Honolulu ranks among least affordable cities for renters

Honolulu ranks among least affordable cities for renters
(Image: Abodo.com)
(Image: Abodo.com)

HONOLULU (HawaiiNewsNow) - Nearly 6 in 10 urban Honolulu renters were "cost burdened" in 2015, making it one of the least affordable cities to rent in the United States, a new report finds.

Out of 100 metropolitan areas including in the report, Urban Honolulu ranked 99th for affordability. The least affordable city: Miami.

The Abodo.com report used Census data to look at affordability and used the federal definition of a cost-burdened renter: Someone paying more than 30 percent of household income on rent.

Nationally, the report found, more than half of renters are cost-burdened.

But the situation is especially acute in Honolulu, where rents have skyrocketed by 33 percent over the last decade while renter incomes have only increased 13 percent.

Also unique in Honolulu: Cost-burdened renters were found across the economic spectrum, and weren't just the poorest residents.

Still, the report found, 88 percent of households earning under $20,000 in Honolulu were cost-burdened.

Among those earning $35,000 to $49,999, the figure was 86 percent. And 58 percent of those bringing in $50,000 to $74,999 a year were paying more than 30 percent of income on rent.

Nationally, metros in the Midwest and Texas had lower shares of cost-burdened renters.

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