Hawaii home prices continue to rise
Updated: Oct 29, 2021
"Anyone who is stuck renting will have to leave, if not now, in a few years," - local developer Peter Savio.
The median price for a single family home on Oahu rose to $1,050,000 in August. Local developer Peter Savio says more local families will continue to be forced to leave the state and more out of state families will replace them due to Hawaii's rising cost of living.
“Local families can no longer afford to buy which means they're going to be leaving or they become renters, and there's no way you can survive in Hawaii as a tenant. Costs are going to go up, rents are going to go up, all your pay raises get eaten up by additional costs, you never get ahead, you struggle, and that's why so many families are leaving," said Savio.
The affordable housing advocate believes the issue will destroy the fabric of Hawaii's communities, but said lawmakers have the ability to fix the problems.