Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, April 19, 2022
86% Of Renters Can’t Afford to Buy Home in Honolulu
By News Release @ 3:55 PM :: 1743 Views :: Hawaii Statistics, Cost of Living
Metro Avg Home Price % Renter Households Median Renter Income Income Needed % Renters Priced Out
Kahului-Wailuku-Lahaina, HI 906,081 39.70% 58,000 151,158 93%
Urban Honolulu, HI 873,237 40.40% 75,062 107,286 86%

 

Priced Out: 61% Of Renters Can’t Afford To Buy A Home In Their City

Porch Research, March 10, 2022 (excerpts)

Key Findings

  • The average home in the U.S. costs seven times the average household income
  • 61% of renters across the biggest metropolitan areas are priced out of home ownership, even if they saved up for a down payment
  • For most renters, home ownership is out of financial reach in three out of four metropolitan (71%) areas in America 
  • In 13 metros, at least 90% of people currently renting are priced out of home ownership, 10 of those metros are in California
  • Only 4% of renters in Los Angeles can afford to own a home in the city
  • Johnston, PA is the only metropolitan area where home ownership is affordable for more than 80% of renters

The average home in the United States cost seven times the amount an average family makes in a year. That’s the highest ratio since the housing bubble preceding the Great Recession of 2007-2009, and one of the highest ratios in 70 years.

Roughly two-thirds of Americans are homeowners. But, for millions of Americans who rent and wish to buy a home, a recent real estate boom where sales are climbing and prices are skyrocketing is hardly good news.

As reported in last year’s study by HireAHelper, renter incomes are also significantly lower than those of homeowners. With home prices continuing to climb, an increasing number of renters are finding themselves priced out of real estate markets in their local area.

In this study, we examine what it means to be “priced out” (i.e., not being able to afford to buy and own a home in the city where you currently rent). 

By comparing median home price in 260 metropolitan areas to income levels of renters in those same areas, we estimate that 61% of people currently renting in America’s biggest cities can’t afford to buy a home where they live.

What this means more granularly is that even if renters were able to save for a down payment on a median-priced home in their city, for the majority of them, mortgage repayments would exceed 30% of their household income– a percentage that many experts agree is the cutoff for “affordable” housing costs. (Note: this 30% figure is the same one we utilized for this study). 

read … Full Report

WaPo: Report: Majority of renters can't afford to buy in their city  

HNN: As housing prices on Oahu hit record highs, families grapple with rising rents

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT