Key takeaway: At September 2026 median prices, HUD rents and a 7.24% mortgage rate (Freddie Mac, week ending Oct 29, 2026), renting costs less than buying over a 10-year stay on Oʻahu, Maui and Kauaʻi at our default settings, with the widest gap on Kauaʻi. Hawaiʻi Island is the exception: buying a median single-family home overtakes renting in year 9. Change the settings to test your own price, rent and timeline. Defaults checked October 31, 2026; sources below.
This calculator compares the full cost of buying a home in Hawaiʻi with renting a comparable place, island by island, including Hawaiʻi’s very different county property tax rates, condo fees and leasehold land rent. Pick an island and a home type to load that island’s median price and HUD rent, then adjust anything.
More settings
How does the rent vs. buy calculator work?
It adds up everything you pay as an owner over the years you stay, subtracts what you walk away with when you sell, and compares that with the rent you would have paid instead. Each month it follows the mortgage balance, the home’s value, property tax and rent growth.
- Net cost of buying = down payment + buying closing costs + every monthly owner payment (mortgage, property tax, insurance, condo fee, land lease rent, repairs) + growth you gave up on the cash you put down − what you keep when you sell (sale price minus selling costs minus the remaining loan).
- Cost of renting = the sum of every month’s rent, with rent rising each year by the rent growth rate.
- Mortgage payment = loan × r ÷ (1 − (1 + r)−360), where r is the annual rate ÷ 12 (a 30-year fixed loan).
- Property tax = (home value − home exemption) × the county’s owner-occupant rate per $1,000, recalculated as the value grows. Maui uses its three tiers; Hawaiʻi County and Kauaʻi apply their minimum tax.
- Simplifications: no income tax effects (Hawaiʻi homeowners rarely itemize enough to matter), no PMI, no renter’s insurance, and monthly savings from the cheaper option are not invested. Kauaʻi’s 3% annual cap on owner-occupied assessments is not modeled.
What default figures does it use for each island?
| Island | Median single-family price | Median condo price | 3BR rent (HUD FMR) | 2BR rent (HUD FMR) | Owner-occupant tax rate, FY2027 | Home exemption |
|---|---|---|---|---|---|---|
| Oʻahu | $1,110,000 | $523,000 | $3,520 | $2,542 | $3.50 per $1,000 | $120,000 |
| Maui County | $1,150,000 | $660,000 | $3,351 | $2,656 | $1.65 per $1,000 up to $1.5M, $1.80 to $4.5M, $5.00 above | $300,000 |
| Hawaiʻi Island | $499,000 | $604,500 | $2,620 | $2,081 | $5.75 per $1,000 ($200 minimum) | $50,000 |
| Kauaʻi | $1,490,000 | $726,500 | $2,588 | $2,105 | $2.59 per $1,000 ($150 minimum) | $220,000 |
Prices: September 2026 medians (Honolulu Board of REALTORS; REALTORS Association of Maui; Title Guaranty statewide statistics for Hawaiʻi Island and Kauaʻi; Kauaʻi had 18 single-family and 6 condo sales that month). Rents: HUD Fair Market Rents, FY2027 (effective Oct 1, 2026). Maui County figures cover Maui, Molokaʻi and Lānaʻi. Tax rates: county FY2027 rates (July 1, 2026 – June 30, 2027). Hawaiʻi County exemption shown is for owners under 60; Kauaʻi’s is for owners under 60.
