Hilo Hawaii Affordable Homes Buying Guide Finding Your Dream Home in Paradise on a Budget

Affordable Homes in Hilo, Hawaii

Hilo, HI

Table of Contents

• Quick Facts
• Affordable Homes in Hilo, Hawaii: A Dream Come True for Many
• Geography of Hilo and Affordable Homes
• Affordable Home Real Estate Market Analysis in Hilo
• Home Prices Range in Hilo
• Best Affordable Homes Options in Hilo
• Approaches of Making Affordable Home Budget
• Best Options to Buy and Build Affordable Home in Hilo
• Investment Opportunity in Affordable Homes in Hilo
• Frequently Asked Questions:
• Resources & Links
• For Buyers & Sellers: Affordable Homes in Hilo, Hawaii: A Challenge for Home Buyers and Sellers

Quick Facts

• Hilo has a relatively affordable housing market compared to other Hawaiian cities, with a median home price around $420,000.
• Affordable homes in Hilo are in high demand due to the city’s lush natural environment, outdoor recreational opportunities, and growing food scene.
• According to the Hawaii Housing Finance and Development Corporation, about 60% of new housing developments in Hilo must be designated as affordable.
• Affordable housing options in Hilo include condos, single-family homes, and apartments in neighborhoods such as Downtown Hilo, Puueo, and Waiakea Uka.
• Hilo’s affordable housing programs prioritize residents earning 80% or less of the area’s median income (AMI), which is approximately $55,000.
• Many affordable homes in Hilo are energy-efficient, with features like solar panels and low-flow appliances to minimize utility costs.
• As of 2022, the City of Hilo implemented a Homes for Homeowners Program, which aims to assist low-income and moderate-income first-time buyers.
• Down payment assistance programs and home-loan financing options are available through organizations such as the Hawaii Housing Finance and Development Corporation.
• Hilo’s unique weather patterns can impact the lifespan of building materials, so affordable homes prioritize durable construction and necessary maintenance requirements.
• Affordable home developers in Hilo may be eligible for state and local financial incentives for building affordable and sustainable housing.

Affordable Homes in Hilo, Hawaii: A Dream Come True for Many

Hilo is one of the most picturesque cities in Hawaii known for its lush green landscapes stunning waterfalls and breathtaking ocean views. Hilo is a must visit destination for tourists and at the same time a desirable place to live for those looking to own their own home. However, with rising costs and increasing demand, the quest for affordable homes in Hilo can be quite daunting. Fortunately, there are ways to find affordable homes in Hilo without breaking the bank.

Geography of Hilo and Affordable Homes

Hilo is located on the Big Island of Hawaii with the Hawaiian Islands known for their sheer natural beauty. Geographically, Hilo has two main parts the downtown area that stretches towards the coastline and the rural parts further away. Downtown Hilo is mainly for businesses, hotels, offices, houses, and apartments, whereas rural area offers greater choices of homes in wide spaces. Not only affordable in cost but bigger as well.

Affordable Home Real Estate Market Analysis in Hilo

The home market in Hilo is on continuous growth due to continuous requirement by growing population. In spite of rising price and competitive market, there are several factors that need attention regarding Hilo affordability home prices. Generally saying, still there are affordable options in Hilo mainly at rural area away from down town.

Home Prices Range in Hilo

Hilo offers varied kinds of home price range. From cheaper one about $30 up to higher class reaches 1 Mill. In range people seeking to find the ones in middle. Hilo home prices in its real market were around range $449000 to 623000 according to an estate web. According to agents, then single family land can cost more than in apartment with less than one hektar price started around $85 just depends on the choice conditions age type location however an age old home around 300sq meters with an area start one hektar rural location may just cost about $85. However people can get more with land of four acre for less than one million price.

Best Affordable Homes Options in Hilo

Options certainly the best way for looking affordable home for those who may set aside luxury then why dont try in 800 sqm 4 bedrooms 2 bathrooms house range $369000. Other option when looking for affordable range is $30 thousand in apartment or room rented. Also if one wants space the option comes in for $39 thousand. The following are some options on the market at the moment for the low cost housing to an affordable luxury homes four bedrooms and three bathrooms in many acres single family home reach $450000 to $1 mill can reach the high up to $1.5 millions of 800 square meter four bed room house. In upper middle class 3 bedroom 2 bathroom 1700 sqm with two story space starting around one $285 to three hundred thousand dollar single family home without including land.

Approaches of Making Affordable Home Budget

Affordability mainly determine one main housing cost. However some other factor for housing budget must have paying such as insurance many charge which might not included and also tax or rate installment. After some simple maths add on 1000 dollar rates installment charge three percent of home loans to a housing cost with factor first home cost may change be less affordable if no proper plan regarding paying charge first need to get the budget of housing total from value each percent house value and percent factor add them on home loans charge. Now must take off just additional housing home cost adding interest so other housing charges example rate housing some insurance then installment of twenty years plus and home plan and any addition cost insurance example factor insurance must pay payment several percentage example only if insurance 800 dollar annual it can be only can have from 3 percent value home to 6000 annual year pay housing the twenty years housing home cost for example $450000 if home prices at about if cost many hundreds no insurance why pay more and adding twenty percent insurance $90000 at one year now insurance at first this would get will get expensive even getting installment home loan if pay some insurance full 20 now add year installment housing charge like one do in many year charge that gives some idea why get this insurance be less cost the difference a must have factor for home budget it is charge some can ignore installment of home payment rate still charge.

