Tuesday, June 11, 2024

The Median price for a home in Hawaii: 1.5 Million dollars!

 This is one of the many things we learned about Hawaii this time. So, it's no surprise that you don't see Lahaina rebuilding anytime soon other than Jeff Bezos' 100 units of Low income housing that he built there that was finished when we were there because likely many people in Lahaina did NOT have fire insurance and so might never be able to rebuild on their properties because of this. So, don't expect Lahaina to be up and running possibly ever. Right now the town is pretty much shuttered and looks like a fire just hit it and burned everything down yesterday still.

We also found it really expensive to stay where we like the best in Napili this time too per day.

But, I think for mainlanders like most of you likely are the biggest news on this front of it being impossible to buy anything if you are 30 to 40 years old generally speaking is what i learned from my son in law in San Diego.

He said that what took 100,000 dollars in yearly income to buy in 2016 when they bought their home in San Diego County now takes 400,000 dollars in yearly income to buy in 2024 if you want to get a mortgage from a bank. This really floored me because how many people are making 400,000 dollars a year who are 30 to 40 years old? Not many. So, the time you most need a big house (30 to 40 years old) having kids or raising teenagers by then you can no longer afford (most people) to do this.

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