| Setting | Default | Where it comes from |
|---|---|---|
| 30-year fixed mortgage rate | 7.24% | Freddie Mac Primary Mortgage Market Survey, U.S. average, week ending Oct 29, 2026 |
| Down payment | 20% | Our assumption (a conventional loan without PMI) |
| Home insurance, house | $2,100/year | Our estimate: about $1,100 for a standard policy (NerdWallet’s Hawaiʻi average, March 2026) plus about $1,000 for the separate hurricane policy most lenders require (reported range $250 to $2,000+). Get a real quote. |
| Home insurance, condo | $400/year | Our assumption for a walls-in (HO-6) policy; the building’s master policy is paid through the condo fee |
| Condo fee | $800/month Oʻahu; $470/month other islands | Oʻahu: more than 60% of condos sold in 2026 had fees of $800+ (Honolulu Board of REALTORS data via Hawaiʻi Public Radio, June 2026). Other islands: statewide median condo/HOA fee, $470 (2024 American Community Survey via Civil Beat). |
| Repairs and upkeep | 1% of value per year (house); 0.5% (condo) | Our assumption; a common rule of thumb |
| Buying closing costs | 2% | Hawaiʻi buyers typically pay about 1–4% (Hawaiʻi Life, 2020) |
| Selling costs | 7% | Our assumption for agent commissions, escrow and Hawaiʻi’s conveyance tax |
| Home price growth / rent growth | 3% / 3% per year | Our assumptions; change them to test other scenarios |
| Return on cash not put down | 5% per year | Our assumption for a conservative investment return |
Every default can be changed in the calculator.
What does a worked example look like?
Take Oʻahu’s September 2026 median single-family price of $1,110,000 with 20% down at 7.24%: the loan is $888,000, the mortgage payment is $6,052 a month, and the cash needed at closing is $244,200. In year one, property tax adds $289 a month (($1,110,000 − $120,000) × $3.50 ÷ 1,000 ÷ 12), insurance $175 and upkeep $925, for $7,440 a month in all, against $3,520 for HUD’s 3-bedroom Fair Market Rent.
After 10 years at the default settings, the net cost of buying is about $698,276 and total rent is about $484,234, so renting comes out about $214,042 ahead. Buying does not overtake renting within 10 years.
How does leasehold change the math?
With leasehold you buy the building but lease the land, usually from a trust or estate, and pay land lease rent on top of any condo fee. Leasehold units sell for much less than comparable fee simple units, but their value usually falls as the lease approaches its end. Lenders typically want 30 to 40 or more years left on the lease. Choose “Leasehold” above, enter the land lease rent, and consider a lower or negative home price growth rate. See our leasehold vs. fee simple guide for more.
What makes buying in Hawaiʻi different?
- Property tax is low by U.S. standards for owner-occupants, but rates and exemptions differ a lot by county: Maui’s $300,000 home exemption is the largest in the state, and Hawaiʻi County has the highest owner-occupant rate.
- Oʻahu condo fees are among the highest in the country and often cover the building’s insurance, water and sewer.
- Home insurance is rising quickly, and hurricane coverage is usually separate from a standard policy.
- Kauaʻi and Hawaiʻi Island have few sales each month, so their median prices swing widely from month to month. Use a price you have actually seen for the area you want.
Sources
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (via FRED, MORTGAGE30US)
- HUD FY2027 Fair Market Rents: Urban Honolulu
- HUD FY2027 FMRs: Kahului-Wailuku-Lahaina (Maui County)
- HUD FY2027 FMRs: Hawaiʻi County
- HUD FY2027 FMRs: Kauaʻi County
- Honolulu Star-Advertiser: Oʻahu home prices, September 2026 (Honolulu Board of REALTORS data)
- Maui Now: Maui County sales, September 2026 (REALTORS Association of Maui data)
- Title Guaranty: Statewide housing statistics, September 2026
- State report of FY2027 county real property tax rates (City and County of Honolulu)
- Maui County Council: FY2027 tax rate resolution 26-69 FD2
- Honolulu home exemption brochure (Dec 2025)
- Maui County: Understanding real property taxes
- County of Kauaʻi: Understanding real property taxes (Jan 2026)
- NerdWallet: Hawaiʻi home insurance (Mar 2026)
- Hawaiʻi Public Radio: Hawaiʻi condo owners pay some of the highest fees in the country (June 2026)
- Civil Beat Data Dive: HOA fees (Sep 2025)
- Hawaiʻi Life: Hawaiʻi closing costs