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The website of The City and County of Honolulu (http://www.honolulu.gov/mayor/index1.htm) states Honolulu is the 13th largest municipality in the USA.
Wikipedia (http://en.wikipedia.org/wiki/List_of_United_States_cities_by_population) listing US cities by population, identifies Honolulu as the 46th largest city in the USA.
Table 4 of (http://www.census.gov/population/www/estimates/Estimates%20pages_final.html) the US Census Bureau website. ranks Honolulu is 53rd largest metropolitan statistical area in the USA.

So, take your choice. The differences occur because of the various ways cities, urban areas and metropolitan complexes are considered. While Honolulu is very famous, it is really not so large. Our calculations show 2 out of 3 Americans live in an urban area larger than Honolulu.

When considering Honolulu, remember it sits on an island in the middle of the ocean. This means, due to the Pacific Ocean, its opportunities for expanding are Zilch. (Well, I guess a few new volcanoes could change that.) So, Oahu will always have a limited supply of land and virtually all of the goods and commodities needed for living the good life must arrive by boat or plane.

So, it is no surprise, the Honolulu Real Estate Market tends to be pricey. Forbes magazine states Honolulu is the 6th most Over Priced Real Estate Market in the USA. Forbes, by the way, regularly produces various comparative listings and reports related to living in various places in the USA. So, check it out (www.forbes.com), if you enjoy numeric comparisons.