Million-dollar “normal” homes → The median single-family home price on Oʻahu has been hovering around $1.1–$1.2 million. That’s not luxury anymore — that’s “average.” Wages don’t match → Even good local jobs can’t keep pace with that kind of housing cost. The gap forces more people into renting, which drives rental demand (and rent prices) up. Lack of competition → When there aren’t enough houses for sale or apartments for rent, landlords and sellers can charge more because people don’t have many choices. Out-of-state and investment buying → Properties get bought as second homes, vacation rentals, or investments. That takes units off the local housing market, lowering supply for residents. New builds don’t keep up → We’re not building enough housing fast enough to match population and demand. And what does get built is often luxury condos or high-end developments instead of affordable housing.