Hawaii Housing Market: Home Prices, Rent and Affordability
The typical Hawaii home is worth $833,340, up 1.1% over the past year and up 16.1% over five years, 126.0% above the national $368,697 (Zillow, latest release). That ranks #1 of 50 on price. A 20%-down mortgage runs $4,288 a month and takes about $202,402 of income; the median Hawaii household earns $94,814, $107,588 short.
In Urban Honolulu, the state's largest metro, typical rent is $3,020 a month against a $4,406 principal-and-interest payment on the typical home, so renting is $1,386 a month cheaper before taxes, insurance and maintenance. The market is warm: 19.2% of listings cut their price (national 26.4%), homes go pending in 83 days (national 53), and for-sale inventory is down 0.1% from a year ago.
All figures are Zillow Research's published numbers for August; median household income is from the Census Bureau. How the data works → · Home prices in all 50 states →
Hawaii Housing by the Numbers
How much does a house cost in Hawaii? The typical home is worth $833,340, the median sale price is $753,333 and the median list price $722,667. The six figures below describe the market this month, each with the national comparison.
How Have Hawaii Home Prices Changed?
The typical Hawaii home value every month since 2000, with the national typical home as a dashed line. Values rose 1.1% over the past year, are up 16.1% over five years, up 53.5% over ten, and up 329% since January 2000.
Is It Cheaper to Rent or Buy in Hawaii?
Two direct answers from the Zillow data. Rent versus buy sets typical asking rent in Urban Honolulu, the state's largest metro, against the mortgage payment on the typical home there, since Zillow publishes rents by metro rather than by state. The affordability gap is the income needed to buy the typical Hawaii home minus what the median household actually earns.
Rent vs. buy · Urban Honolulu, HI
The payment excludes property tax (0.27% of value in Hawaii), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (16.1%), equity would narrow that gap over a long stay.
Affordability gap · #49 of 50
A $4,288 monthly payment takes 54.3% of the median Hawaii household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%. Full budget for your household →
Is Hawaii a Buyer's or a Seller's Market?
Market temperature is our label from three Zillow signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Hawaii is warm: it slightly favors sellers: one of the three market signals points cooler than the national market.
Median sale price $753,333 against a median list price of $722,667, so the typical home closes at or above asking.
Where the Hawaii market is heading
Compared with a year ago, two of the three signals point tighter, in sellers' favor: the share of listings with a price cut is down 0.6 points from a year ago to 19.2%, homes take 4 days longer to go pending than a year ago (83 now), and the number of homes for sale is down 0.1%. The typical home value rose 1.1% over the same period and is 2.4% below its July 2022 peak of $853,590. We publish no forecasts: these are Zillow's current-month readings, not a prediction of where Hawaii home prices go next.
Home Values and Rents in Hawaii Cities
Zillow publishes a city-level home value or rent for 11 of the Hawaii cities we track. The most expensive is Kaneohe ($1,091,275) and the cheapest Hilo ($557,173). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Honolulu | 341,753 | $776,861 | +2.0% | ||||
| Hilo | 48,223 | $557,173 | +5.5% | ||||
| Pearl City | 45,079 | $936,391 | +3.1% | ||||
| Waipahu | 39,871 | $863,950 | +3.2% | ||||
| Kaneohe | 35,945 | $1,091,275 | +3.5% | ||||
| Kahului | 27,068 | $1,020,115 | -2.6% | ||||
| Kapolei | 23,033 | $841,057 | +1.7% | ||||
| Kihei | 22,564 | $990,167 | -7.3% | ||||
| Wahiawa | 17,515 | $860,042 | +3.4% | ||||
| Wailuku | 15,754 | $910,856 | -2.0% | ||||
| Ewa Beach | 15,388 | $831,272 | +1.9% |
Home value and rent are Zillow's city-level indexes; population and median household income are Census ACS. Cities without a Zillow index are omitted. All Hawaii cities ranked →
How Hawaii Compares With Nearby States
The West states closest to Hawaii on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Hawaii
Hawaii dashboard
→Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Hawaii
→Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Hawaii
→IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Hawaii Housing Market FAQ
What is the average house price in Hawaii?
$833,340 is the typical Hawaii home value according to the latest Zillow Research release of the Zillow Home Value Index, which tracks homes in the middle third of the market. The median sale price was $753,333 and the median list price $722,667. That makes Hawaii the #1 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Hawaii?
No. The typical Hawaii home value rose 1.1% over the past year, though it remains 2.4% below its July 2022 peak of $853,590. Over five years it is up 16.1% and over ten years up 53.5%. Nationally, values rose 1.2% over the year.
How have Hawaii home prices changed over the past 1, 5 and 10 years?
+1.1% over one year, +16.1% over five years and +53.5% over ten years for the typical Hawaii home value, per the latest Zillow Research release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Hawaii home is up 329%. The monthly chart above shows the full series against the national line.
Will the Hawaii housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Hawaii home value is 2.4% below its July 2022 peak of $853,590 after it rose 1.1% over the past year; 19.2% of listings have cut their price (national 26.4%), homes go pending in 83 days (national 53), and inventory is down 0.1% from a year ago, per Zillow Research. The largest decline in Zillow's monthly series for Hawaii was 14.8% from May 2007 to December 2009, and values took 54 months to regain that peak.
Is it a good time to buy a house in Hawaii?
The Hawaii market is warm right now, which means it slightly favors sellers: one of the three market signals points cooler than the national market. 19.2% of listings cut their price (national 26.4%), homes go pending in 83 days (national 53), and for-sale inventory is down 0.1% from a year ago. Affordability is the constraint: buying the typical home takes $202,402 of income, $107,588 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Hawaii a buyer's or seller's market?
Hawaii leans toward sellers. Fewer listings are cutting prices than the national average (19.2% vs. 26.4%), homes take 83 days to go pending (national 53), and the number of homes for sale is down 0.1% from a year ago at 8K listings. One of those three signals points toward buyers.
What is the average rent in Hawaii?
In Urban Honolulu, Hawaii's largest metro, the typical asking rent is $3,020 a month, up 4.6% over the past year and up 24.7% over five years, per the Zillow Observed Rent Index. The national typical rent is $1,948. Among Hawaii cities we track, rents range from $2,177 to $3,529 a month.
Is it cheaper to rent or buy in Hawaii?
Renting is cheaper month to month in Urban Honolulu, Hawaii's largest metro. Typical rent is $3,020 and the principal-and-interest payment on the typical home with 20% down is $4,406, a difference of $1,386 a month in favor of renting. The payment excludes property tax (0.27% of value in Hawaii), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Hawaii?
About $202,402 a year, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Hawaii household earns $94,814, so the typical household is $107,588 short. That is the #49 smallest affordability gap of the 50 states. The monthly payment of $4,288 equals 54.3% of the median household's income.
Where are homes cheapest and most expensive in Hawaii?
Among the Hawaii cities we track with Zillow data, the most expensive typical home is in Kaneohe ($1,091,275) and the cheapest in Hilo ($557,173). Also at the top: Kahului ($1,020,115), Kihei ($990,167), and Pearl City ($936,391). The city table above lists every tracked Hawaii city with its value, one-year change and rent.
How does Hawaii compare with nearby states?
In the West, the closest comparisons on price are California ($764,158, up 0.4% in a year), Washington ($591,879, down 0.3% in a year), and Utah ($534,582, up 1.5% in a year). Hawaii's typical home is $833,340, up 1.1%. On affordability, Hawaii ranks #49 of 50 versus California at #50, Washington at #45, and Utah at #37.
How current is the Hawaii housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →