Honolulu, HI

Rent vs buy in Honolulu

Median home $873,000. A 1 bedrooms rents for $2,169 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,169; per month
Own the median home: $5,426; P&I, tax, insurance, upkeep
Owning costs extra: $3,257; per month, same metro

What a purchase actually costs

20% down payment$174,600
Mortgage at 6.5%$4,414
Property tax (0.29% of value)$211/mo · $2,532/yr
Insurance and upkeep (1.1%/yr)$800
Total monthly ownership$5,426

Census ACS 2023: 53.9% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $1,112 left over a month, it takes about 158 months (13.2 years) to save $174,600 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.