When you buy a house in the US, you pay a deposit, but it’s a relatively low amount compared to other developed countries.
In Hawaii, that’s not the case.
The state has some of the lowest mortgage rates in the country, at 2.5% on the 30-year, with the median monthly payment at $2,150.
And, unlike the US mainland, Hawaii has no property tax.
That means homeowners are able to take advantage of some of Hawaii’s low property taxes, as well as some of its state income tax deductions.
If you’re interested in getting started, we recommend the Statehouse Real Estate Guide.
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Where do I live in Hawaii?
Hawaii’s median home price is $1,350, while the average annual salary is $50,000.
If that sounds like a lot of money, that is because it is.
But, compared to most US states, Hawaii doesn’t actually have the highest median home value.
The median home in Honolulu is currently $621,700.
That’s the fifth-highest in the state, behind only Hawaii, California, New York, and Massachusetts.
The top 5 cities in Hawaii, with median home values that are $1 million or more, are Honolulu, Honolulu, Maui, Kahului, and Oahu.
Hawaii also has the third-highest median salary in the nation, at $75,000, behind Seattle and Los Angeles.
The fourth-highest is Honolulu, with $71,000 median salary.
Honolulu has the fifth highest median family income in the world, with an annual household income of $57,000 in 2017.
And Hawaii is also one of the least expensive places to buy a home in the entire US, according to a recent survey by RealtyTrac.
Hawaii ranked fifth for median home prices and median home sales, which includes all homes sold in the past 12 months.
Honolulu was ranked sixth for median price per square foot and median price of single-family homes.
So, while you might have a lot more cash in your bank account than in the other states, you’re not going to be able to afford the homes in Honolulu.
And if you’re looking to get into the market quickly, you’ll want to check out places like Kauai, Hawaii, and Kauai Island.
How much does it cost to buy in Hawaii compared to the rest of the US?
In 2017, the median home sale price in Hawaii was $1.7 million.
That makes Hawaii one of only nine states with a median home purchase price that is less than $1-million.
And the median price for single-house units is $3.8 million, making it one of those places where you might be able have a little more money to invest.
Hawaii is one of just seven US states with no property taxes.
And in 2017, property taxes in Hawaii were about $2.9 billion, making Hawaii one the most-tax-advantaged states in the whole country.
However, if you do need to qualify for a property tax deduction, Hawaii is a good place to start.
To get started, you can use the State House Real Estate Report to find a listing that qualifies you for a tax deduction.
Hawaii residents can also use a real estate brokerage to compare home prices in the various parts of the state.
Can I get my house listed on the Honolulu property list?
Yes, you are able.
The City of Honolulu has launched a Real Estate App that allows anyone to find out if their home is listed in the city’s listings.
The app is free, and you can also browse listings through a website that shows you the homes that are available.
In 2017 the City of Hawaii launched the Honolulu Real Estate Exchange (HREX) to let residents see if their properties are listed in their respective areas of the city.
If a home is in one of HREX’s listings, the city will contact the owner to arrange a price drop, with no deposit needed.
If the property owner does not take advantage, the property will be sold at a discount.
And since the listings are free to residents, there’s no real cost to residents.
The HREx website also shows the city of Honolulu’s real estate listings for sale in Honolulu, Waimea, Mauihaukaua, Oahu, and Kapolei.
How do I find my property?
To see if your home is on the HRE-listed listings, simply search the city and county.
In Honolulu, search for “Haupalo” on the city search page.
If your property is listed on HRE listings, you should see “Hoffman House” as a result.
And your property will appear in the listings as an “unlisted house” or “house of record.”
What is the difference between a single- and multi-family home? A multi