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Buying a home on Maui 'impossible' for a typical family, researchers say

A recent study by the University of Hawaiʻi Economic Research Organization (UHERO) highlights the severe affordability crisis for homebuyers on Maui, indicating that purchasing a home is out of reach for the typical family. The research shows that the median home price on the island is around $1.2 million, while the median household income is approximately $83,000, making the price-to-income ratio one of the highest in the nation. UHERO's analysis suggests that even with a 20% down payment, monthly mortgage payments would consume a significant portion of a family's income, far exceeding the recommended 30% threshold for housing costs. The study also points out that the shortage of affordable housing is exacerbated by factors such as limited land availability, regulatory constraints, and the influx of wealthier buyers, including those purchasing second homes or investment properties. This situation has led to a growing concern about the displacement of local residents and the sustainability of Maui's communities.

Read the Full KITV Article at:
[ https://www.kitv.com/news/buying-a-home-on-maui-impossible-for-a-typical-family-researchers-say/article_5f9b081c-849d-4137-a7d2-5802fb44a9c4.html ]