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 | Urban Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $598,852 | $555,557 | $242,182 |
| Price Trend (Annual %) | -0.1% | 2.3% | 8.2% |
| Median Gross Rent | $1,782 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Urban Honolulu is about 8% higher than in Hawaii. Rent is about 8% lower than the Hawaii average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Urban Honolulu: home prices fell about 0.1% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
Median rent in Urban Honolulu rose about 34.3% between 2015 and 2023, from $1,327 to $1,782. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Urban Honolulu.
Buying the median-priced home in Urban Honolulu costs roughly 28.0 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 Urban Honolulu. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Urban Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $598,852 | $555,557 | $242,182 |
| Median Household Income | $86,096 | $98,332 | $78,145 |
| Price-to-Income Ratio | 7.0 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Urban Honolulu rose about 11.5%, while median household income rose about 59.1% 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 | Urban Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.2% | 54.1% | 58.2% |
| Rental Rate | 45.1% | 32.5% | 31.3% |
| Vacancy Rate | 12.8% | 13.4% | 10.6% |
| Median Tenure (years) | 15.0 | 17.0 | 15.0 |
| Median Year Moved In | 2011 | 2009 | 2011 |
Urban Honolulu has a homeownership rate of 42.2%, lower than the Hawaii average of 54.1%. Its housing vacancy rate is 12.8%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Urban Honolulu | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1974 | 1981 | 1978 |
| Median Number of Rooms | 3.7 | 4.7 | 5.5 |
The typical housing unit in Urban Honolulu was built around 1974. On average, 2.5 people live in a home with about 3.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Urban Honolulu, Hawaii.
What is the median home price in Urban Honolulu, Hawaii?
The median home price in Urban Honolulu, Hawaii is $598,852, higher than the Hawaii average of $555,557.
What is the average home price in Urban 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 Urban Honolulu, Hawaii?
The median gross rent in Urban Honolulu, Hawaii is $1,782 per month, lower than the Hawaii average of $1,937.
What was the median gross rent in Urban Honolulu in 2020?
In 2020, the median gross rent in Urban Honolulu, Hawaii was $1,518 per month.
What is the price-to-rent ratio in Urban Honolulu, Hawaii?
The price-to-rent ratio in Urban Honolulu, Hawaii is about 28.0, meaning it would take roughly 28.0 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 Urban Honolulu.
Are home prices or rent rising faster in Urban Honolulu, Hawaii?
Home prices and rent are moving in opposite directions in Urban Honolulu: home prices fell about 0.1% a year while rent rose about 4.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Urban Honolulu, Hawaii?
42.2% of households in Urban Honolulu, Hawaii own their home, lower than the Hawaii average of 54.1%.
What is the vacancy rate in Urban Honolulu, Hawaii?
The housing vacancy rate in Urban Honolulu, Hawaii is 12.8%, lower than the Hawaii average of 13.4%.