Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Alaska and Hawaii. Updated for 2026.
Alaska and Hawaii are evenly matched across major housing cost categories. Your decision may come down to other factors like job market, climate, or lifestyle preferences. Use the calculators below to model your specific scenario.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $2,740/month — that’s $32,880/year or $986K over the life of a 30-year loan. Buying in Alaska is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Hawaii, you need a household income of approximately $228K/year. In Alaska, you need $111K/year — less by $117K/year. That $117K income gap means Alaska is accessible to a significantly wider range of households.
There's a dramatic price gap between these two states. Homes in Alaska cost 58% less than in Hawaii — that's a difference of $480K on the median home. For buyers relocating from Hawaii to Alaska, this can mean upgrading significantly or pocketing substantial savings. The equity you've built in a Hawaii home could fund a much larger down payment in Alaska, potentially eliminating PMI and reducing your monthly payment dramatically.
Hawaii has a moderate property tax advantage at 0.28% versus Alaska's 1.19%. While the rate gap of 0.91% may seem small, it translates to an annual difference of approximately $1,841 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $15K in savings.
Closing costs are a one-time but significant expense. Hawaii averages $12K in closing costs (1.5% of purchase price) while Alaska averages $6K (1.8%). The difference is spread across title insurance, attorney fees, and recording costs rather than a single large tax. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. Alaska's AHFC First-Time Homebuyer provides Tax-exempt mortgage bonds, while Hawaii's HHFDC Hula Mae Program offers Below-market rate mortgages. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Alaska homes cost $480K less than Hawaii on average. That translates to roughly $2,740 less per month in total housing costs if you choose Alaska. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.