Hawaii’s hidden path to homeownership

You don’t have to be Mark Zuckerberg or Oprah Winfrey to afford a piece of Hawaii. Here’s proof from Kristy Nakamura, a broker in Oahu at eXp Realty and co-founder of Your Oahu Home Team with her husband, Austin.

Single-family home median price: $1,205,000 (up 1.69% YoY)
SFH sales: 177 (up 5.99% YoY)
Condo median price: $500,000 (up 1.21% YoY)
Condo sales: 291 (down 0.68% YoY)
Average rent: $3,028/month (up 8.15%)

Pros: The island of Oahu—home to Honolulu and 70% of the Aloha State’s population—is actually a smart place to invest if you know how to navigate this unique market. “Limited land supply on an island means inventory stays tight and values hold,” Nakamura says. Plus, “Strong demand from military PCS relocations (over 50,000 active-duty personnel) creates consistent buyer activity year-round. Military rental demand near Joint Base Pearl Harbor-Hickam and Schofield Barracks keeps vacancy rates low.”

Cons: Home prices are among the highest in the nation. Luckily, “VA loans with zero down make homeownership accessible for a large buyer pool,” Nakamura explains. She and her husband, Austin, specialize in helping military families use VA loans to buy homes. When these families get transferred elsewhere, the couple help convert their Oahu residences into rentals, adding, “That’s actually one of the most common investment paths we see here.”

Her advice: “Look at emerging neighborhoods like Ewa Beach and Kapolei for better entry prices with strong appreciation potential,” Nakamura says. And since leasehold properties are common in Hawaii and can complicate financing, make sure you’ve read our primer on leaseholds above.