Two recent studies of homeownership in the U.S. have bad news for anyone who wants to live in Honolulu — it’s really, really expensive.
An analysis by the consumer advocacy site NerdWallet found that Honolulu is the least affordable medium-sized city for home buyers, who have to spend three more months of income to afford a house compared with last year.
CNN reported another study by Jed Kolko, an economist at the real estate site Trulia. Kolko listed Honolulu as one of the top 10 least affordable housing markets for the middle class.
Kolko found that less than 40 percent of for-sale homes in Honolulu are affordable to the middle class, down from 47 percent last year. Read his analysis in full here.