Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Hawaii and New York. Updated for 2026.
Hawaii wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, New York 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 New York saves you approximately $1,927/month ($23,124/year) compared to Hawaii, based on median home prices with identical loan terms.
New York offers meaningfully lower home prices than Hawaii, with median prices running 48% less ($400K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Hawaii may find New York far more accessible, particularly when combined with local down payment assistance programs.
Property taxes are dramatically different: Hawaii charges 0.28% while New York charges 1.72%, a gap of 1.44 percentage points. On the respective median homes, this means New York homeowners pay roughly $7,396 per year in property taxes versus $2,324 in Hawaii. Over 30 years of homeownership, this difference alone can add up to six figures. Retirees on fixed incomes should weigh this heavily.
Insurance costs favor Hawaii at $1,200/year versus $2,100/year in New York, a difference of $900 annually. While not the largest cost factor, this adds up to over $9K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Both states offer down payment assistance for first-time buyers. Hawaii's HHFDC Hula Mae Program provides Below-market rate mortgages, while New York's SONYMA Achieving the Dream offers Up to $15,000 DPAL. 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: New York homes cost $400K less than Hawaii on average. That translates to roughly $1,927 less per month in total housing costs if you choose New York. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.