Building Vs. Buying: Which Is Cheaper in The Aloha State?
With home price inflation continuing to rise, many prospective buyers are investigating alternatives, such as constructing their own home from scratch rather than buying an existing one. Yet that raises the question: is it cheaper to build or buy a home in Hawaii?
The StorageCafe team recently analyzed the US residential market, looking at the costs associated with both buying and building a home*. Interestingly enough, Hawaii shines as #1 out of only 18 states where it’s more cost-effective to build rather than buy your next home. With a 494K difference, building here is 47% cheaper than buying.
Here are some key takeaways about Hawaii:
