ratio | 9.0 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pearl City rose about 51.1%, while median household income rose about 48.1% 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 | Pearl City | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.1% | 54.1% | 58.2% |
| Rental Rate | 30.4% | 32.5% | 31.3% |
| Vacancy Rate | 3.4% | 13.4% | 10.6% |
| Median Tenure (years) | 24.0 | 17.0 | 15.0 |
| Median Year Moved In | 2002 | 2009 | 2011 |
Pearl City has a homeownership rate of 66.1%, higher than the Hawaii average of 54.1%. Its housing vacancy rate is 3.4%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Pearl City | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.03 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1975 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 4.7 | 5.5 |
The typical housing unit in Pearl City was built around 1975. On average, 3.0 people live in a home with about 5.4 rooms, staying for about 24.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pearl City, Hawaii.
What is the median home price in Pearl City, Hawaii?
The median home price in Pearl City, Hawaii is $1,034,766, higher than the Hawaii average of $555,557.
What is the average home price in Pearl City, 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 Pearl City, Hawaii?
The median gross rent in Pearl City, Hawaii is $2,305 per month, higher than the Hawaii average of $1,937.
What was the median gross rent in Pearl City in 2020?
In 2020, the median gross rent in Pearl City, Hawaii was $2,034 per month.
What is the price-to-rent ratio in Pearl City, Hawaii?
The price-to-rent ratio in Pearl City, Hawaii is about 37.4, meaning it would take roughly 37.4 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 Pearl City.
Are home prices or rent rising faster in Pearl City, Hawaii?
Both home prices and rent are rising in Pearl City, up about 21.6% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pearl City, Hawaii?
66.1% of households in Pearl City, Hawaii own their home, higher than the Hawaii average of 54.1%.
What is the vacancy rate in Pearl City, Hawaii?
The housing vacancy rate in Pearl City, Hawaii is 3.4%, lower than the Hawaii average of 13.4%.