Is It Worth Buying a Home in Honolulu, HI?
The decision to rent or buy in Honolulu, Hawaii depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $895,000 and median monthly rent of $2,800, the math plays out differently depending on your personal situation.
Honolulu has an average property tax rate of 0.31% annually, which adds approximately $231/month to the cost of homeownership on a median-priced home.
Historically, home values in Honolulu have appreciated at roughly 3.8% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Honolulu Buyers
- Down payment of 20% on a median home = $179,000
- Monthly mortgage (30yr at 6.99%) ≈ $4,759/mo
- Property tax ≈ $231/mo
- Estimated maintenance ≈ $746/mo