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Renting vs. Buying: Honolulu, HI

Date:May 25, 2010 | Author:Whitney Tyner | Category:Renting vs. Buying

For some, the American dream to own a home, is fading. A recent survey released by the National Apartment Association found that 76 percent of consumers — both homeowners and renters — think renting is better than owning a home in the current market. Why? Most of the respondents (64 percent) cited freedom from the responsibility for repairs and maintenance as the primary advantage of renting. Half also saw financial advantages to renting, such as not being susceptible to foreclosure and not being impacted by the shaky real estate market.

Whatever your fancy, renting or buying, here is a rent vs. buy shopping comparison of homes for sale and homes for rent in Honolulu, HI.

Tip: We found these homes using Zillow’s “search by monthly payment” feature. If you’re in the midst of a rent/buy dilemma, it’s a super slick way to compare how far a mortgage, or a rent check, will get you in the sunny paradise of Hawaii.

Compare Rent vs. Buy Monthly Payment Under $1,500:

RENT

BUY

Compare Rent vs. Buy Monthly Payment Under $2,500:

RENT

BUY

Compare Rent vs. Buy Monthly Payment Under $3,500:

RENT

BUY

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> See Honolulu, HI home values

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Responses (13)

0 tweets 0 likes 13 comments

Pasadena Real Estate 3:50 PM - May 25,2010

It is always recommended if you have the ability to buy, then the benefits will always out weigh renting. When renting, your are helping someone else’s investment vs. your own.
Honolulu Real Estate 8:17 PM - May 25,2010

“not being susceptible to foreclosure”

Indirectly maybe, but the property manager/landlord can always be foreclosed on, thus affecting the tenant / renter directly.
ImMag 1:38 AM - May 26,2010

buy it whenever it’s possible.
Desert Mountain Scottsdale AZ 4:18 AM - May 26,2010

It is really sad that people think this is the time to rent. The opportunities in this market are incredible. When else in your lifetime will you be able to buy a home for 50% off of what it cost a few years ago?
DebtFree 10:58 AM - May 26,2010

re: “When renting, your are helping someone else’s investment vs. your own”

Realtor propaganda, plain and simple. Many “owners” are paying $5,000 each month to carry properties, and renting them out at $3,000 per month.

Buying only makes sense if you don’t pay bubble level prices. Even then, after mortgage interest, maintenance, property taxes, and repairs are taken into account, owning can be far worse than renting.

The NY Times has a nice Buy vs Rent calculator

nytimes.com/interactive/business/buy-rent-calculator.html

In most cases these days, it makes far more sense to rent.
DebtFree 10:59 AM - May 26,2010

re: “When else in your lifetime will you be able to buy a home for 50% off of what it cost a few years ago?”

Next year, when you will be able to buy a home for 60% off of what it cost a few years ago.
ImMag 2:42 PM - May 26,2010

so the price will keep sinking?
pa bankruptcy attorneys 7:18 PM - May 26,2010

If it’s keep getting cheaper and you’ll probably stay there for a long time it’s good to buy it instead of just renting it because in the long run you’ll be saying “I should have bought this” instead of just renting.
Cricket Bats 11:44 AM - May 27,2010

Renting is ok until you retire, then it gets tricky!
Bob Stahl 10:22 AM - May 28,2010

If you are able to buy rather than rent, that would be your best bet. Investing, and doing something better with your money is a far better choice. Renting right now when the market is this low would be crazy.

Bob
WhitneyT- Zillow 11:53 AM - May 28,2010

Thanks for the discussion everyone. Renting vs buying is indeed a complex and personal decision that requires deep research and a realistic consideration of how long you intend to live in the home.
Durham Homes For Sale 6:50 AM - Jun 18,2010

Totally agree with Whitney. These are uncertain times and nobody wants to get burned. I still believe buying is better for the long term, but many people are still cautious and using the wait and see method.
Aloha Tony, Hawaii real estate agent 6:11 PM - Aug 26,2010

with rates as low as they are, renting ends up costing more when you also consider that you don’t get the Federal tax deduction.

We’ll see what happens when rates go up. Someday they will be back to 8-9% again I’m sure, and then who knows, renting could be a lot cheaper, unless rents rise quickly with inflation.