Department of Numbers

This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Hawaii Home Affordability

The data below quantifies Hawaii home affordability by using home prices and home price indices to calculate price-to-income and price-to-rent ratios.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Hawaii home affordability to other states.

Hawaii Home Price-to-Income Ratios

The home price-to-income ratio for Hawaii comes from the Federal Housing Finance Agency's relatively new state median price series and their purchase only index combined with Hawaii annual median household income data. The FHFA home price series yields a dollar ratio (top chart) while the index results in an index ratio (bottom chart). Based on the latest FHFA state home prices in June 2010, the price-to-income ratio for Hawaii was 8.54.

Home Price-to-Income Dollar Ratio: FHFA

Chart of Hawaii home price-to-income ratio using FHFA median price

Home Price-to-Income Index Ratio: FHFA

Chart of Hawaii home price-to-income ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Hawaii Home Price-to-Income Ratio History

(Dollar Ratio)
(Index Ratio)
December 2013 211.8
September 2013 205.4
June 2013 200.7
March 2013 200.4
December 2012 196.2
September 2012 185.9
June 2012 186.1
March 2012 177.5
December 2011 162.3
September 2011 168.9

Hawaii Home Price-to-Rent Ratios

The price-to-rent ratio for Hawaii is determined for both the FHFA median price and the purchase only index by calculating a ratio with the median contract rent. The price-to-adjusted rent value takes into account CPS reported household size to attempt to correct for quality differences in renter and owner occupied homes. More on that process here. Again, the median price ratio is a dollar ratio and the HPI ratio is an index ratio defined to be 100 in Q1 2000. The adjusted price-to-rent ratio for Hawaii was 30.89 in June 2010.

Home Price-to-Rent Dollar Ratio: FHFA, FHFA Adjusted Rent

Chart of Hawaii home price-to-rent ratio using FHFA median price

Home Price-to-Rent Index Ratio: FHFA

Chart of Hawaii home price-to-rent ratio using FHFA HPI

Note: Index set to 100 in Q1 of 2000

Hawaii Home Price-to-Rent Ratio History

(Dollar Ratio)
FHFA Adjusted
(Dollar Ratio)
(Index Ratio)
December 2013 146.5
September 2013 142.1
June 2013 138.9
March 2013 138.6
December 2012 135.7
September 2012 128.6
June 2012 128.7
March 2012 122.8
December 2011 120.8

Hawaii Inferred Affordable Mortgage

The inferred affordable mortgage is determined by taking the median household income for Hawaii and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from median household income and average monthly mortgage rates. The amounts are not adjusted for inflation.

Inferred Affordable Mortgage

Chart of Hawaii maximum affordable home loan amount

Hawaii Inferred Affordable Mortgage History

Date Inferred Mortgage
February 2014 $284,227
January 2014 $279,893
December 2013 $278,907
November 2013 $285,581
October 2013 $287,974
September 2013 $277,926
August 2013 $278,907
July 2013 $281,881
June 2013 $292,145
May 2013 $311,682
April 2013 $315,190
March 2013 $310,526
February 2013 $312,069

1. Specifically, Home prices are from the FHFA seasonally adjusted, purchase only quarterly series. Rent data is from the Census ACS and income is from the Census CPS. Rent and income data for the previous year is carried into the following year for calculations prior to release of new data.