Find Real Estate Agents and Homes for Sale

Real Estate News --> Hawaii News

The Impact of Rising Sea Levels on Popular Hawaii Markets

Keeping this in mind, Hawaii home shoppers may prefer to search for homes ... Today's buyers are spending $615,000 for Kapaa real estate, lower prices than in Kaneohe. However, in 83 years, homes currently valued around $438,000 are most likely to fall ...

Archived Story

In Honolulu, a staggering 29,823 homes are at risk of sinking with rising tides, about a quarter of all Honolulu homesCurrently, buyers are shelling out $650,000 for listings in Honolulu, but in 83 years, the metro could experience $23.3 billion in lost homesThe median value of at-risk homes in Honolulu is $478,000What's startling about at-risk areas nationwide is that it's not just the typical waterfront home: Almost two-thirds of the homes are in suburban areasZillow categorizes home values into three tiers - top, middle and bottomAlthough owners of homes in the top tier may risk losing more money if their home sinks, owners of homes in the bottom tier are the most financially vulnerableLower-income homeowners spend more of their earnings on mortgage payments, meaning the loss of their primary investment - their home - can potentially derail their financial stabilityThe majority of Honolulu's underwater homes - 48.4 percent - are considered bottom-tier homesThat means nearly half of Honolulu's at-risk homeowners face a financial crisis due to rising sea levelsMiddle-tier homes represent 35.6 percent of Honolulu's potential underwater homes, whereas just over 16 percent are considered top tierKeeping this in mind, Hawaii home shoppers may prefer to search for homes in these lower-risk markets Island of Oahu Kaneohe An estimated 428 homes in Kaneohe would be underwater by the year 2100The loss represents only 2.8 percent of all Kaneohe homes, far less than HonoluluThe median price of listings in Kaneohe is $834,000, while the median value of homes that could flood with rising sea levels is $1.086 millionThe predictions in Kaneohe favor homeowners in the bottom tierOnly 8 percent of Kaneohe homes that could drop below rising tides are in the bottom tierAbout 75 percent of Kaneohe's potentially underwater homes are valued in the top tier, compared to just 17.3 percent of homes considered middle tier Island of Kauai Kapaa Today's buyers are spending $615,000 for Kapaa real estate, lower prices than in KaneoheHowever, in 83 years, homes currently valued around $438,000 are most likely to fall below lifted sea levelsMore than 7.5 percent of homes in Kapaa - 509 total homes - would be underwater if sea levels rose by 6 feetOf the cities in this list, owners of bottom-tier homes face the greatest risk in Kappa, as 74.5 percent of underwater homes are valued in the bottom tierOnly 14.1 percent of Kapaa's at-risk homes are middle tier, and 11.4 percent are top-tier homesKilauea An estimated 150 homes, or 5.8 percent of all Kilauea homes, could be underwater in 83 yearsFortunately for Kilauea's financially vulnerable homeowners, only 20.7 percent of those homes are bottom-tier homes; 42.7 percent are middle tier, and 36.7 percent are top tierThe median listing price of homes for sale in Kilauea is unavailable, but shoppers should know the median value of homes threatened by rising sea levels is $1.06 million Island of Hawaii Puako On the ig Island, roughly 8 percent of homes in Puako - about 104 homes - are in danger due to rising sea levelsPuako listings are going for $1.15 million, the priciest of all detailed marketsThe median value of homes at risk is $1.73 million, by far the greatest financial loss predicted on this listHigh-value homes are the majority of Puako's potential underwater homes, at nearly 59 percentJust under 33 percent of threatened homes are middle tier, and only 8.7 percent are valued in the bottom tier Pahoa Just 2 percent of all Pahoa homes - 122 homes total - risk sinking with rising sea levelsThe median for listings in Pahoa is $205,900, the cheapest among these marketsBuyers should consider that the median value of homes forecast to drop below sea level is $308,000Owners of homes in the bottom tier are safest in Pahoa, with only 3.3 percent of predicted underwater homesThe majority - 85.2 percent - of impacted homes are top tier, while 11.5 percent are middle-tier homesA 6-foot rise in sea levels could be catastrophic for homeowners in the bottom tier, as they risk losing their financial stability along with their homesIn markets like Pahoa and Kaneohe, however, lower-income homeowners face the least risk when it comes to rising sea levels wnad_52.load(); if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol2done'); if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol23done'); wnad_43.load(); wnad_63.load(); if (Worldnow.EventMan) Worldnow.EventMan.event('WNCol4done');

Trending Hawaii News:

  • Real property taxes are vital to county operations
  • Reasons for which a tax attorney is needed to battle with real estate property tax
  • Hawaii's ChaneyBrooks rebrands under new Cushman & Wakefield affiliation
  • Transactions increase 18% in 2016
  • Inside the Hawaiian estate where the Obamas holiday
  • Oceanfront 16,000 Acres: The Largest Parcel of Land for Sale in Hawaii Listed for $18 million
  • We Should Look Anew At Real Estate Investment Trusts
  • A hero's welcome includes new home
  • Controversial real estate investment trust bill stalls in Senate
  • Weyerhaeuser Co. (WY) Position Cut by Bank of Hawaii
  • Alexander & Baldwin Reports Second Quarter 2017 Financial Results
  • Hawaii tourists killed in fatal Whitsunday helicopter crash
  • Alexander & Baldwin Completes Migration to Hawai'i
  • 32.3% of Property Taxes Come from Out-of-State Owners
  • Hawaii Beach and Golf Properties Launches New Website and Expanded Office
  • 2 luxury brokerages show off the world’s most stunning listings with HGTV
  • Ex-Men’s Wearhouse CEO Sells $18 Million Hawaii Compound
  • 'Superman' director Richard Donner gets $16.5 million for Maui retreat
  • Paul and Tami Roos list luxury Coogee home
  • The last time Congress pulled off a major tax code overhaul, it triggered a financial disaster