How Much Are Homes in Hawaii?
Hawaii Pricing Guide
It’s no secret that Hawaii is an expensive place to live. Then again, it is paradise. Demand is high and buildable land is limited. If all you want is good weather, you can find it on any of the Hawaiian Islands. Employment opportunities are more abundant on the more populous islands, and that’s a consideration for all but retirees and the independently wealthy. Even those who don’t need to work likely seek entertainment and nightlife venues, and those are also more available on the more populated islands.
Median Home Values
As of 2018, the median home value in the state of Hawaii just tops $600,000, and the median per square foot is $503, according to online real estate database Zillow. However, there’s a wide range in prices depending on the island. Oahu is the most expensive, with an average home price of approximately $800,000. Here are the median prices of the other Hawaiian isles for single family homes:
• The Big Island $327,000
• Maui $725,000
• Kauai $625,500
• Molokai $248,000
Due to its small population and the fact that 97 percent of the island is owned by Oracle founder Larry Ellison and much of the rest by the state of Hawaii, median home values for Lanai are not available.
Condo Prices
Condominiums are a popular dwelling choice for Hawaiians. As of 2018, the median price for a condo on Oahu was $430,000. The median condo price for the other four major islands are:
• The Big Island $347,000 – above the single family home median
• Maui $472,500
• Kauai $464,000
• Molokai $188,000
Rental Properties
High home prices mean that a larger percentage of residents rent their dwellings than on the mainland. Approximately 43 percent of Hawaiian residents rent rather than own. As of 2018, the median monthly rental for a home on Oahu was $2,300. Median rentals for the other islands are as follows:
The Big Island $1,982
Maui $2,800
Kauai $2,929
Molokai n/a
Considerations
Keep in mind that median prices can vary month to month, especially on the less populated islands where fewer home or condo sales can mean larger fluctuations if an especially expensive or property of lesser value is involved.
Overall, the least expensive homes, relatively speaking, are on the Big Island. However, jobs are more available and wages are higher on Oahu. The Honolulu area has the largest variety of jobs outside of the tourism industry. There are other cost considerations, such as electricity. In this case, Oahu is the least expensive, while Molokai has the highest electric rates. Oahu has the cheapest gas prices, while Maui’s fuel prices are the highest. If you prefer to take public transportation to save on motor vehicle expenses, Oahu’s system is best, while the Big Island’s if fairly limited.
Contact Us
If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor. We’ll help you find the right home at the right price for you. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.
