Affordable Housing? Not in Honolulu

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Thinking about buying a house in Honolulu? Well, you better start saving now.

According to a recent ranking that factors in average wages and median home prices, it would take a person 28.7 years to save for a down payment in Honolulu.

That’s even longer than it would take in San Francisco, where housing is more expensive but wages are higher.

Just thought it would be nice to share this with you considering the Honolulu Budget Committee will discuss affordable housing today during a special meeting.

The committee is focusing on a new $142 million deal in which the city will offload 12 of its affordable housing complexes to a group of investors.

Honolulu Affordable Housing Partners is the name of the entity buying the properties. It is made up of Highland Property Development, LLC out of Auburn, Calif., Richard Gushman, of Honolulu, and local real estate and tax attorney Stephen Gelber.

The full Honolulu City Council is scheduled to take up this issue at its Wednesday meeting.

—Nick Grube

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