Study: Kahului Ranks in Top 10 Hottest Secondary Home Markets in Nation
A new study from financial technology company, SmartAsset, uncovered the hottest secondary home markets nationwide, and a section of Maui ranked in the eighth spot.
The study lumped the Kahului-Wailuku-and-Lahaina areas into one category and said that roughly 45% of the homes purchased there in 2017 were bought as non-primary dwellings.
Secondary homebuyers in the area typically had an income worth 2.36 times what primary homebuyers did and took out home loans that were 1.14 times larger.
According to the study, on average, secondary homebuyers earned upwards of $331,000 and took out a mortgage of more than $576,000. That compares to primary homebuyers who earned an estimated $140,000 and took out a mortgage of $505,000.
The top ten list included the following: (1) Ocean City, NJ; (2) Salisbury, MD-DE; (3) Crestview-Fort Walton Beach-Destin, FL; (4) Barnstable Town, MA; (5) Panama City, FL; (6) Hinesville, GA; (7) Myrtle Beach-Conway-North Myrtle Beach, SC-NC; (8) Kahului-Wailuku-Lahaina, Maui, HI; (9) Lake Havasu City-Kingman, AZ; (10) Atlantic City-Hammonton, NJ.