Housing Affordability Index
Score: 14
The cost of housing on Maui is nearing record highs, negatively impacting the quality of life for residents and posing a barrier to attracting and attaining skilled workers in any field. When adequate or appropriate housing is unattainable to a large portion of the population, it negatively impacts the entire community and decreases overall quality of life. The Housing Affordability Index measures the ratio of the price of a mortgage on an existing house that a family with the median income can afford vs. the median home or condominium price. A US family earning a median income can afford a home worth 146% of the median price. According to the Realtors’ Association of Maui, families earning a median income can afford a single-family home worth 46% of the current median price. The housing affordability index has been steadily dropping, bringing homeownership further out of reach for the average Maui resident.
Source: Realtors’ Association of Maui, Market Statistics, January 2019: https://www.ramaui.com/consumers/market-statistics/