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Sunday, March 28, 2021
Which Hawaii Towns Have Most Overleveraged Mortgage Debtors?
By Selected News Articles @ 4:27 AM :: 1196 Views :: Hawaii Statistics, Cost of Living

2021’s Cities with the Most Overleveraged Mortgage Debtors

From WalletHub, Mar 24, 2021

Buying a home represents an important milestone for most consumers. But for those who dive in to the deep end of real estate without a financial safety net, the decision could lead to buyer’s remorse in the long run. Mortgage rates hit an all-time low during the coronavirus pandemic, but they are beginning to rise again as conditions start to improve. In the wake of rates that are still quite low overall, many homeowners have looked to refinance, and many other Americans are wondering if now is a good time to buy.

As with any major financial decision, it’s wise to improve one’s credit score before applying for a mortgage in order to qualify for the best possible rates. Using a Mortgage Calculator can also help to determine an affordable monthly payment and realistic payoff timeline, whether borrowing for the first time or refinancing an existing loan. Without a good grasp of how to pay off mortgage debt, consumers might find that debt unsustainable.

In this report, WalletHub determined which cities are home to the most overleveraged mortgage debtors by comparing the median mortgage balances against the median income and median home value in more than 2,500 cities….

read … Full Report

Percentile Rank* City WalletHub Home Overleverage Score** Median Mortgage Debt Median House Value Median Income Mortgage Debt-to-Income Ratio Mortgage Debt-to-House Value Ratio
99 Ewa Beach, HI 62.25 $378,795 $561,600 $40,636 932% 67%
99 Kahului, HI 61.37 $374,859 $619,000 $39,691 944% 61%
99 Lahaina, HI 58.98 $390,616 $684,500 $42,356 922% 57%
99 Waipahu, HI 53.92 $319,105 $635,600 $36,731 869% 50%
99 Kailua, HI 49.72 $305,033 $491,200 $40,911 746% 62%
98 Kapolei, HI 45.27 $355,996 $571,000 $52,969 672% 62%
97 Kihei, HI 43.11 $319,473 $606,500 $47,250 676% 53%
96 Waianae, HI 42.28 $245,026 $379,500 $40,202 609% 65%
95 Kaneohe, HI 41.26 $365,198 $780,900 $54,348 672% 47%
94 Honolulu, HI 40.24 $321,874 $685,000 $49,162 655% 47%
90 Wailuku, HI 37.03 $294,462 $558,100 $51,167 575% 53%
89 Mililani Town, HI 36.89 $319,972 $640,300 $54,588 586% 50%
84 Pearl City, HI 34.8 $305,399 $663,200 $53,692 569% 46%
76 Wahiawa, HI 32.2 $241,382 $595,000 $44,030 548% 41%
69 Aiea, HI 30.59 $297,276 $849,600 $54,207 548% 35%
60 Hilo, HI 28.98 $195,461 $338,800 $46,675 419% 58%




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