Kevin Carney
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Transcript of Kevin Carney
The Growing Cost of Place Why Workforce Housing Matters in Hawai`i
Presented by Kevin Carney, President of Housing Hawai`i
2010 Regional Forum on Workforce HousingHosted by the National Association of Realtors and the
National Housing Conference
10/12/2010
GoalsPreserve & Increase the number of:
1. Affordable Homes (Single Family/Condo) 2. Affordable Rental Homes
10/12/2010
10/12/2010
“Affordable Housing”A Definition:
Housing is affordable when you pay no more than 30% of your income for
housing, including utilities!
10/12/2010
Area Median Income: Honolulu – Family of Four
$81,700
140%30% 60% 80% 120%
Affordable Housing vs Workforce Housing – Is There a Difference?
Rental Ownership
100%
10/12/2010
Affordable Homeownership2010 AMI Family of Four -- $81,700
“Affordable Housing” for this Family: $2,042 a month
Median Home Sales Price: $600,000
Income Requirement: $145,000
AMI Requirement: 180% AMI
100% AMI Family – Can Qualify for $310,500 Loan
2010 Honolulu Incomes and Ability to Buy $600,000 Median Priced Home
Annual Inco
me Needed
Dental Assi
stant
Secre
tary
Customer S
ervice
Rep
Nurse (L
PN)
Fire Fi
ghte
r
Auto M
echan
ic
Carpente
r
Electr
ician
Police O
fficer
Sec. S
chool T
eacher
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000 $145,000
36213 40105 40224 43391 44301 46887 47972 52159 54540 57551
Source: National Housing Conference – Paycheck to Paycheck
10/12/2010
Affordable Rental Homes2010 Fair Market Rent - 2 Bedroom: $1,610
Income Requirement: $64,396 or $31/hr
Hawai’i Renters Average Wage: $12.89/hr
To “Afford” This Apartment: 96 hours a week!
Minimum Wage: $7.25/hr
To “Afford” This Apartment: 171 hours a week!
Affordable Rent for Minimum Wage Earner: $377
2010 Honolulu Hourly Wages vs. Wage to Afford 2 Bedroom Apartment
Needed to afford
2BR
Dental Assi
stant
Secretary
Customer S
ervice Rep
Nurse (L
PN)
Fire Fig
hter
Auto M
echanic
Carpenter
Electricia
n
Police Office
r
Sec. Sch
ool Teach
er $-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$30.96 $27.67
$17.41
Source: National Housing Conference – Paycheck to Paycheck
10/12/2010
Hawaii’s Housing Cost Challenges:
World Marketplace
Lack of Infrastructure
Limited entitled land
High cost of land
High cost of construction and materials
Limited funding
Political will
State Legislature Acknowledges Housing Crisis
Shortfall: 22,000 Affordable Units for Families Earning Less than 80% AMI
Reach: Housing Crisis Extends to Moderate-Income Families -- 95% of AMI
Barriers: High Cost of Land and the Lack of Infrastructure
10/12/2010
10/12/2010
Housing Hawai`i Efforts:
Advocacy: Development of New Affordable Homes for Purchase and Rent Preservation of Existing Affordable Rental Homes Track Proposed Legislation
Keep the Conversation Alive!
Please join with us in promoting the need for affordable housing in Hawai`i!
www.housinghawaii.org