2023’s Most Affordable Cities for Home Buyers
from WalletHub, May 23, 2023
Home prices surged over the last few years during the COVID-19 pandemic, with the median sales price skyrocketing from $313,000 in Q1 2019 to $436,800 in Q1 2023. While prices may be starting to lower in some parts of the country this year, interest rates have rapidly climbed. For example, the average 30-year fixed mortgage rate shot up from a historic low of 2.65% in January 2021 to 6.39% in May 2023.
With the combination of inflated prices and high interest rates in play, many consumers may wonder if they can even afford to buy a home. Fortunately, owning real estate in some cities is much less expensive than others.
In order to determine the most affordable cities for home buyers, WalletHub compared 300 U.S. cities across ten key metrics. The data set ranges from the costs of homes and their maintenance to tax rates and vacancy rates.
Honolulu ranks 280th of 300 overall and 62nd of 68 among large cities.
Affordability of Honolulu for Home Buyers (1=Most Affordable; 150=Avg.):
- 197th – Maintenance Affordability
- 168th – Average Cost of Homeowner’s Insurance
- 253rd – Cost of Living
- 286th – Cost per Square Foot
- 288th – Rent-to-Price-Ratio
- 230th – Median Home-Price Appreciation
- 61st – Quarterly Active Listings per Capita
- 34th – Vacancy Rate
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