Hawaiʻi Worst State for Millennial Home Buyers
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.
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.