I went through some of the Census data and tried to glean anything interesting for real estate purposes.
Here are some highlights:
148,764 more people live in Hawaii today compared to 10 years ago. Our State population now totals 1,360,301, up 12.3 percent from the 1,211,537 people who lived here 10 years ago. It’s hard to even imagine where these people live, considering there haven’t been very many new homes built since then. No wonder there is a housing shortage!
As the population increases, the Island gets more expensive. I’ve talked about this over and over, but the Census really drives that home. If there really are 12.3 percent more people over just a 10 year period, we are going to run out of room very quickly. More likely, they counted a little better this time, but still there was definitely a large increase.
Hawaii is now ranked 40th in population size nationwide, up from 42th in 2000, according to Census data. Hawaii will continue to have tw
Hawaii has the 7th highest median household income in the nation, using a 3 yr average up to 2009. Hawaii’s median was $61,055 in that period. The highest in the nation was New Hampshire with $66,654. California’s median was $56,862. It’s no wonder, because it takes a lot of money to live here. We also have one of the highest median home prices at about $600,000 this year.
The per family median income is a different number, but Hawaii is still very high, with an estimated median family income as follows:
Overall average: 75,066
2-person families 63,143
3-person families 74,449
4-person families 85,190
5-person families 80,552
6-person families 94,304
7-or-more-person families 112,585
In comparison, California’s average income is $67,038. Connecticut’s average is $83,069. New York’s average is $66,891.
In summary, Hawaii’s population is growing and making lots of money, which is all good real estate prices.