With the medium price of a single-family home selling for $795,000, it seems impossible to find an affordable home with great value in Hawai’i. Yet, many homebuyers are turning to the West Side of O’ahu for brand-new homes and condos that are selling for far less than older counterparts in Urban Honolulu.
Housing in Kapolei is rapidly increasing, with an expected growth from 35,000 to over 57,000 in the next 25 years. Latest data shows there is a 70% home ownership rate in Kapolei.
Kapolei is attractive to homebuyers due to the quality and size of homes available with lower prices than areas closer to “town” (Urban Honolulu). Brand new condominiums in Kapolei begin at $327k such as in Manawa at Mehana, one of several developments by DR Horton. In addition, many retailers and dining options are opening to accommodate the new communities.
Buying a home in Kapolei is a great option for those looking to live in a newer home within a family-friendly neighborhood. While the location is further from town and traffic is always a concern, over time new businesses will grow to keep up with the developing community, creating more jobs on the West side. The trade-off to a shorter commute time is a much more modern home at lower cost with the potential. In addition, buying a home in Hawai’i always has the benefit of potential high return of investment due to ever-rising housing prices in Hawai’i.
If you are interested in buying a home and looking for more affordable options such as the new housing developments in Kapolei, please feel free to contact us at Solid Rock Home Loans.