Section 8 Fair Market Rent (FMR) for ZIP 96737 - 2027

Location: Hawaii County, HI | Metro: Hawaii County, HI

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,760
1 Bedroom	$1,770
2 Bedrooms	$2,280
3 Bedrooms	$2,880
4 Bedrooms	$3,190
5 Bedrooms	$3,700
6 Bedrooms	$4,144
7 Bedrooms	$4,476
8 Bedrooms	$4,700

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,380

Median Household Income

$45,841

Housing Units

2,515

Renter Percentage

22.3%

Occupancy Rate

74.5%

Renter Occupied

418

ZIP code 96737, located within the Hawaii County, HI metro area, presents a unique rental landscape compared to other ZIP codes in the region. The Fair Market Rent (FMR) for ZIP 96737 stands at $2,170 for fiscal year 2026, which is notably higher than the average market rent of $1,506. This discrepancy suggests that 96737 is positioned as a premium sub-market within the larger metro area.

The absence of a listed home value for 96737 indicates that it may be primarily a rental-focused area, lacking significant sales data for single-family homes or condominiums. This characteristic aligns with the high renter share of 22.3%, which is above the typical percentage seen in many ZIP codes across the United States. In the context of Section 8 real estate analysis, this combination of factors—high FMR, lower market rent, and a substantial renter share—often points to an area where Section 8 housing vouchers can play a significant role in the rental market.

To further understand the dynamics of ZIP 96737, consider the following:

Premium Sub-Market: With an FMR exceeding the market rent, landlords in 96737 can potentially benefit from the higher reimbursement rates offered through the Section 8 program. This makes it an attractive option for those seeking stable rental income.
Section 8 Sweet Spot: The high renter share without corresponding high home values suggests that 96737 could be a prime location for Section 8 tenants. Landlords here might find a robust demand for affordable housing options, particularly if they are willing to accept Section 8 vouchers.
Divergence from Typical ZIP Codes: While the FMR is higher than the market rent, indicating potential for premium rents, the lack of home value data and the high renter share imply a distinct focus on rental properties over homeownership. This makes 96737 stand out as a specialized rental market within the broader Hawaii County, HI metro area.

In summary, ZIP 96737 appears to be a premium sub-market within the Hawaii County, HI metro, with particular appeal for landlords participating in the Section 8 program due to its high FMR and substantial renter share. This positioning offers opportunities for those looking to invest in a rental-heavy area with strong potential for stable, government-backed income streams.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.