Think About It: Living Spaced - KFVE, K5-Hawaii News, Weather and Sports

October 1, 2015

Think About It: Living Spaced

Yet another tower is going up in the heart of Honolulu as Kalakaua Gardens will provide units for seniors with monthly units going for $4,500 to $7,500, depending on your medical needs. We are reminded monthly of the rapid sales pacing for most of the planned or under-construction towers that will soon change the skyline of Kaka`ako and Honolulu proper. And developers, as long as they comply with regulations, have every right to build as they see fit and make a living. 

But with the repeated stories month after month about the lack of truly affordable housing on Oahu and on the Neighbor Islands in some areas, how will we deal with the crunch for the next generation who might simply see $800,000 homes or $4,000 rents as a reason to relocate? How will Hawaii deal with an ever-aging population, where not everyone can simply live out the golden years at a child's abode? Are there business/government think tanks in play to create partnerships such that more people here can actually afford housing? I mean units for people earning regular wages, with built in incentives (as in profit) for the builders to encourage such talk.

The market will bear what it will bear- supply and demand, but with high-priced condos being scarfed up quickly, rest assured that the Honolulu real estate market will invariably add more units in town. For younger people making an average wage- will home ownership or even rental units ever be a reality? Or will living at home become the rule for more 20- and 30-somethings. And when grandma and grandpa need a place to live, will there be reasonable options? It's not a new question, but as the statistics about our aging population and ever increasing cost-of-living (including housing) prove, the answers become all the more important to answer sooner rather than later. Think about it…

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