Starting values: $875,900, which is the Hawaii median (1st of 51), 20% down and a 7.40% rate. Monthly cost: $5,177.81 ($4,851.64 loan, $197.08 property tax, $129.08 homeowners insurance). Put 5% down and add PMI and it rises to $6,434.20.
Homestead exemptions and property tax relief
Each county runs its own home exemption. In Honolulu it removes $120,000 of assessed value from an owner-occupied home, or $160,000 for owners 65 and older. File once with the county; in Honolulu the claim is due by September 30 for the tax year that starts the following July, and the seller's exemption does not transfer to you. Honolulu's amounts rise to $140,000 and $180,000 on July 1, 2027.
First-time buyer programs
The Hawaiʻi Housing Finance and Development Corporation (HHFDC) offers the Hale Kamaʻāina Mortgage Program for first-time buyers: a 30-year fixed loan targeted at least 0.5 point below market, with an optional 4% down payment loan at 1% simple interest that is repaid at sale, refinance or maturity. It requires homeownership counseling and has income and price limits.
Transfer and recording taxes
Hawaii's conveyance tax rises with price and applies to the entire amount. Under HRS 247-2 the seller pays a rate on the full price: 0.10% under $600,000, 0.20% from $600,000 to $1 million, 0.30% to $2 million, 0.50% to $4 million, 0.70% to $6 million, 0.90% to $10 million and 1.00% above that. That is about $1,752 on an $875,900 home. If the buyer will not qualify for a county homeowner exemption, the condo and single-family rates are higher: 0.15%, 0.25%, 0.40%, 0.60%, 0.85%, 1.10% and 1.25%.
Closing costs to plan for
Escrow companies handle closings. Buyer costs are escrow, title and lender fees; condos add association transfer fees and often require HO-6 coverage.
When property tax bills are due
Honolulu property tax is paid in two installments, due August 20 and February 20, for a fiscal year that starts July 1. The other counties set their own dates. Rates differ by property class. A home that qualifies for an owner's home exemption is often billed at a lower homeowner rate than an investment or non-owner-occupied home.
Before you buy in Hawaii
Check whether the home is fee simple or leasehold. Fee simple means you own the land outright. Leasehold means you own the building and lease the land for a set term, paying ground rent that can be renegotiated and can end with the land going back to the owner. For a leasehold condo, state law requires the seller to give you the lease and its amendments, and you get time to review them and cancel. Hale Kamaʻāina loans require at least 35 years left on a leasehold. The program's 2026 limits for Honolulu are household income of $154,805 (1–2 people) or $178,025 (3 or more) and a purchase price of $866,346 outside targeted areas. Maui's limits are $177,600 and $207,200 for income and $1,359,682 for price.
2026 loan limit in Hawaii
FHFA 2026 one-unit conforming limits: limits run above $832,750 everywhere, up to $1,299,500. So $700,720, the 80% loan on a median home, needs no jumbo financing.
Hawaii numbers used above
| Measure | Hawaii | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $875,900 | $360,600 |
| Effective property tax rate | 0.27% (51st highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,549 | $1,737 |
| Median household income | $100,745 | $81,604 |
| Median gross rent | $1,942 | $1,487 |
| Income needed at 28% (20% down) | $221,906 | – |
Frequently asked questions
When is Honolulu property tax due?
In two installments, August 20 and February 20.
What is a leasehold property in Hawaii?
You own the building but lease the land for a set term and pay ground rent; at the end of the term the land can revert to the landowner.
What are the Hale Kamaʻāina limits in Honolulu?
For 2026: income up to $154,805 (1–2 people) or $178,025 (3+), and a price up to $866,346 outside targeted areas.
What is the median-home payment in Hawaii?
About $5,177.81 a month on a $875,900 home with 20% down at 7.40%, including tax and insurance.
Sources
- Hawaii DOTAX, Tax Facts 2026-1 (conveyance tax)
- Honolulu RPAD, home exemption
- HHFDC
- Honolulu RPAD, informational guide
- HRS 516D-11
- HHFDC, Hale Kamaʻāina limits
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Hawaii paycheck