On the Market: Honolulu vs. New York City - Hawaii News Now - KGMB and KHNL

On the Market: Honolulu vs. New York City

Rent in metro Honolulu: $1,237/month Rent in metro Honolulu: $1,237/month
Rent in New York City: $2,800/month Rent in New York City: $2,800/month

HONOLULU (HawaiiNewsNow) - A new study by Forbes Magazine puts Honolulu in the top five cities in the nation with the least affordable rental housing. The Honolulu metropolis is right there along with San Diego, Los Angeles, Thousand Oaks, California and Sarasota Springs, Florida as the most expensive cities to find a rental.

Even New York City, known for rents that soar like its skyscrapers, didn't even crack a new list Forbes Magazine has compiled of the top 10 most difficult American cities to live and pay rent. Now if it seems unusual that New York, a city notorious for expensive apartments, didn't make the cut, look to the methodology behind the study.

To identify the cities where rent is hardest to pay, data from the United States Census Bureau was used to find the median monthly rent rate for the 100 largest cities in America. From there the annual median rent was calculated as a percentage of an average monthly paycheck.

So New York City still has the highest average rent in the country at $2,800 a month. But that area's high salaries make up the difference whereas metro Honolulu has an average monthly rent of $1,237. Not bad compared to the Big Apple, but our local salaries mean the average rent takes up almost 22 percent of our income.

"Still the jobs are here in Honolulu," says Sen. Brickwood Galuteria, (D) Iwilei, Chinatown, Kakaako, Ala Moana and Waikiki. "It's the inventory. It is important to have a balanced inventory so the young professionals can live in the Kakaako, Makiki, downtown area because this is a really neat place to live."

Compared to the other cities in the top 10 unaffordable rental cities, Honolulu has a surprisingly diverse rental inventory. From high-rise condos in Waikiki to homes for rent in Makiki, compared to mainland, you wouldn't want to live anywhere else.

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