5 affordable places to live in Hawaii
There's a lot to love about Hawaii -- except, perhaps, the cost of living in many of its major metropolitan areas. Not to worry, though. Here are five of the most affordable places to live in the state.
1. Hilo
Hilo is the sixth-best place to live in Hawaii, according to Niche. It also has one of the lowest median home values at $319,100. Property taxes set homeowners back an average of a low 0.19% in Hawaii county, according to Tax-rates.org. Residents in this town on the big island have access to waterfalls and the active Kilauea and Mauna Loa volcanoes, as well as coffee shops and other amenities. Combine that with highly rated public schools and a diverse mix of residents, and you may get an idea why 61% of residents own homes here.
2. Hawaiian Paradise Park
Home to some of the most beautiful beaches and reserves on the big island, Hawaiian Paradise Park offers residents high-quality schools and quiet neighborhoods. The majority of its residents own homes -- its median home value of $280,100 is the lowest on our list. Combine that with average property taxes of 0.19%, and Hawaiian Paradise Park is a relatively affordable slice of paradise on the island.
3. Waimea
Waimea is also on Hawaii island. While median home values are $418,000, much higher than the national median, property taxes are much lower than in most parts of the country at an average of 0.26%. Waimea is right at the base of Kohala Forest Reserve and the Pu'u o 'Umi Natural Area Reserve, and is rated the eighth-best place in Hawaii for young professionals; 56% of its residents own their homes.
4. Kahului
Home to Maui county's main airport, Kahului offers residents a more youthful atmosphere -- it's home to the University of Hawaii Maui College. Median home values are $563,500,and 56% of residents own their homes. The good news is that property taxes in Maui county average 0.16%, even lower than on the big island. With access to plenty of amenities, parks, and golf courses, it's a sought-after place to live in the state.
5. Waipahu
Waipahu is considered a suburb of Honolulu, which might explain why home prices are higher here compared to the other places on our list. There are plenty of options for residents who like shopping, and tourist attractions as well. It's got a median home value of $593,300, and property taxes averaging 0.28% of the fair assessed value. A little more than half of Waiphau's residents own their homes.
Hawaii has a high cost of living, but that doesn't have to mean homeownership is out of reach for you. Do your research to find the best mortgage rates for your credit profile so you can save tens of thousands of dollars over the lifetime of your loan. Buying a home within your budget and increasing your credit score will mean your housing costs can stay at a manageable level. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
