Honolulu 214th Ranked City for First Time Home Buyers

WalletHub Study: 2014’s Best & Worst Cities for First-Time Home Buyers

News Release from Wallet Hub

With August being one of the top months for home sales, the leading personal finance social network WalletHub conducted an in-depth analysis of 2014’s Best & Worst Cities for First-Time Home Buyers.

Honolulu Rankings

• 227 Affordability
• 218 Real Estate Market
• 132 Community Environment
• 214 Overall 

To determine which housing markets most favor first-time home buyers, WalletHub assessed the affordability of homes as well as the conditions of the real estate market and community environment in the 300 largest U.S. cities. We did so using 17 key metrics, ranging from median house prices and real estate taxes to median home price appreciation and price-to-rent ratios. 

Key Stats

• The median household annual income (adjusted for cost of living) is 5 times higher in Frisco, Texas, than in Paterson, N.J.

• Housing affordability is 14 times higher in Flint, Mich., than in Santa Barbara, Calif.

• The real-estate tax rate is 12 times higher in Waukegan, Ill., than in Honolulu.

• The price-to-rent ratio is 6 times higher in Santa Barbara, Calif., than in Detroit.

• The property crime rate per capita is 8 times higher in Miami Beach, Fla., than in Mission Viejo, Calif.

• The average energy cost per household is 3 times higher in Honolulu than in Denton, Texas.