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 | Waipahu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,001 | $555,557 | $242,182 |
| Price Trend (Annual %) | 12.5% | 2.3% | 8.2% |
| Median Gross Rent | $1,614 | $1,937 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Waipahu is about 57% higher than in Hawaii. Rent is about 17% 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 Waipahu, up about 12.5% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Waipahu rose about 25.2% between 2015 and 2023, from $1,289 to $1,614. Over the same span, rent in Hawaii rose about 34.7%.
Affordability
On average, housing unit costs 8.6 yearly household incomes in Waipahu.
Buying the median-priced home in Waipahu costs roughly 45.2 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 Waipahu. The price-to-rent ratio in Hawaii is about 23.9.
| Metric | Waipahu | Hawaii Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,001 | $555,557 | $242,182 |
| Median Household Income | $101,506 | $98,332 | $78,145 |
| Price-to-Income Ratio | 8.6 | 5.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Waipahu rose about 288.8%, while median household income rose about 51.5% 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 | Waipahu | Hawaii Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.0% | 54.1% | 58.2% |
| Rental Rate | 37.6% | 32.5% | 31.3% |
| Vacancy Rate | 5.4% | 13.4% | 10.6% |
| Median Tenure (years) | 20.0 | 17.0 | 15.0 |
| Median Year Moved In | 2006 | 2009 | 2011 |
Waipahu has a homeownership rate of 57.0%, higher than the Hawaii average of 54.1%. Its housing vacancy rate is 5.4%, compared with 13.4% in Hawaii.
Housing Stock
| Metric | Waipahu | Hawaii Avg | US Average |
|---|---|---|---|
| Average Household Size | 4.26 people | 2.87 people | 2.54 people |
| Median Structure Built Year | 1974 | 1981 | 1978 |
| Median Number of Rooms | 4.8 | 4.7 | 5.5 |
The typical housing unit in Waipahu was built around 1974. On average, 4.3 people live in a home with about 4.8 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Waipahu, Hawaii.
What is the median home price in Waipahu, Hawaii?
The median home price in Waipahu, Hawaii is $875,001, higher than the Hawaii average of $555,557.
What is the average home price in Waipahu, 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 Waipahu, Hawaii?
The median gross rent in Waipahu, Hawaii is $1,614 per month, lower than the Hawaii average of $1,937.
What was the median gross rent in Waipahu in 2020?
In 2020, the median gross rent in Waipahu, Hawaii was $1,369 per month.
What is the price-to-rent ratio in Waipahu, Hawaii?
The price-to-rent ratio in Waipahu, Hawaii is about 45.2, meaning it would take roughly 45.2 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 Waipahu.
Are home prices or rent rising faster in Waipahu, Hawaii?
Both home prices and rent are rising in Waipahu, up about 12.5% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Waipahu, Hawaii?
57.0% of households in Waipahu, Hawaii own their home, higher than the Hawaii average of 54.1%.
What is the vacancy rate in Waipahu, Hawaii?
The housing vacancy rate in Waipahu, Hawaii is 5.4%, lower than the Hawaii average of 13.4%.