Before Lala, the last hurricane to make direct landfall in Hawaii was Hurricane Iniki on September 11, 1992. Striking the island of Kauai as a powerful Category 4 storm with sustained winds of 145 mph, Iniki remains the most destructive hurricane in recorded Hawaiian history. It tore across the island, destroying or severely damaging over 14,000 homes—roughly 90% of Kauai’s housing stock—flattening commercial buildings, knocking out power across the entire island for weeks, and causing six deaths along with more than $3 billion in damages.
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You don’t really need 20% down payment. It’s a myth that you need to put 20% down on a home. In fact, in many instances, first-time homebuyers can make a down payment of less than 5%. On average, first-time homebuyers put down just 9% in 2023. Some loans, like VA or USDA loans, even allow you to put 0% down. However, understand that the more you put down, the smaller your monthly mortgage payment will be. And if you put down 20% or more, you can skip mortgage insurance (which is, in most cases, required by your lender if you put down less than 20%).
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