Honolulu on the island of Oahu is one of the few metropolitan areas in the United States experiencing a gradual population decline. According to estimates from the Census Bureau, the population of Honolulu County has decreased by about 0.3% annually in recent years, with the main cause identified as migration to the mainland due to high living costs and housing prices.

However, a declining population does not necessarily indicate an economic downturn. The tourism industry remains a key pillar of Hawaii's economy, and employment related to military facilities, including the Pearl Harbor naval base, is also stable. Additionally, investments in data centers and renewable energy are gradually increasing, indicating ongoing efforts to diversify the economy.

Hawaii's unemployment rate recently hovers in the low 2% to low 3% range, making it one of the lowest in the country. However, there are concerns that the high cost of living relative to income makes it relatively disadvantageous in terms of real purchasing power compared to other low-cost areas.

In terms of infrastructure, the Honolulu rail transit Skyline project is gradually opening after long delays, and its completion is expected to help alleviate traffic congestion in the city center. Redevelopment in the Waikiki and Kakaako areas is also steadily progressing.

Analyses from Moody's and Brookings often classify Honolulu as a unique market where population stagnation occurs, but asset values are maintained. The limited supply characteristic of island regions is cited as a reason for the lack of downward pressure on housing prices.

For Korean households, Honolulu still holds high appeal for actual residence, but considering the trend of population decline, many believe it is more rational to approach it from a long-term holding and stable rental income perspective rather than short-term capital gains.

In summary, while Honolulu is not expected to see explosive population growth, it is evaluated as a city with the potential for gradual asset value maintenance due to structural factors such as tourism, military presence, and limited supply.