BUILDING THE DREAM OF HOME OWNERSHIP
Waikiki median real estate price is $420,665, which is less expensive than 78.6 percent of Hawaii neighborhoods and 14.2 percent of all U.S. neighborhoods. The average rental price in Waikiki is currently $1,525, with rents currently lower in price than 54.8 percent of Hawaii neighborhoods.
Waikiki real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes, high-rise condominiums and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Waikiki neighborhood are established, but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969. Vacant apartments or homes are a major fact of life in Waikiki with the current real estate vacancy rate at 30.6 percent This is higher than the rate of vacancies in 94.4 percent of all U.S. neighborhoods, but most vacant housing here are vacant year round as due the high second home occupancy level and don’t have a negative effect on property values.
Waikiki has some outstanding things about the way it looks and its way of life that are worth highlighting. Waikiki densely populated compared to most U.S. neighborhoods. In fact, with 41,475 persons per square mile in the neighborhood, it is more packed with people than 98.1 percent of the nation’s neighborhoods. Waikiki is a neighborhood that’s on one of the most beautiful beaches bar none and it has amenities that bring locals and visitors to the waterfront for recreational activities or to check out the scenery
In addition, the Waikiki neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 96.9 percent of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.
Furthermore, the real estate in the Waikiki neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes and high-rise condominiums than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by high rise condominiums. In fact, 93.0 percent of the real estate here is classified as apartment complexes or high-rise condominiums, which is more than is found in 98.9 percent of American neighborhoods.
More people in Waikiki choose to walk to work each day at 31.5 percent than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Waikiki is also pretty special linguistically with 15.6 percent of its residents primarily speaking Japanese at home.
One of the most interesting things about the Waikiki neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 53.4 percent of the households here made up of people living alone and that’s a larger proportion of people living alone than in 98.0 percent of the neighborhoods in America.
In addition, an extraordinary 13.7 percent of the residents of the Waikiki neighborhood are currently enrolled in college. This is such a large part of life in this neighborhood that the neighborhood changes a great deal with the change of semesters and is far quieter during the summer when many students are away. If you have a college bound child check out my blog post on Kiddie Condos and see if it’s something that’s right for you.
Waikiki has 35.6 percent of its residents employed full time in sales and service jobs to working in fast food restaurants. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 25.0 percent of the residents employed in these fields. Other residents here are employed in clerical, assistant, and tech support occupations at 21.3 percent and 18.0 percent in manufacturing and laborer occupations.
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A SIMPLE HOME SHOPPING INSPECTION TOOL
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