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Lots of dreamer posts this week - article in today's paper that Honolulu remains the least affordable in the US. Sorry for the typo in the thread title.
Lots of dreamer posts this week - article in today's paper that Honolulu remains the least affordable in the US. Sorry for the typo in the thread title.
Right, and look who is #1 in affordability - Detroit/Warren. Of course, going to Hawaii and not expecting to budget for certain expenses accurately will spell doom, no matter where you move to.
But according to the apologists, if you leave out housing costs Hawai'i isn't that expensive.
To which I reply... in what universe can you leave out housing costs?
But I refuse to believe that the data are accurate. They must reflect housing prices in the city. Once you get a couple miles outside the city limits, I'm sure prices drop considerably. I'm confident that if I move to Honolulu, and I look hard enough, I'll be able to find a modest but comfortable house that fits my $250K budget. Also, I'm a hard worker with a positive attitude (let's be honest: I'm an all-around good person!), so I'm confident I'll find a job that pays enough that I can afford a Honolulu house. I'll even work two or three such jobs – whatever it takes. Just knowing that paradise is outside my house, car, and office will be enough for me!
But according to the apologists, if you leave out housing costs Hawai'i isn't that expensive.
To which I reply... in what universe can you leave out housing costs?
Quote:
Originally Posted by whtviper1
The universe for those who can afford it, the price of real estate is a moot point.
Yes, that's a good point, and I think it is one of the things that makes it so hard for many people to grasp the realities of the high cost of living in Hawai'i. There are a LOT of rich people in Hawai'i, and they skew the figures on everything.
The median price for a home in Hawai'i today is currently hovering around $600,000, down from earlier highs, but still the highest average in the country. And yes, if you can easily afford that, then the relatively high cost of a gallon of milk at the supermarket is irrelevant to you. I'm acquainted with a couple who own a home worth twice that in Kona, and they spend maybe 3 months of the year there, and they don't rent it out in between because it is "too much hassle." So it's understandable that they couldn't care less how good the prices at Costco are, they aren't going to shop there.
But I would submit that the majority of people participating in these forums are not in any financial condition to ignore, or even to discount the significance of the housing costs here.
But according to the apologists, if you leave out housing costs Hawai'i isn't that expensive.
To which I reply... in what universe can you leave out housing costs?
Housing always costs someone money, somehow...but there are some legitimate and non-uncommon cases in which someone considering a place to live might not place the same weight on housing concerns as others do. For example, someone may be living in military housing. Someone may have their housing costs paid for by an employer (other than Uncle Sam) as a perk/benefit. Finally, there's always the possibility that the person making the comparisons is planning to purchase a home outright and therefore doesn't consider a mortgage to be part of their monthly "expenses" (even though obviously it's still an expense, and taxed, etc).
There are many places in Hawaii where home prices are actually comparable (note I didn't say identical) to urban neighborhoods and fancy suburbs in mainland metro areas. Someone relocating from one of those places could conceivably (hopefully after some time renting and getting to know their island) purchase a home with cash and never really think about that cost nearly as often as they plan out things like getting groceries, obtaining housewares, dealing with utilities and common services, etc.
So it's just possibly that yes, some people live in a "universe" where the high housing costs are not front of mind when planning their life in Hawaii.
Y'all don't know very many rich people if you think they don't shop very carefully with price as consideration when they buy real estate. Nobody gets rich by throwing their money away. Anybody intending to spend 10 million on a house is going to squeeze the mazimum amount of value out of every dollar that they invest.
Y'all don't know very many rich people if you think they don't shop very carefully with price as consideration when they buy real estate. Nobody gets rich by throwing their money away. Anybody intending to spend 10 million on a house is going to squeeze the mazimum amount of value out of every dollar that they invest.
Yes and no. Ordinary millionaires do squeeze every penny, yes. The average American millionaire, according to a favorite book of mine, "The Millionaire Next Door," carries a J.C. Penney credit card in their wallet and buys their cars used, about 2 years old.
But then there are people who leave that paradigm in the dust, like the technology barons of Dell and Microsoft and Google and their ilk, and a lot of them have homes in Hawai'i. According to Honolulu magazine, 9 of the 10 most expensive homes in Hawai'i are located in the Northwest region of the Big Island, all owned by technology moguls. My bro hangs out socially with two of their owners, so I have access to some pretty good intel, in addition to my own lowly resources as a jester at the feast. Trust me, the richie-rich are personally unconcerned with the cost of paper towels at Costco. And now that Larry Ellison has personally purchased the Island of Lanai, I think the the false front of inconspicuous consumption has a big tear in it.
Yes and no. Ordinary millionaires do squeeze every penny, yes. The average American millionaire, according to a favorite book of mine, "The Millionaire Next Door," carries a J.C. Penney credit card in their wallet and buys their cars used, about 2 years old.
But then there are people who leave that paradigm in the dust, like the technology barons of Dell and Microsoft and Google and their ilk, and a lot of them have homes in Hawai'i. According to Honolulu magazine, 9 of the 10 most expensive homes in Hawai'i are located in the Northwest region of the Big Island, all owned by technology moguls. My bro hangs out socially with two of their owners, so I have access to some pretty good intel, in addition to my own lowly resources as a jester at the feast. Trust me, the richie-rich are personally unconcerned with the cost of paper towels at Costco. And now that Larry Ellison has personally purchased the Island of Lanai, I think the the false front of inconspicuous consumption has a big tear in it.
Surprising
Couldn't resist doing a Google search ... and right there it was ... nine of the ten most expensive on that Kona Coast of the Big Island...
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