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Honolulu County, HI

RANK #510 / 1001 NAT  ·  POP 1,001,146

1YR FORECAST: +0.8%

5YR OUTLOOK: +18%

#37 Most Overvalued
Honolulu County's housing market is projected to grow +0.8% over the next year, below the national average.

[01] Why Honolulu County?

Honolulu County, encompassing the entire island of Oʻahu, is distinguished by its blend of urban development and natural scenery, with the iconic Diamond Head crater overlooking the capital city of Honolulu. Located over 2,400 miles from the U.S. mainland, it is one of the most isolated major metropolitan areas globally. Commute options include TheBus, a public bus system, and the new Skyline rail, which aims to alleviate traffic congestion. The community offers extensive outdoor recreation, from surfing and snorkeling to hiking trails and numerous parks.

Life in Honolulu County offers a unique blend of cultures, influenced by Native Hawaiian heritage and diverse immigration from across the Pacific. The economy is driven by tourism, military presence, and ongoing efforts to diversify into sustainable sectors. Recent economic developments focus on building a resilient economy, with investments in renewable energy, water conservation, and local food production. Public schools are generally above average, and the county also has notable private institutions like Punahou School and 'Iolani School.

MARKET PROFILE

Western Premium Correction

Honolulu County is one of 78 U.S. counties in this market profile — stronger than typical on the BoomTown Index. Within this cohort, its recent home-price change of +2.3% runs above the profile's typical -0.8%.

See all 78 Western Premium Correction counties →

[02] Market Snapshot

Housing Ratio
27.0x

Overvalued relative to economy

Home Prices
+2.3%

Above national median

Price/Rent
25x

Prices detached from rents

Housing looks overvalued at 27.0x — home prices are high relative to local economic output. The typical U.S. county is 4–6x.

[03] Top Employers

  1. 1
    Government (Federal, State, and City & County of Honolulu) Government
    50,000+
  2. 2
    University of Hawaii System Education
    5,000+
  3. 3
    Hawaii State Department Of Education Education
  4. 4
    Hawaiian Electric Industries Energy
    2,500+
  5. 5
    Kaiser Permanente Healthcare
    1,000+
  6. 6
    Hawaii Pacific Health Healthcare
  7. 7
    The Queen's Medical Center Healthcare
  8. 8
    Hawaiian Airlines Hospitality
  9. 9
    Bank of Hawaii Finance
  10. 10
    First Hawaiian Bank Finance

Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.

[04] Home Value Growth vs National

Honolulu County U.S. National

Bars show trailing 12-month growth. The dashed Forecast bars are the model's next-12-month projection; the whisker marks the ±1% range (cooling–accelerating).

The Numbers

DEMOGRAPHICS
Population
1,001,146
-0.25% YoY
Median Household Income
$106,195
Median Home Value
$897,500
+2.28% 12mo
Median Rent
$2,083
Average Annual Pay
$73,144
+4.7% YoY
Employment
455,202
+0.4% YoY
Income-to-Home-Value
0.1183
Less affordable than average
Migration Inflow
0.41%
of pop. from another state
Bachelor's Degree+
38.5%
of residents (national avg: 33%)

Market Activity

REAL ESTATE
Median Sale Price
$750,000
Days on Market
78
Slower market
Months of Supply
6.5
Buyer's market
Sale-to-List Ratio
98.6%
Near asking price
Sold Above List
22.2%
Listings w/ Price Drops
15.1%
Building Permits (2025)
1,446
Single-Family Permits
607

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Crime & Safety

B+
SAFETY
GRADE
Homicide Rate
2.7
per 100K · nat avg 6.5
Firearm Fatalities
3.6
per 100K · nat avg 13.4
Injury Deaths
62.1
per 100K · nat avg 83.6
vs National Average
Well below national avg
based on homicide rate
10-Year Trend
Up 59% since 2015
homicide rate, 2015 → 2025

Source: Homicide rates from CDC/NCHS vital-statistics mortality data — a multi-year average that stabilizes counts in smaller counties — compiled in the County Health Rankings 2025 release. Rates per 100,000 population; U.S. average ≈ 6.5. Grade reflects homicide rate relative to the national average. Learn more →

See where Honolulu County stands nationally: safest large counties in America · highest homicide-rate counties.

[06] Air Quality

B+
AIR QUALITY
GRADE
Median AQI (3yr)
29.3
Good
Good Air Days
97%
1,057 of 1,095 days
Unhealthy+ Days (3yr)
1
Sensitive groups affected
Primary Pollutant
Ozone
Ground-level ozone
Yearly Trend
2021
28
2022
29
2023
31
Median AQI · lower is better

Source: EPA Air Quality System (2021–2023). Grade based on 3-year average median AQI. Learn about AQI →

[07] Capital Investment

$1,210M
TOTAL
PROJECT AMOUNT STATUS
Ward Village Master-Planned Community
Howard Hughes
$500M Under Construction
Kapolei Energy Storage (KES)
Plus Power
$400M Operating
Mililani Solar (39 MW) and Waiawa Solar (36 MW) with Battery Storage
Clearway Energy Group
$140M Operating
Mahi Solar & Storage Project
Longroad Energy
$120M Planned
Na Pua Makani Wind Farm
AES Hawaii
$50M Operating

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[08] Score Breakdown

Population Growth -0.2% 12 percentile
Income Growth +1.9% 28 percentile
Vacancy Rate 1.3% 26 percentile
Home Price Change +2.3% 52 percentile
Rent Growth +4.6% 73 percentile
Price/Rent 25x 4 percentile

Bars show percentile rank among all 1001 counties.

[09] Frequently Asked Questions

Is Honolulu County, HI a good place to move to?

Honolulu County scores 49/100 on the Boom Town Index, landing in the middle of the pack among 1001 U.S. counties (#510). Median household income is $106,195 and job growth is running at +0.4%. The data points to a county with mixed signals — some positive indicators alongside areas that lag faster-growing peers.

Is Honolulu County affordable?

Affordability is a real challenge in Honolulu County. The median home is valued at $897,500 — with an income-to-home-value ratio of just 0.12, that's significantly harder to afford than in most U.S. counties. Median rent runs $2,083/month.

Is Honolulu County growing or shrinking?

Population and employment in Honolulu County are both close to flat — population -0.2% YoY and jobs +0.4%. Home values shifted +2.3% over the past 12 months. A steady-state county, neither expanding quickly nor shrinking.

Are many people relocating to Honolulu County?

Not particularly — 0.41% of Honolulu County's population moved in from another state, which is below the national average. Most residents are long-term locals rather than recent transplants.

[10] Similar Counties by Size & Score

Kauai County, HI 53 Hawaii County, HI 40 Maui County, HI 36 Multnomah County, OR 49 Macomb County, MI 48 Morris County, NJ 50 St. Louis County, MO 46 DuPage County, IL 46