As National Homeownership Month (in June) comes to a close, conversations about homeownership in Hawaiʻi and affordability challenges don't have to.
Many local residents see headlines about being “priced out of paradise,” compounded by rising home prices, elevated interest rates and the growing cost of living, and understandably feel discouraged about whether homeownership is still possible for them.
Homeownership remains important not only because it helps individuals and families build stability, but because it also plays a broader role in whether local residents feel they can build a future here. For many families, owning a home can mean putting down roots, building financial security and creating a stronger foundation for the next generation. Keeping homeownership within reach matters not just for prospective buyers, but for the long-term strength of our communities, workforce and local economy.
One of the biggest concerns we hear is that too many local residents are counting themselves out before they fully explore what may still be available to them. It is important to understand that many first-time homebuyers are entering the market at a different price point than the million-dollar homes that tend to draw headlines, and they should not let those headlines discourage them from taking the next step.
Every month, nearly 200 homes on Oʻahu sell for $500,000 or less, and there are currently more than 1,100 active listings at that price point across the island.
Education and support also helps local residents better understand the homebuying process, strengthen their financial readiness and identify pathways that bring homeownership within reach.
(ICYMI: Aloha State Daily senior reporter Stephanie Salmons caught up with Aaron Tangonan, president of the Honolulu Board of Realtors, to see what prospective homebuyers should know about the process.)
Through the Honolulu Board of Realtors’ partnership with the Hawaiʻi HomeOwnership Center, the HOPE Homebuyer Education Program helps prospective buyers build a realistic plan for ownership and connect with resources that may support them.
Since 2021, more than 850 local residents have participated in the HOPE program, and roughly 70% have gone on to purchase a home or enter escrow within six to 18 months.
Other efforts also help make homeownership more attainable. This year, the Hawaiʻi Housing Finance and Development Corp. announced the first three buyers through its Hale Kamaʻāina Program, including a 27-year-old teacher who purchased a one-bedroom home in Makiki and a family of three who purchased a townhome in Mililani Mauka. Programs like this can help make homeownership more attainable for local residents at different stages of life, from younger working professionals to families seeking greater stability. Along with offerings from local lenders and community organizations, they can help eligible buyers access below-market interest rates, down payment assistance and other support.
Many local residents do not have to look far to find a Realtor within their own circle of trust who can help them navigate the homebuying process. That relationship can make it easier to ask questions early, better understand what may still be possible and move forward with guidance from someone who understands the market and the process.
We regularly see Realtors help clients identify opportunities they may not have considered, navigate contracts and negotiations, and connect with programs or resources that can help them overcome obstacles. In a process that can feel intimidating, especially for first-time buyers, trusted support can make a meaningful difference.
No single program will solve Hawaiʻi’s affordability challenges, but helping more local residents build a future here means strengthening the education, partnerships and policies that expand access to homeownership and support long-term stability in Hawaiʻi. Our members at the Honolulu Board of Reators' live and work in these same communities and are committed to helping keep homeownership possible for Hawaiʻi families.
Authored by Suzanne Young, CEO, Honolulu Board of Realtors. Learn more at hicentral.com.
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