POSTED: 11:10 a.m. HST, Jun 17, 2013
LAST UPDATED: 2:07 p.m. HST, Jun 17, 2013
The average Honolulu home costs 8.92 years of a household’s pre-tax income, making it the least affordable housing market in the U.S., according to a financial literacy website.
NerdWallet also found metro areas in California to be among the least affordable, while an average home in South Bend, Ind., costs just 1.5 years of pre-tax income, making it the most affordable U.S. housing market.
To arrive at its calculations, NerdWallet divided the home sale price by the median household income in each market, to determine how expensive homes are in terms of wage-earners’ salaries.