Hawaii's rents are the highest in the nation

There was an article in today's Advertiser saying the Median monthly rent in Hawaii is the highest in the nation according to a new census.

The median rent was $1,194 in Hawai'i last year, which is enough to rent you a tiny studio in a bad neighborhood on Oahu. I think since the numbers include all the islands, that figure is way too low for Oahu. I can't imagine anyone renting anything that cheap here.

The writer, Andrew Gomes, who's kids go to school with mine, said "Only three other states had four-figure median rental rates — California at $1,078, New Jersey at $1,026 and Maryland at $1,000. Nevada ranked fifth at $980. Hawai'i's median rent was up $78 from $1,116 a year earlier... The census report said 39.1 percent of renters last year paid 35 percent or more of their household income on rent."

The article said that the median monthly cost to own a home in Hawai'i for owner-occupants with a mortgage was $2,099 last year, up $140 from $1,959 a year earlier. Only two states had higher ownership costs — California and New Jersey.

These numbers are pretty deceptive, because most people in Hawaii have owned there homes for a long time and don't owe much. People here tend to move less often, and tend to live with extended family.

If you want to rent a recent sized house in Oahu, you're going to pay $2500 in most areas, and as much as $5000 in East Oahu.

Yet another reason to buy instead of rent.