The report, which took into account the median house price, weekly take-home pay and disposable pay, also looked at the affordability of a home loan when two adults were working.
Based on a profile of one adult working full-time, one working half time and a child of five, the data showed 24.4 per cent of the take-home pay would need to go towards the mortgage for a median property in the area.
Eves Rotorua branch manager Tony Stack said houses in the Rotorua market were quite affordable but there was still a lack of home buyers.
"Houses in Rotorua are affordable and the market is steady at the moment.
"At the moment you have a lot of investors looking at Rotorua from outside Rotorua because they can get a better yield here," he said.
"But we are still not seeing heaps of first home buyers who tend to be looking at a price range of $250,000 to $320,000. I could count on one hand the number we are working with."
Mr Stack said the shortage of first-home buyers was due to difficulty in borrowing money for a house.
"There is plenty of stock in Rotorua for sale at that first-home buyer level but people are struggling to borrow money to buy the houses."
Houses in Whangarei, Wanganui and Invercargill were also considered affordable.
Home loan affordability is calculated by combining the median house prices, median take-home pay, median disposable income, tax rates and mortgage rates.
Nationally, housing affordability improved by 4 per cent in January 2015 compared to the previous month.
The report showed it took 60.3 per cent of one median income to pay the mortgage on a median priced house purchased in January, down from 64.4 per cent in December 2014.
