What Do We Get for $10?
A better question, would be what do we get for $100,000? In the Oahu real estate market? Lets find out!
For many of us the idea of a six figure salary and the nice round number of $100,000 is significant. Considering that the median income here on the island is less than $70,000 per year it is fair to say that saving $100k would be a significant feat for any of us. Luckily we have banks and loan officers to help us secure mortgages.
As of this afternoon there were only studio apartments listed out in Waianae for less than $100k. They were all apartments with approximately 360 Sq Ft of living area.
Realistically you could secure one of these $100k apartments with a mortgage and 20% down. This would mean you would have a 30 year mortgage at 4.25% and pay about $400 per month for the mortgage and approximately $450 per month in association fees and taxes.
If you have $20k in savings and the budget to pay approximately $850 per month, you could afford to be a studio owner in Waianae. For many people the location would present an obstacle if they work or study in town. For people already located or employed on the west side, the location may be beneficial.
Our local politics and papers are always filled with articles about the affordable housing crisis and homelessness epidemic. Unfortunately the cost of living on such a desirable island will always be high. With proper budgeting and self discipline we can all manage to purchase a home.
For many of us the idea of a six figure salary and the nice round number of $100,000 is significant. Considering that the median income here on the island is less than $70,000 per year it is fair to say that saving $100k would be a significant feat for any of us. Luckily we have banks and loan officers to help us secure mortgages.
As of this afternoon there were only studio apartments listed out in Waianae for less than $100k. They were all apartments with approximately 360 Sq Ft of living area.
Realistically you could secure one of these $100k apartments with a mortgage and 20% down. This would mean you would have a 30 year mortgage at 4.25% and pay about $400 per month for the mortgage and approximately $450 per month in association fees and taxes.
If you have $20k in savings and the budget to pay approximately $850 per month, you could afford to be a studio owner in Waianae. For many people the location would present an obstacle if they work or study in town. For people already located or employed on the west side, the location may be beneficial.
Our local politics and papers are always filled with articles about the affordable housing crisis and homelessness epidemic. Unfortunately the cost of living on such a desirable island will always be high. With proper budgeting and self discipline we can all manage to purchase a home.
I really like viewing all of your posts Jensen! You are really savvy in what you are talking about and obviously have a passion for it. This is interesting to me because I do not know much about affordable housing in Hawaii. Keep it up!
ReplyDeleteGreat information. When I moved to the island over ten years ago, I heard not so great things about the west side of the island. I interned there this summer at WCCHC and discovered how beautiful it is. It is hotter and drier and traffic can be a bear, especially with the construction, but those prices are a deal I appreciate your research, thanks.
ReplyDelete