13 Reasons You Might Regret Buying a Home in Hawaii
Written by
Cynthia Measom
Edited by
Sean Fisher
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Soft sand between your toes on beautiful beaches; cool, refreshing mist on your skin from towering waterfalls; and the peaceful sight of swaying palm trees in the breeze. All of these can make Hawaii seem like the perfect place to buy a home and live happily ever after.
Although the beauty and allure of Hawaii is undeniable, it can be overshadowed by the issues that can arise if you actually decide to live there.
Here are 13 reasons you might regret buying a home in the Aloha State.
High Cost of Living
Martin Boonzaayer, CEO of The Trusted Home Buyer, said that Hawaii consistently ranks as one of the most expensive states to live in.
“Housing, groceries, transportation and utilities are all significantly pricier than the national average. This can strain your budget and limit your disposable income.”
Limited Job Opportunities
Danny Colacicco, founder and CEO of Panda Pro Home Buyers, said that while Hawaii may seem like paradise, it is also known for having limited job opportunities.
“This is especially true for those who are looking for specialized or high-paying jobs,” he said. “As a result, homeowners may find it challenging to find stable employment and may regret their decision to buy a home in Hawaii.”
Limited Land and Older Housing Stock
Boonzaayer pointed out that land is scarce in Hawaii, leading to smaller lots and potentially cramped living spaces.
“Additionally, many homes, especially in desirable areas, are older and may require more maintenance and repairs,” he said.
Natural Disasters
“Hawaii is prone to natural disasters such as hurricanes, earthquakes, and volcanic eruptions,” said Colacicco. “While these events may not occur frequently, they can cause significant damage to homes and disrupt daily life. Homeowners may find themselves constantly worrying about the potential for these disasters and regretting their decision to buy a home in an area with such high risk.”
Tropical Climate
While living in a tropical locale sounds like a vacation that will never end, there are downsides to the climate.
“The constant humidity and exposure to salt air can accelerate wear and tear on a home’s exterior, roof and foundation,” explained Boonzaayer. “This translates to more frequent and costly maintenance.”
Limited Availability and Higher Cost of Contractors
If you’re not handy when it comes to repairs or renovations on your home, hopefully, you have money saved up. Boonzaayer said that, due to the island location, skilled labor in Hawaii can be scarce and expensive.
“This can lead to higher costs for repairs and renovations,” he said.
High Property Taxes
If you’re looking to save on property taxes, buying a home in Hawaii is not the solution.
“Hawaii has some of the highest property taxes in the nation,” said Boonzaayer. “This adds a significant, ongoing cost to homeownership.”
State Income Tax
Additionally, Hawaii also has a state income tax, said Boonzaayer, which adds another layer of taxation for residents.
Volatile Housing Market
“While housing prices in Hawaii are generally high, they can fluctuate significantly depending on the overall economy and tourism industry,” Boonzaayer said. “This makes it a riskier investment compared to some mainland markets.”
Limited Rental Market
If your plan is to rent out your piece of Hawaiian paradise for extra income, be aware it might not pan out.
“Depending on the location, finding tenants for a rental property might be challenging,” Boonzaayer said. “This could impact your ability to generate income from your investment.”
Environmental Risks
“Climate change poses threats like rising sea levels, erosion and stronger storms, which could affect coastal properties,” explained Boonzaayer.
Additionally, the Environmental Protection Agency warns that the waters around Hawaii are becoming warmer, which is causing harm to Hawaii’s coral reefs and marine ecosystems and can negatively impact the state’s economy.
Distance from Mainland
Living in an island paradise costs more than you might think due to its location from the mainland.
“Everything from groceries to specialized medical care requires shipping or travel to the mainland, adding to the cost and time involved,” Boonzaayer said.
Cultural Differences
Colacicco said that moving to Hawaii means embracing a different culture, which could be either a positive or negative experience.
“This includes everything from adjusting to the slower pace of life, experiencing new customs and traditions and even navigating language differences,” he explained. “Homeowners who find it challenging to adapt may feel out of place, but with an open mind, the unique charm of Hawaii can make it a rewarding decision.”
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