Thinking about moving to Honolulu?
Congratulations: you’re moving to paradise. Lush tropical forests, scenic mountains, incredible beaches, and all kinds of unbeatable outdoor recreation are awaiting you. Of course you’ve heard about the traffic, crowds, and high cost of living, and sure, Honolulu is not without some problems, but other places have those problems too, and those other places aren’t on a tropical island chain in the Pacific.
And there might be other perks you’re less familiar with — for instance, Honolulu’s economy has been growing strong for the past few years. Just know that you won’t be the only person moving to the island city: between 2010 and 2016, more than 14,536 people have moved to Honolulu, an increase of 4.3%.
Where Are All the New Residents of Honolulu Moving From?
Living in Honolulu probably sounds like living in paradise to a lot of people. Apparently, people who already live in Hawaii are a little skeptical of that idea, though. First a little background. The population…
Population of Honolulu
Honolulu is home to 351,792 Honolulans. With an area of 60.5 square miles, Honolulu has a population density of 5,815 persons per square mile, which makes it more dense than many other cities of comparable size.
The Urban Honolulu, HI Metropolitan Statistical Area boasts a population of 992,605 people, of which Honolulu proper’s population makes up 35%.
Honolulu Housing Market
Honolulu’s growth and desirability come at a major cost: housing is pricey. The median home value in Honolulu is $672,000, 235% above the US median value, according to Zillow. The median price per square foot in Honolulu is $605. Over the past 5 years, home values in Honolulu have increased by 6%.
Renters in Honolulu will also have a hard time finding affordable housing. The median rent in Honolulu is $2,404 per month, which is 68% higher than the US median. Over the past year, rental rates in Honolulu have decreased by 1.8%.
Economy in Honolulu
Honolulu’s economy is growing strong. The Honolulu metro area’s GDP grew by 17% between 2010 and 2015, from $52 billion in 2010 to $61 billion in 2015, a total increase of $9 billion. The metro area has a per capita GDP of $61,527. According to the US Census Bureau, the median household income in Honolulu, HI is $74,460, 14% higher than the national median. Honolulu’s unemployment rate is 3.1%.
