HONOLULU (KHON2) – If your goal is to become a homeowner in 2023 you might want to save up.

According to a new study by MyeListing.com Honolulu is the fifth most expensive city to live and work in. 

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MyeListing looked at all major cities in the United States and found the average home value in Honolulu came out to $860,000. A one-bedroom apartment in Honolulu costs on average $2,000 to rent.

Most expensive cities to live and work in:

  • Manhattan, New York
  • Boston, Massachusetts
  • Los Angeles, California
  • San Jose, California 
  • Honolulu, Hawaii

Honolulu is known for the beautiful beaches, picture-perfect weather and lively nightlife that contribute to the costly price tag of renting or owning a home. 

Honolulu also has one of the highest state tax rates in the country, which should be considered when thinking about moving to the state and looking at upcoming finances. 

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For more information about this study head to MyeListing’s website