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Wednesday, February 9, 2022
Who's Overpaying for Cars--16 Hawaii Towns Compared
By Selected News Articles @ 3:50 PM :: 1738 Views :: Hawaii Statistics, Cost of Living

2022's Cities that Overspend on Cars

from Wallet Hub, Feb 9, 2022

Due to the COVID-19 pandemic, U.S. auto sales had a lackluster year in 2021, up only 2.5% from 2020. Luckily, early forecasts predict that the market will continue to grow during 2022, with the biggest growth coming during the second half of the year. Typically, we see an increase in auto purchases after tax season, especially on Presidents’ Day weekend.

Despite the low growth in the auto market last year, consumer auto debt still increased significantly. According to the Federal Reserve Bank of New York’s latest report on household indebtedness, auto-loan balances have grown over the past nine years, increasing by another $28 billion in Q3 2020.

But not every city is alike. In order to determine where Americans overspend on their set of wheels, WalletHub compared the median auto-loan balance of more than 2,500 U.S. cities….

read … Full Report

Percentile Rank* City Median Auto-Loan Debt Income Debt-to-Income Ratio
18 Waipahu, HI $16,863 $36,731 46%
19 Ewa Beach, HI $18,341 $40,636 45%
22 Waianae, HI $17,483 $40,202 43%
23 Kailua, HI $17,673 $40,911 43%
24 Kahului, HI $16,985 $39,691 43%
38 Wahiawa, HI $16,817 $44,030 38%
39 Lahaina, HI $16,075 $42,356 38%
49 Hilo, HI $16,281 $46,675 35%
51 Kapolei, HI $18,181 $52,969 34%
54 Wailuku, HI $17,144 $51,167 34%
55 Kaneohe, HI $17,962 $54,348 33%
57 Kihei, HI $15,334 $47,250 32%
58 Pearl City, HI $17,383 $53,692 32%
66 Honolulu, HI $14,658 $49,162 30%
67 Mililani Town, HI $16,099 $54,588 29%
75 Aiea, HI $14,458 $54,207 27%

 

 

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