Yes, this article shows that there is still cheap land in Hawaii. It has a few disadvantages, such as flowing lava, and frogs that can blow out your ears, but it's very appealing to Californians.
It's an interesting coastline. The lava flows slowly, but the tsunamis come in fast. The current continuous eruption is the longest in 1000 years, which may really set up a huge earthquake. I remember going to a talk once, on how the volcanoes add a huge amount of high-altitude mass, and every once in a while there is a huge landslip to accommodate this.