Metropolitan Statistical Area (MSA):
Hilo, HI is a Metropolitan Statistical Area (MSA) comprising counties including Hawaii County.
The Hilo, HI metropolitan statistical area (MSA) is located on the Big Island of Hawaii. The MSA includes the city of Hilo and the counties of Hawaii, Maui, and Kalawao. The MSA has a population of about 200,000 people.
The housing market in the Hilo MSA is strong. The median home price in the MSA is $365,000, which is higher than the national median home price of $219,700. The median rent in the MSA is $1,595, which is also higher than the national median rent of $1,295.
There are several factors that contribute to the strong housing market in the Hilo MSA. First, there is limited land available for development in the MSA. This limited supply has resulted in increased prices for both new and existing homes. Second, tourism is a major industry in Hawaii and many visitors come to stay in vacation rentals or second homes when they visit the islands. This demand for vacation rentals has helped to drive up prices for both renters and buyers alike.
Third, job growth in the Hilo MSA has been strong over the past few years. The unemployment rate in Hawaii County was 2.8% in February 2019, which was lower than both the state average of 3% and the national average of 4%. This strong job market has helped to support demand for housing in the area.
Fourth, interest rates remain low by historical standards. Mortgage rates are currently around 4%, which makes buying a home more affordable than it would be if rates were higher. Finally, there are many baby boomers who are retiring and moving to Hawaii to enjoy their retirement years. This demographic shift has also helped to support demand for housing in Hilo MSA