Buyers from outside the state have purchased 24% of homes across Hawaii, the state’s head economist said.
The calculation is based on data from the preceding decade in which about 1,000 of 5,000 homes were purchased by residents of other U.S. states, according to Eugene Tian, chief economist for the state Department of Business, Economic Development and Tourism.
About 200 of the homes, or 4%, were purchased by foreign buyers, Tian said in a Hawaii Public Radio report.
Nonresident purchases made up 15% of the sales on Oahu, but Tian said the share is higher on the neighbor islands.
“Maui, Kauai and the Big Island was over 40%,” he said.
Hawaii has the lowest property taxes of any state.