Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Florida and Hawaii. Updated for 2026.
Hawaii wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Florida has a lower total cost when combining home price, closing costs, and insurance. 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.
Buying in Florida saves you approximately $2,298/month ($27,576/year) compared to Hawaii, based on median home prices with identical loan terms.
There's a dramatic price gap between these two states. Homes in Florida cost 52% less than in Hawaii — that's a difference of $435K on the median home. For buyers relocating from Hawaii to Florida, 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 Florida, potentially eliminating PMI and reducing your monthly payment dramatically.
Hawaii has a moderate property tax advantage at 0.28% versus Florida's 0.86%. While the rate gap of 0.58% may seem small, it translates to an annual difference of approximately $1,073 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $9K in savings.
Homeowners insurance is significantly cheaper in Hawaii ($1,200/year) compared to Florida ($4,200/year). That's an extra $3,000 per year — or $250/month — eating into your budget in Florida. Florida'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 Florida averages $7K (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. Florida's Florida Hometown Heroes provides Up to 5% as 0% deferred loan, 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: Florida homes cost $435K less than Hawaii on average. That translates to roughly $2,298 less per month in total housing costs if you choose Florida. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.