If you are considering a new place to live, chances are you want that area to have a strong local economy. This can lead to better infrastructure, good schools, good amenities, places to eat and more.
In Oahu, the tourism industry is a big deal that pulls in a lot of money for the local economy. New data from the Hawaii Tourism Authority shows that the number of visitors to the island and the amount of money spent by those visitors is on the rise. Specifically, Oahu saw more than 3 million people visit the island in the first half of 2019, an increase of 4.6 percent from the same period in 2018. Those visitors spent a total of $4.05 billion, which is an increase of 1.8 percent.
While tourism brings the region revenue, the residents may prosper. That is why now may be a good time to consider purchasing real estate in Oahu. There are a variety of other reasons why it makes sense, including, but not limited to:
- Oahu is home to the best beach in the U.S., according to Stephen P. Leatherman, a professor at Florida International University and coastal expert.
- Honolulu is ranked as one of the hardest working cities in the country, according to KITV 4.
- Honolulu is ranked in the top 5 best places for foodies, according to Yelp.
- Honolulu is one of the best places to live an active lifestyle, according to Hawaii News Now.
For these reasons and so many more, many are deciding to set down roots in Oahu. If you are one of those people considering doing just that, make sure you contact a mortgage lender to discuss your home loan options. At Element Mortgage, we have experience with a variety of loans, from VA Loans to FHA Loans, and will take the time to get to know what your financial goals are and try to help you meet them.