Cheapest Homes in Hawaii

Slow financing keeps the Hawaii real estate market lethargic, though not the same problems that plague the mainland housing sector aren't quite as bad in its Hawaiian counterpart. A big part of the problem on the mainland U.S. was the market became saturated with more homes than there were people who could reasonably be expected to afford them. Hawaii is a small set of islands which has always dealt with limited space, so the Hawaiian Islands never had the room to build up the kind of excess exists back in the other states.

That doesn't mean you won't find a nice home for cheap in Hawaii. If you can get the financing and get money in a timely fashion, you should be able to get yourself into an inexpensive home from the long list of foreclosures and distressed sales. Here's the cheapest homes in Hawaii.

Cheapest Homes in Honolulu

You'll find a nice 3 bedroom, 3 bathroom condo on Bishop Street in Honolulu with 1,423 square feet selling for $65,000. Many of the homes you'll find are going to be condominiums, because of the aforementioned limited space on the islands. On Kamehameha Highway, you'll find a 3 bedroom, 2 bath foreclosure home selling for $89,000.

The next cheapest house I found was on Maiuu Roud in Waianae, where a three bedroom, one bathroom foreclosed house is selling for $190,000. That's not a misprint. I told you the market wasn't quite as low in Hawaii.

I'll give a list of other properties selling right now in Hawaii--and frankly these rank among the Top 10 cheapest homes I found for Honolulu--but all of them are in the $200,000 to $300,000 range. That's not exactly what I'm searching for when I try to find cheap home suggestions for the readers, but it should give you an idea of the home market you'll find.

A condo with 540 square feet, 2 bedrooms, and 1 bathroom is selling for $235,000 right now. This repossessed condominum is found at Hani Lane Apartment B. At the Kapiolana Boulevard Apartments (condos), you can buy a 2 bedroom, 2 bathroom residence for $260,000, while a 2 bed, 1 bathroom condo at the same Kapiolana Boulevard Apartments is selling for $286,000. That's $26,000 more for one less bathroom, though this flat might be bigger or better-situated. Finally, a 2 bed, 1 bath condo at Piikoi Street Apartment 202 is being sold for $269,000. This single family apartment contains 721 square feet.

Cheapest Home in Waianae, Hawaii

The cheapest home I could find in Waianai was selling for $132,000. This is a 3 bedroom, 1 bathroom house at 84231 Water Street in Waianae. It has an extended listing period and is also located on the HUD site under Hawaii. In fact, this is the only house listed right now for Hawaii on the HUD home buyer pages.

Cheapest Homes in Pearl City

Pearl City's prices are a little more reasonable, though the properties you'll find there are still priced significantly higher than commensurate homes on the mainland (in most places). Hoola Place Apartment 4B has 3 bedrooms and 1 bath, but even this foreclosed property is selling at $185,000. The next-cheapest place I could find was on Nanakai Street--and this residence has a $429,000 price tag.

Best Residences in Hilo

Hilo is the biggest city on Hawaii Isle (43,000) and is the third largest city in the State of Hawaii. The homes out here are pricey, but you do get a little more bang for your buck. For instance, the $227,000 single-family home on Hoomana Street in Hilo has 3 bedrooms, 3 bathrooms, and a whopping 2,176 square feet.

Another example of what I'm talking about is the 6 bedroom, 3 bathroom residence at Mauna Loa Street. This place costs $256,000, but at least you get over 2,500 square feet of floorspace.

Inexpensive Housing in Kailua

Kailua is a suburb of Honolulu and a town of about 36,000. Kailua has a nice shopping district, its own beachfront area, and a U.S. Marine Corps Base. This Kailua should not be confused with a town of 11,000 people on Hawaii Island.

When trying to find an affordable home in Kailua, you'll probably do best buying a condo. In fact, I found a place at Kalani Street Apartment 103B with 1 bath and 1 bedroom selling for $46,000. Alii Drive Apartments has a condo for sale with 3 bed, 2 bath, and 2,824 square feet in floorspace and sells for $107,000. A similar home with the same 3 bed, 2 bath, 2824 sq feet, but a larger yard (still same), and this place sells for $152,500.