For many, especially people who aren’t familiar with the island, often the very first question I get is how much of a home can buyers afford here on the island. For starters, according real estate stats provided by Honolulu Board of Realtors, the median price for single-family homes is at approx. $790,000 while the median price for condominiums is at approx. $422,000.
In Waikiki, fee simple condos can start at low $100,000 and up. However, around the $100,000 price range, the units are typically studios with interior sq. ft. of about 200, and parking is usually not included. Typical units can be a combination of residential units and condotels (hotel units that can usually be occupied by an owner. And can be turned over to hotel management for income when the owner is not residing in the unit).
Another option would be choosing leasehold properties. For more info about leasehold properties, please click here. Leasehold units in Waikiki typically can be found around between $100,000 to $200,000. In addition to monthly maintenance fees, there is also a monthly lease rent that needs to be paid to the owner of the land the building is sitting on.
If $200,000 is the max budget, another option for fee simple condo units would be to look In the Waianae and Leeward Coast area. Typical condo prices range from $100,000 to $200,000 with median interior sq. ft. of around 600-800 sq. ft.
In town, with around $200,000 budget, the selection is limited. In my opinion, in order to have a good selection of condos to choose from, a budget of around $350,000 is needed for 1 bedroom condos. For 2 bedrooms, a budget of between $350,000 to $500,000 would afford you a good selection.
For single-family homes in town, in order to have a good selection of homes, in my opinion, it would require a budget from $800,000 and above. There are homes under $600,000 and below, but many of those are in either fair condition or needs major repairs.
Single-family homes on the outskirts of town are typically more affordable. Homes in the Ewa Beach, Kapolei, and Makakilo areas generally offer newer homes with lower prices, as well as master-planned communities that offer more green areas. In recent years the area has experienced robust growth that resulted in new communities as well as retail and commercial outlets.
This content is presented for informational purposes only and the information is deemed reliable but accuracy not guaranteed. It is not my intention to provide any legal, financial, and business advice. For specific information, please consult a qualified adviser.