Honolulu ranks among worst city for first-time homebuyers (and n - Hawaii News Now - KGMB and KHNL

Honolulu ranks among worst city for first-time homebuyers (and not just because of high home prices)

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

Honolulu ranks as among the worst cities to be a first-time home-buyer, according to a new ranking from Wallethub.

The study looked at 300 large, mid-size and small cities based on market affordability, real-estate and quality of life.

Honolulu ranked 268th overall; several cities in Southern California ranked worse.

The city gained its rank from high home prices, home energy costs and overall living expenses.  

Recently, the Honolulu Board of Realtors reported a record breaking average cost for single-family homes.

In a bit of silver lining, the study said Honolulu has the lowest national real estate tax rate.

That may be especially good for first-time buyers, according to Lou Tisler, director of the Housing Counseling Network at the National Community Reinvestment Coalition.

"The most cost effective way to make home ownership affordable is to make property taxes affordable," Tisler said. "Whether for a first time home-buying millennial or a soon to be fixed-income retiree." 

Source: WalletHub

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