Per square foot, renters in Honolulu pay more than most across c - Hawaii News Now - KGMB and KHNL

Per square foot, renters in Honolulu pay more than most across country

(Image: Hawaii News Now) (Image: Hawaii News Now)
HONOLULU (HawaiiNewsNow) -

Apartment and condominium renters in Urban Honolulu pay a higher average price per square foot than their counterparts in most of America's largest cities, including New York, according to data compiled by the rental listing company Zillow.

The data, which includes average monthly prices going back nearly seven years, listed Key West, Florida as the most expensive metropolitan area in the U.S. for renters in March of this year, the most recent time period available.

Renters there paid an average price of $2.57 per month per square foot of living space. In San Francisco, California, the figure was only slightly less, at $2.24 dollars per square foot. 

In Urban Honolulu, the average price per month per square foot was $2.06. Renters who paid $1,500 per month, for example, could only afford rentals that were roughly 725 square feet, consistent with the size of a large studio or small one bedroom.

New data from the federal Department of Housing and Urban Development indicates the strain that $1,500 per month in rent can put on local families. The agency said this week that an Oahu family of four earning up to $83,700 this year is considered "low income" under newly released calculations that take the cost of housing into account.

Renters in the entire New York City metropolitan area paid nearly $.50 less per square foot than those in Honolulu did, while those in areas like Dallas and Phoenix could spend the same amount of money to rent spaces more than twice the size of those in Honolulu.

The cheapest area in the country, according to the website? Mount Airy, North Carolina, where renters paid just $.40 per month per square foot, or roughly 20 percent of what Honolulu renters pay.

Copyright 2017 Hawaii News Now. All rights reserved. 

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