Estimate your monthly mortgage payment in Hilo. With a median home price near $450,000 and a property tax rate around 0.3%, see your full principal, interest, tax, and insurance payment.
Last updated: May 2026 · Data: MIT Living Wage Calculator, C2ER, U.S. Census, BLS, IRS, state and city sources
The median home price in Hilo is about $450,000, and Hawaii County has an effective property tax rate near 0.3% of value per year. Hawaii levies a graduated state income tax up to 11% (the highest top rate in the country) and funds local services through county property taxes that are low by national standards, though the nation's highest home prices keep the dollar amount meaningful. Businesses pay a General Excise Tax rather than a traditional sales tax.
| Cost Item | Hilo Estimate |
|---|---|
| Median Home Price (2026) | $450,000 |
| 20% Down Payment | $90,000 |
| Loan Amount (80% LTV) | $360,000 |
| Effective Property Tax Rate | 0.3% per year |
| Est. Annual Property Tax | $1,350/year |
| Est. Monthly Property Tax | $112/month |
| Average Rent (2-bedroom) | $1,800/month |
Your payment includes principal and interest (fixed for a fixed-rate loan), plus property tax and insurance, typically escrowed. With less than 20% down you also pay PMI, usually 0.5% to 1.5% of the loan per year until you reach 20% equity.
Hilo is the largest community on the Big Island of Hawaii and its commercial and government center, the most affordable of Hawaii's major towns, with an economy built on government, the University of Hawaii at Hilo, agriculture, astronomy atop Mauna Kea, and tourism.
| Local Metric | Hilo (2026 estimate) |
|---|---|
| Metro population | 45,000 |
| County / jurisdiction | Hawaii County |
| Cost of living index (US avg = 100) | 140 |
| MIT living wage, single adult | $22.00/hour |
| MIT living wage, one earner supporting a family of four | $44.50/hour |
| Applicable minimum wage | $16.00/hour |
| Average rent, 1-bedroom | $1,450/month |
| Average rent, 2-bedroom | $1,800/month |
| Median home price | $450,000 |
| Median household income | $65,000/year |
| Combined General Excise Tax (GET) rate | 4.5% |
| Effective property tax rate | 0.3% of value/year |
Local figures are 2026 estimates compiled from the MIT Living Wage Calculator, the C2ER Cost of Living Index, U.S. Census and Zillow housing data, and city and county sources. Verify current figures before relying on them.
The median home price in Hilo is approximately $450,000 in 2026. A 20% down payment is about $90,000, leaving a loan of roughly $360,000. Prices vary widely by neighborhood.
The effective property tax rate in Hawaii County is about 0.3% of value per year. On a $450,000 home that is roughly $1,350/year, or about $112/month, usually collected through escrow.
A common guideline keeps housing payments (PITI) under 28% of gross monthly income. On a $450,000 home with 20% down at 6.75% over 30 years, plan for a healthy six-figure household income to stay within that guideline in Hilo.
Average rent in Hilo is about $1,450/month for a 1-bedroom and $1,800 for a 2-bedroom. Compare that to the calculated PITI payment above. In Hawaii's extremely high-priced housing market, buying costs far more per month than renting for years, so compare both very carefully.
Most conventional lenders want 620+, FHA allows 580 with 3.5% down, and VA and USDA loans have no set minimum but lenders prefer 620+. A score of 740+ earns the best rates and can save tens of thousands over the loan.