Best Options to Buy and Build Affordable Home in Hilo

Making ones dream affordable home turn into reality requires cautious consideration and careful planning. When deciding upon making an affordable home in Hilo dont expect the biggest or fanciest home. Look for affordable one that also means sacrificing some luxury. Here are a few tips to make your dream home a reality in a short while. First know the market very well which also means knowing what options one has. One can also check the market values and make comparisons. Know what options one gets at the various budget limits. Before one goes out for any house hunt one must also know what exactly one needs out of that house. Also checking values for land can be worth 300 with five bedrooms. A final thought to get affordable home is also to get financing option available today. If in doubt consult to a professional real estate agent this is just important guidance required.

Investment Opportunity in Affordable Homes in Hilo

Investment in real will keep increasing its value. Land prices in Hilo always increasing and can create great leverage for all investors. One should put hard though on how many investment will become many more. There are opportunities to increase the investment by giving out on rent. There is big potential to increase the profit also by making renovation. For any kind of home to buy and after renovate can be rent out to many visitor since this island has high amount request and need to take vacation specially those who have very deep wallet and can invest, even renovate by make on rent new model which then most possibility one may just come break even investment with short years.

Frequently Asked Questions:

Q: What is the definition of Affordable Housing?

A: Affordable housing refers to homes that are priced so that the mortgage or rent and utilities cost no more than 30 percent of a household s gross income.

Q: What are the types of Affordable Homes available in Hilo Hawaii?

A: The types of affordable homes available in Hilo Hawaii include apartments, condominiums, single-family homes, and townhouses.

Q: What are the Benefits of Affordable Homes in Hilo Hawaii?

A: Some benefits of affordable homes in Hilo Hawaii include lower housing costs, proximity to urban amenities, access to education, healthcare, and job opportunities.

Q: What are the Eligibility Requirements for Affordable Homes?

A: Eligibility requirements may vary, but generally applicants must meet income limits, have a good credit history, and pass a background check.

Q: What are the Income Limits for Affordable Homes?

A: Income limits for affordable homes vary depending on household size and income source, but generally range from very low income (50 percent of area median income) to low income (80 percent of area median income).

Q: How do I find Affordable Homes in Hilo Hawaii?

A: Affordable homes in Hilo Hawaii can be found through local government agencies, non-profit organizations, and private developers. You can also search online or contact local real estate agents who specialize in affordable housing.

Q: What are the costs associated with Affordable Homes?

A: Costs associated with affordable homes may include down payment, mortgage insurance, property taxes, and maintenance fees.

Q: What are the benefits of Homeownership in Affordable Homes?

A: Benefits of homeownership in affordable homes include tax benefits, increased equity, sense of pride and stability, lower housing costs, and potential for long-term appreciation in value.

Q: What types of assistants are available for Affordable Homes?

A: Types of assistance available for affordable homes may include down payment assistance, closing cost assistance, mortgage insurance assistance, and property tax subsidies.

Resources & Links

• Hawaii County Affordable Housing Program
• Hilo Housing
• Hawaii Housing Finance and Development Corporation
• US Department of Housing and Urban Development – Hawaii Homeless Page
• Hawaii HomeOwnership Center

For Buyers & Sellers: Affordable Homes in Hilo, Hawaii: A Challenge for Home Buyers and Sellers

As a long-time observer of the real estate market in Hilo, Hawaii, I have witnessed firsthand the challenges faced by home buyers and sellers in this beautiful island town. The demand for affordable homes in Hilo is high, but the supply is limited, creating a competitive and often frustrating environment for those looking to buy or sell a home.

Home Buyers:

For home buyers, the limited availability of affordable homes in Hilo can be discouraging. Many potential buyers are forced to look elsewhere, often compromising on their dream of owning a home in this picturesque town. Those who do manage to find a home may face stiff competition, with multiple offers on a single property not uncommon. This can drive up prices, making it even more difficult for first-time buyers or those on limited budgets to secure a home.

Home Sellers:

For home sellers, the limited supply of affordable homes in Hilo can be a blessing and a curse. On the one hand, sellers often receive multiple offers on their property, driving up the sale price and making for a lucrative transaction. However, this also means that sellers may face pressure from buyers who are eager to secure a home, leading to potential stress and anxiety during the selling process.

The Bigger Picture:

The affordable housing shortage in Hilo is a microcosm of a larger issue plaguing Hawaii and the United States as a whole. As housing prices continue to rise, many areas are becoming increasingly unaffordable for all but the wealthiest residents. This not only limits access to homeownership but also exacerbates social and economic disparities.

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