Rent vs Buy in Honolulu, HI

Should you rent or buy a home in Honolulu? Use our calculator with local market data to make an informed decision.

Median Home Price

$950,000

Median Rent

$2,600/mo

Property Tax Rate

0.28%

Price-to-Rent Ratio

30.4x

Rent vs Buy in Honolulu, Hawaii

Should you rent or buy a home? Calculate your best option.

Your Scenario

Home Price

Monthly Rent

Mortgage Rate

Down Payment

Time Horizon7 years

1 years30 years

Explore Scenarios

Adjust these sliders to see how different assumptions affect your decision.

Mortgage Rate7.00%

5%7%9%

Home Appreciation3.0%

0%3%5%

Rent Growth3.0%

0%3%6%

Time Horizon7 years

35710

💡 Tips

• Higher mortgage rates favor renting
• Higher home appreciation favors buying
• Higher rent growth favors buying
• Longer time horizons typically favor buying

🔑Renting is Better

You could save $105,886 by renting

Over 7 years

Monthly Cost (Rent)

$2,846

Average

Monthly Cost (Own)

$6,333

Average (excl. equity)

Total Rent Paid

$239,069

Total Owner Costs

$750,512

Final Equity

$405,557

After selling costs

Break-Even Year

Never

Beyond horizon

Upfront Costs to Buy

Down Payment (20%)$190,000

Closing Costs (3%)$28,500

Total Needed$218,500

Cost Comparison Over Time

Total Rent Paid

Total Owner Costs

Net Cost (After Equity)

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Explore Time Horizons

Year Horizon

About Buying vs Renting in Honolulu

The decision to rent or buy in Honolulu, Hawaii depends on many factors including your financial situation, how long you plan to stay, and current market conditions.

With a median home price of $950,000 and median rent of $2,600 per month, Honolulu has a price-to-rent ratio of 30.4. This relatively high ratio suggests renting may be more economical in the short term.

Use our calculator above to input your specific scenario and see a personalized analysis. Adjust the time horizon, mortgage rate, and other factors to explore different outcomes.