Posted: 4/15/2026 3:48:29 PM EDT
[Last Edit: HuntFishGunCar][Edited]
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Based on my interview, I might have a job offer soon for a federal position in the coming weeks. Part of my decision to accept is financial. We have three children and my wife is a reservist using her GI bill for the next two to three years. Therefore I would be the only full timer as a GS-13. That’s not a lot income based on the prices there to buy a home. I know cost of living is high too. Would really like some beach life though. If not SFH, Do condos make sense to buy and rent later with a property manager ? If I can’t build equity we’re probably going to turn it down. I would rather find somewhere that has long term payoff. We’re within less than 10 years of our FIRE plan goal. |
| While RE has generally gone up for over a decade, nobody knows what a short period like 2-3 years will hold. If you will need the equity out of it at the end of 3 years, that’s a risky proposition. If you go for a condo so that you have something for the longer term, make sure you get something in a popular, updated building that gets good rental action. Buying a budget condo in a less desirable location doesn’t make a good long term investment IMO. |
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I've always considered 5 years to be kind of my minimum time I planned to own a home. Planned being the operative word. Too many things can go wrong with a shorter window IMO. Having said that, I've had life make me break that rule twice. If corporate buy outs had not been in place both would have been money losers for us. I still lost about $20,000 on one. Having said that, I view Hawaii as a very specialized market that I know nothing about. I would be leery to buy just because costs are so high that the downside risk is significant. If I could rent something decent and control that risk I think I would. |
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I wouldn't touch a condo right now given the recent federal law changes regarding their finances. |
Heller II - Challenging DC's bans on semi-automatic rifles, large-capacity ammunition feeding devices, and its onerous and expensive handgun registration process. http://www.HellerFoundation.org/
Joined:
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WV, USA
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Here is the GS pay scale which incorporates the 22% locality adjustment. $111-$144k. Locality adjustments are regular taxable pay. There is a "nonforeign area" COLA pay which appears to be 2-8% depending on where in Hawaii you work that would presumably be added to the pay in the first link. COLA pays are tax-free. I would never buy a house in Hawaii for just 2-3 years unless you plan to return to the house at a later date. Living in it for just 2-3 years won't save any money over renting. Owning a rental house in Hawaii when you don't live there sounds miserable. There's a reason the .gov treats living in Hawaii, Alaska, etc. the same as living in another country - the burdens are significant. I would look to the future, not the past. Stay flexible - rent cheaply so that you can leave at the drop of a hat and never look back. What if an unexpected job opportunity appears but the burden of your new house doesn't allow you to seize the opportunity? |
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I love Hawaii but my answer is absolutely not. Right now I'd say it's just as likely for the bubble to burst than it is for the prices to go up. You could easily end up upside-down on the home. Are you going to be in Oahu? I am going to put you on something. If you are working at JBPHH, you're better off living in Kaneohe than Honolulu. You can get from Kaneohe to JBPHH in 15-20 minutes using the H3. If you are in Oahu coming from the east, it might take 30-40 minutes. Kaneohe also has less tourists, less traffic, and |
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Originally Posted By djkest: I love Hawaii but my answer is absolutely not. Right now I'd say it's just as likely for the bubble to burst than it is for the prices to go up. You could easily end up upside-down on the home. Are you going to be in Oahu? I am going to put you on something. If you are working at JBPHH, you're better off living in Kaneohe than Honolulu. You can get from Kaneohe to JBPHH in 15-20 minutes using the H3. If you are in Oahu coming from the east, it might take 30-40 minutes. Kaneohe also has less tourists, less traffic, and Kailua is also an option but a bit more expensive but nicer. |
an event "of this type and magnitude allows for the termination of all rules, regulations, and articles, even those found in the Constitution,"