Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Colorado and Hawaii. Updated for 2026.
Colorado wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $520K and lower overall costs, Colorado offers meaningful savings compared to Hawaii. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $1,685/month — that’s $20,220/year or $607K over the life of a 30-year loan. Buying in Colorado 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 Colorado, you need $156K/year — less by $72K/year. That $72K income gap means Colorado is accessible to a significantly wider range of households.
Colorado offers meaningfully lower home prices than Hawaii, with median prices running 37% less ($310K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Hawaii may find Colorado far more accessible, particularly when combined with local down payment assistance programs.
Property tax rates are similar in both states (Colorado: 0.51%, Hawaii: 0.28%), so taxes shouldn't be the deciding factor in your relocation decision. Instead, focus on differences in home prices, insurance costs, and state-specific programs. Both states collect roughly comparable property tax revenue relative to home values.
Homeowners insurance is significantly cheaper in Hawaii ($1,200/year) compared to Colorado ($3,200/year). That's an extra $2,000 per year — or $167/month — eating into your budget in Colorado. Colorado's high insurance costs are often driven by severe weather risks (hurricanes, tornadoes, or wildfires), which also affect availability of coverage.
Closing costs are a one-time but significant expense. Hawaii averages $12K in closing costs (1.5% of purchase price) while Colorado averages $7K (1.4%). 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. Colorado's CHFA Down Payment Assistance provides Up to $25,000 second mortgage, 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: Colorado homes cost $310K less than Hawaii on average. That translates to roughly $1,685 less per month in total housing costs if you choose Colorado. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.