Population growth on Oahu means housing shortage will continue
Posted by Tony Kawaguchi, RA on Monday, February 6th, 2012 at 8:14am.People are often shocked when I tell them how strong Oahu real estate has been over the last 10 years. Prices remain very steady and in some areas are up over the last few years, primarily due to the limited inventory of homes for sale.
The U.S. Census showed that Hawaii’s 2010 population calculations show Oahu is growing by 200,000 between 2005 and 2030.
If the population on Oahu grows at roughly 8-percent in the next 20 years, in 2030 the population would be around 1,1 million.
Here is how we've grown in 1980:
1980: 763,000
1990: 836,231
2000: 876,156
2010: 953,207.
At this point, the island is not seeing enough new housing construction to keep up with this demand, which is why rents and home prices are so high. In the next 10-20 years, the shortage of housing will continue to be the problem that will drive prices higher and higher.
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Great statistics & information Tony, thank you for the post. Our West Hawaii market is red hot right now as we are seeing decreased inventory along with a HUGE amount of international interest! Canadians especially seem to be finding West Hawaii especially attractive, all the best!
Posted on Wednesday, February 29th, 2012 at 4:39 PM.