Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Hawaii and Rhode Island. Updated for 2026.
Hawaii wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Rhode Island 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 Rhode Island saves you approximately $2,024/month ($24,288/year) compared to Hawaii, based on median home prices with identical loan terms.
Rhode Island offers meaningfully lower home prices than Hawaii, with median prices running 49% less ($405K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Hawaii may find Rhode Island far more accessible, particularly when combined with local down payment assistance programs.
Property taxes are dramatically different: Hawaii charges 0.28% while Rhode Island charges 1.53%, a gap of 1.25 percentage points. On the respective median homes, this means Rhode Island homeowners pay roughly $6,503 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 $2,200/year in Rhode Island, a difference of $1,000 annually. While not the largest cost factor, this adds up to over $10K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Closing costs are a one-time but significant expense. Hawaii averages $12K in closing costs (1.5% of purchase price) while Rhode Island averages $7K (1.7%). 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. Hawaii's HHFDC Hula Mae Program provides Below-market rate mortgages, while Rhode Island's RIHousing First Homes offers 10K DPA forgivable. 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: Rhode Island homes cost $405K less than Hawaii on average. That translates to roughly $2,024 less per month in total housing costs if you choose Rhode Island. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.