Average Hawaii Basic Allowance for Housing (BAH) Rates Increase by 15%
Hawaii’s high cost of living is a complaint for most of our residents, and can be a deterrent for those who would love to move here because of our beautiful year-round weather, white sandy beaches, and Aloha spirit.
Welcome News for Hawaii VA Buyers
Welcome news came to Hawaii’s Military members this year. While the average BAH or Basic Allowance for Housing rates increased nationally by 5%, the Hawaii BAH increased by approximately 15%!
This news was especially exciting for those Hawaii service members who want to buy a home here. The average single family home in Hawaii is roughly $600,000, while the average townhome or condo unit is $325,000. The rise in Hawaii’s BAH means the government will cover more of their mortgage payment now, making it an even more compelling situation to buy.
Why not use VA loan privileges, leverage the government’s money, put no down payment, and typically have no out-of-pocket costs to own a piece of real estate in Hawaii, where supply is always low and demand is always high?
National Trends
Hawaii is home to roughly 40,000 service members. Other areas that had a high increase in BAH were Fort Hood, TX and Fort Gordon, GA where the increase was about 11.5%.
Bremerton, WA, Beale AFB in CA, and Hampton Roads, VA were among the duty stations that saw the biggest decrease in the BAH. This decrease would only affect those military members who PCS to those bases this year.
2014 brought the highest BAH increase in 5 years, when the 2008 recession devastated the US housing market.
Additional Resources
Please contact me for more information on how to qualify for a VA loan, or additional resources if you’re thinking about a PCS to Hawaii.
Joe Sillaman RA
September 7, 2014
It’s astonishing to me that more Veterans don’t take advantage of their VA home loan. It’s literally the best loan on the market at 0% down with easily better rates than anything on the conventional side. The biggest things to look out for when using your VA home loan is whether the property a Buyer is looking at meets specific requirement such as condo building being VA loan approved or a house meeting the appropriate safety standards and is fully permitted. Great info Cathy!
Joe Sillaman RA
September 7, 2014
It’s astonishing to me that more Veterans don’t take advantage of their VA home loan. It’s literally the best loan on the market at 0% down with easily better rates than anything on the conventional side. The biggest things to look out for when using your VA home loan is whether the property a Buyer is looking at meets specific requirement such as condo building being VA loan approved or a house meeting the appropriate safety standards and is fully permitted. Great info Cathy!