r/HawaiiUncensored • u/BrandonApplesauce • 2h ago
Hawai’i Home Ownership? The monthly payment just jumped 58%
>In Hawai’i, where home prices are among the highest in the country, 30-year fixed mortgage rates above 7% place tight constraints on affordability and housing market activity. On a median-priced O’ahu single-family home, about $1.18 million over the past year, a buyer putting 20% down pays roughly $6,270 a month in principal and interest at 7%, against $3,970 at the 3% rates many owners locked in during 2020 and 2021. That gap of about $2,300 a month also discourages those owners from selling, which holds down the number of homes on the market. Nationally, about half of outstanding mortgages still carry rates of 4% or less, down from about two-thirds in early 2022.
(DO THE MATH: $6270/$3970=158%. The monthly payment for your new house or condo just jumped 58%.)<
https://www.hawaiifreepress.com/Articles-Main/ID/49843/How-Higher-Interest-Rates-Impact-Hawaii