Nov 5, 2013

Ohana Dwelling Unit Cost Trends

Mean spending for single-family dwellings in Honolulu has been declining while it has been increasing for Ohana units. Attached is a slide i made -- the dollar amounts have been rounded.

Most notably in 2006, the city removed size limits for Ohana units. However, it has not resulted in more Ohana Units. You can see the number of ohana units created annually has remained flat at approx 1% of the number of single (SFD) and two-family dwellings (TFD). However, the mean amount homeowners spend per Ohana unit has skyrocketed. 

One caveat with this data is that Ohana values are aggregated with whatever other work was included with the Ohana permit. For example, if the homeowner converted his garage into an Ohana unit but also did extensive remodeling to the main house -- this would be reflected in the Ohana permit valuation. Even if we were to look at Rec Room permits, we would have this same aggregation problem of the construction valuation -- it would be very difficult to itemize separately from other work.

But despite the aggregation of construction values, there is a strong clear rising trend -- people are spending more per Ohana Unit and less per SFD/TFD unit.

In 2012, the mean amount spent on a SFD/TFD was roughly half (-50%) of what it was in 2007.