4 in 5 Hawaii households can't afford single-family home, report finds
Fox News
Only one of every five Hawaii households can afford a single-family home, according to a bleak Monday housing report from the University of Hawaii.
"We haven’t really seen any drop in prices, but there’s this huge increase in what it costs to buy a house because of interest rates," said Justin Tyndall, an assistant professor of economics with the University of Hawaii Economic Research Organization and the lead author of the report. "Affordability is as bad as it’s ever been."
High interest rates have had a crippling effect on would-be homeowners in the state by not only making mortgages significantly more unaffordable, but also reducing the number of houses on the market.
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