Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Hawaii and Virginia. Updated for 2026.
Hawaii wins 3 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Virginia 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 Virginia saves you approximately $2,486/month ($29,832/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 Virginia cost 52% less than in Hawaii — that's a difference of $430K on the median home. For buyers relocating from Hawaii to Virginia, 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 Virginia, potentially eliminating PMI and reducing your monthly payment dramatically.
Hawaii has a moderate property tax advantage at 0.28% versus Virginia's 0.82%. While the rate gap of 0.54% may seem small, it translates to an annual difference of approximately $956 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $8K in savings.
Closing costs are a one-time but significant expense. Hawaii averages $12K in closing costs (1.5% of purchase price) while Virginia averages $6K (1.5%). 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 Virginia's Virginia Housing DPA Grant offers Up to 2.5% grant. 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: Virginia homes cost $430K less than Hawaii on average. That translates to roughly $2,486 less per month in total housing costs if you choose Virginia. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.