Rent to Own properties are quite valuable in the Hawaiian housing market since home prices are appreciating quickly throughout the Aloha State. Locking in a lease option home sets your final purchase price, which can insulate you from steep jumps in housing prices. Rent prices are high in Hawaii, and fast home value appreciation means a steadily developing investment for individuals who can purchase a property sooner rather than later. The leasing period is a good time to save up for a down payment and to fix an credit issues you may have before applying for a mortgage.
The Big Island
Hawaii is one of two states that is not part of the continental United States and is the only island state in the union. Known for its lovely beaches, tropical weather, and volcanic activity, the Aloha State gets a lot of tourism from the the US and abroad. Major industries in the Aloha State include agriculture, farming, tourism, and hospitality. Population growth averages at about 0.8 percent annually. Job growth in Hawaii continues at 1 percent and unemployment sits at 4.1 percent. For average income, the median household income is $49,820 and the median family income is $56,961 annually.
Hawaiian Beaches Source: SodaheadBuying a Piece of Paradise
Due to limit space and higher cost of living, home prices in Hawaii are far above the national median. As of March 2015, the average home value in Hawaii was $546,100 according to Zillow. Home values are going up quickly, appreciating 8.5 percent last year and expected to grow another 5.3 percent in 2015. Some of the most popular metro areas in Hawaii are Honolulu, Lahaina, Hilo, Kailua Kona, and Waipahu.
Hawaii has notable universities that include the University of Hawaii at Manoa, Hawaii Pacific University, Brigham Young University-Hawaii, University of Hawaii at Hilo, and Chaminade University of Honolulu. Hawaiian primary and secondary school rankings are mostly average or above average, with many of the best schools concentrated near the major metro areas.
In terms of annual crime, Hawaii is among the safer states in the country. Violent crime rates statewide average at 2.52 people affected per 1000, well below the 3.8 per 1,000 residents national average. Property crime is slightly higher than the national average, affecting 30.54 per 1,000 residents compared with the 27.3 national average.
Honolulu, HI. Via U of Hawaii, ManoaCulture and Entertainment
Hawaii has many well-known points of interest that include the USS Arizona Memorial, Hawai’i Volcanoes National Park, Pearl Harbor, Diamond Head, and Hanauma Bay. Hawaiian culture is a mix of North American, Asian, and native Hawaiian. The attitude is very laid back, as most things happen on “island time” where most people are in no rush to do anything. Surfing and other activities dominate the island chain as well as research into volcanoes.