Maui Business

Hawaiʻi Worst State for Millennial Home Buyers

October 29, 2018, 5:28 PM HST
* Updated October 29, 12:30 PM
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00

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.

Make the most of your Maui vacation with these top-rated activities: Maui Top 20: Maui Visitor & Tourism Information
E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App


This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments