A new survey finds that Hawaii’s housing market is in the midst of an “all-time high,” with an estimated $3.3 trillion in housing equity.
The survey from UBS, Credit Suisse and Fitch shows that Hawaii is home to more than 3.3 million homes worth an estimated total of $3,300,000 per household, with an average asking price of $1,000,000.
The median house price is $2.4 million, according to UBS data, and median household income is $47,500, according the Federal Reserve Bank of New York.
The median home price in Honolulu, which has an estimated population of 1.2 million, is $1.7 million.
Hawaii also ranks first among the top 10 U.S. metro areas for housing equity and home prices, with more than half of households owning homes, according a report from the National Association of Realtors released last week.
The report said that in 2015, a total of 1,734,000 homes were purchased in the state, the most in any U.H.A. state.
According to the survey, Hawaii’s median home value is $3 million, and it has the fourth-highest median household debt, at $27,200.
The average asking prices of Honolulu homes, $1 million or more, is the highest in the U.s.
A total of 16 percent of homeowners have negative equity in their homes, compared to 6 percent of the average homeowner in the rest of the U, according.