Median home: $835,000 | Mortgage rate: 6.8% | Property tax: 0.27% | Insurance: $1,350/yr
Hawaii is the most expensive housing market outside the mainland. With a median home price of $835,000 and mortgage rates averaging 6.8%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Hawaii, with a property tax rate of 0.27% and average insurance of $1,350/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Hawaii home requires $167,000. FHA loans with 3.5% down need just $29,225, but you will pay mortgage insurance. Hawaii has the lowest property tax rate in the US but the highest home prices.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Hawaii, with median home prices at $835,000, you typically need a household income of at least $835,000 to afford the median home.
To afford the median Hawaii home at $835,000 with 20% down at 6.8% interest, you need approximately $186,637 annual household income. This is based on the 28% housing cost guideline.
The median home price in Hawaii is approximately $835,000 as of 2026. Prices vary significantly by city and county. Hawaii is the most expensive housing market outside the mainland.
A 20% down payment on the median Hawaii home ($835,000) is $167,000. FHA loans allow 3.5% down ($29,225) and VA loans offer 0% down for eligible veterans.
Hawaii has a property tax rate of 0.27%, which is below the national average. On the median home, that is $2,255/year. Hawaii has the lowest property tax rate in the US but the highest home prices.