New survey reveals nation's most affordable cities - Hawaii News Now - KGMB and KHNL

Report: Honolulu among nation's least affordable cities for home ownership

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HONOLULU (HawaiiNewsNow) - If you're looking to buy an affordable home, Honolulu is not the place to be. According to a new survey by the National Association of Home Builders, Honolulu is one of the least affordable cities. We're joined by the New York metro area and San Francisco.

Here's the list:

Most affordable:

  1. Indianapolis
  2. Youngstown, Ohio
  3. Syracuse, New York
  4. Dayton, Ohio
  5. Grand Rapids, Michigan

Least affordable:

  1. New York City metro area
  2. San Francisco
  3. Honolulu
  4. Santa Ana, California
  5. Los Angeles

With a median home price of $403,000 and a median income of $81,700, Honolulu was rated the third least affordable city in the US to buy a house.

The survey notes that the rapidly rising rate of foreclosures on Oahu combined with decreasing unemployment may make real estate more affordable in the near future.

Copyright 2010 Hawaii News Now. All rights reserved.

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