HONOLULU (HawaiiNewsNow) - How unaffordable are Honolulu rents?
The short answer: Among the least affordable in the nation.
In fact, a new analysis from property database firm ATTOM Data Solutions concludes Honolulu’s rents are the second-least affordable in the nation.
The report is based on new federal wage and fair market rent data.
And it found that the fair market rent for a three-bedroom in the county — $3,203 — is about 74 percent of Honolulu’s average wage.
Buying was even less affordable. A resident would have to fork over 118 percent of the average wage (about $4,000 a month) to afford a median-priced home.
In fact, ATTOM named Honolulu as among 442 counties nationwide where renting is more affordable (relatively speaking) than buying.
The situation wasn't much better on the Neighbor Islands.
The analysis found that a three-bedroom in Maui County would cost about 70 percent of the average wage, but buying a home would gobble up all of it and then some.
On the Big Island, the fair market rent for a three-bedroom is $1,939. That's more than half of the average wage.
The least affordable rental market, according to the report, is Santa Cruz County, Calif. There, the fair market rent is about 82 percent of the average wage.
Maui took the fourth spot in the country for least-affordable counties.
The most affordable county: Roane County, Tennessee, where rents are at about 20 percent of the average wage.