Many military members have the choice to live on-base or off-base. So, which is better? There is no clear answer. It depends on many factors. Here is a link to the BAH DOD Housing Allowance Calculator for Hawaii
E-7 with DEPENDENTS: $2835.00
E-7 without DEPENDENTS: $2178.00
this calculator and see for yourself if buying makes sense (keeping the
home for 12 years, use an appreciation rate of 6%, which means the
price doubles every 12 years. That is historically true almost
everywhere including Hawaii ):
For property taxes, it will be about $850 for a $300,000 home (with owner home exemption). I would use $5000 per year for maintenance costs, 2% for savings and 3% for inflation.Â â€œYou would save over $100,000 (in todayâ€™s dollars) by buying a home, rather than renting, over the 12 year time frame you have entered.â€ Even when I raise the annual maintenance costs to $6000, or $7000, it still comes out higher.
If you want to live close to Tripler, choose Aiea, Salt Lake, Moanalua, Pearl City, Kalihi, Pali, Kakaako, Pauoa Valley, or Punchbowl, those are all within 5 miles. For other locations, call or email for information.
The years that you live in a home give you the biggest tax advantage. Also, if you live in it for 2 out of the previous 5 years, ALL of the gain is tax free. You may be eligible for additional state or federal tax credits as well. The 2 years DO NOT have to be continuous.
Frank Diaz, MBA (RA) e-PRO
Senior Chief, US Navy, Retired
East Oahu Realty
808 723 0900
Email: Frank /@/ Hawaiihome.biz