HONOLULU—In Hawaii, there’s no stigma in living with your parents. And it’s not just because everyone’s all about their ohana. Frankly, it’s really expensive to buy a house here, especially in Honolulu. And the latest Home Listing Report by Coldwell Banker Real Estate LLC reminds us of that fact.
The report is a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most expensive and most affordable housing markets.
According to the report, home listing prices in Honolulu average $1,026,821, making this city one of the most expensive markets in the nation. Honolulu, ranked at number nine, compares to the average listing price of homes in Santa Barbara, California ($1,024,661) and Pasadena, California ($1,043,683).
Newport Beach, California led the list of most expensive real estate markets in America, with an average home listing price of approximately $1.83 million for property listings meeting the subject home criteria. By contrast, America’s most affordable housing market was Detroit, Michigan with an average home listing price of approximately $68,000. This is the first year that Honolulu has placed in the top 10 in studies conducted by Coldwell Banker.
“Here in Honolulu, we are seeing how precious and appealing the beauty of Hawaii is to both local and international buyers,” said Chason Ishii, president of Coldwell Banker Pacific Properties.
We’re also seeing why it’s so hard for working houseless families and individuals to afford a home.