A new state report estimates that Hawaii needs nearly 66,000 new homes to meet demand over the next 10 years.
The analysis by the Department of Business, Economic Development and Tourism concluded that the state needs 64,693 to 65,991 housing units between 2015 and 2025.
That breaks down to 25,847 units for Honolulu, 19,610 for the Big Island, 13,949 for Maui County and 5,287 for Kauai.
The report emphasized that there aren’t enough homes being built: only 2,400 units each year between 2009 and 2013.
Courtesy of DBEDT
Population growth is driving demand for housing, but relatively little residential construction has caused prices to shoot up, with the median home price even exceeding $700,000 last year.
The report found that other factors increasing demand include the presence of the military, migration to Hawaii, foreign investment in real estate and the conversion of residential homes into vacation rentals.