What's The Salary You Need To Buy A Home In Hawaii

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Real Estate

The salary you need to buy a home in Hawaii depends.  

It depends on how much you can put down, what mortgage interest rate you receive, your monthly salary and your monthly bills to name a few.

 

Buying A Home In Hawaii

The median home price in Hawaii today is just over $1,000,000 and interest rates are hovering around 6.5%.

If you put down $150,000 that means your monthly payments, including insurance and taxes would be roughly $6,400.

$6,400 is 40% of $16,000 so you'd need to make roughly $192,000 per year.

This is all very rough math and we do recommend talking with a mortgage professional.

 

Buying a Condo In Hawaii

For a condo or a smaller home priced at $600,000 the math looks like this:

$90,000 down so $510,000 at 6.5% is $3,700 per month including taxes and insurance.

$3,700 is 40% of $9250 so you'd need to earn roughly $111,000 per year.

Here's a link to mortgage calculator.

 

Help Getting Started Buying a Home in Hawaii

Again, we recommend contacting a lending specialist who can look at your unique financial situation and help you come up with a plan that's best for you.

I hope this helps as a starting point for determining how much you need to make to buy a Hawaii home.

If you do decide to buy, or if you have any questions whatsoever about Hawaii real estate please give me a call at 808-724-4629.

contact information for maryjo mcgillicuddy real estate agent