Business Report: The importance of housing in your personal well - Hawaii News Now - KGMB and KHNL

Business Report: The importance of housing in your personal well-being

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HONOLULU (HawaiiNewsNow) -

Based on the Honolulu consumer price index - the price of everything has tripled since the 1980s, and a lot of stuff costs seven times as much as it did in the late 1960s. But really the big driver of costs here is housing.

This guy lost his shirt but he's got a job again. What he hasn't got, unfortunately, is a job that pays well enough to afford a regular apartment. So what does he do? He moves back in with his parents!

That's why, for the first time in living memory, more young adults live with their parents than live with partners. We're seeing a renewed interest in back houses. Kauai is working right now on a new law to make it easier to put a second house on one property, though this time everyone has his eyes open and they understand those units will wind up being rented out. Is there anyone NOT pressed by soaring housing costs?

Yeah, this guy. He bought his house 30 years ago so he's paid off his mortgage. No other single condition insulates you more from the next downturn. In fact, some locals have been converting their 30-year notes to 15-year mortgages to build equity faster and pay off their residence sooner.

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