Maui Business

Hawaiʻi Worst State for Millennial Home Buyers

October 29, 2018, 5:28 PM HST
* Updated October 29, 12:30 PM
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A new study by GOBankingRates ranks Hawaiʻi as the worst state for potential millennial home buyers, with a median list price of $615,000 and a monthly mortgage payment of $3,256.

According to the study, millennials in Hawaiʻi earn an average of $6,076.25 a month, which means their mortgage payments would take up more than half their earnings.

GOBankingRates ranks the states with the highest and lowest down payment and mortgage costs for millennials. PC: GOBankingRates.

The study calculated its findings based on the national median income for millennials ages 25 to 34 at $60,932 and then calculating how long it would take millennials in each state to afford a home mortgage if they set aside 20% of their monthly income.

The study provides some backing to the belief that Hawaiʻi residents are burdened by a growing housing crisis and “brain drain,” as young professionals and skilled laborers face the cost-of-living challenge to live and thrive where they grew up.

The full study is available online.

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