Section 8 Fair Market Rent (FMR) for ZIP 96743 - 2027

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

Investment Score for ZIP 96743

Monthly Rent (2BR)

$2,850

Median Price (2BR)

$1,126,319

1% Rule

0.25%

Annual Yield

3.04%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,200
1 Bedroom	$2,210
2 Bedrooms	$2,850
3 Bedrooms	$3,590
4 Bedrooms	$4,030
5 Bedrooms	$4,675
6 Bedrooms	$5,236
7 Bedrooms	$5,655
8 Bedrooms	$5,938

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,210	$943,861	0.23%	F
2BR	$2,850	$1,126,319	0.25%	F
3BR	$3,590	$1,131,734	0.32%	F
4BR	$4,030	$1,881,719	0.21%	F
5BR	$4,675	$3,078,106	0.15%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,422

Median Household Income

$101,468

Housing Units

6,779

Renter Percentage

22.0%

Occupancy Rate

72.1%

Renter Occupied

1,076

To determine if you should buy a property in ZIP 96743 (Waimea, HI) for Section 8, follow this decision tree based on the provided data:

Does the Fair Market Rent (FMR) of $3,070 cover debt service on a property costing $1,247,599?
- Yes. The FMR of $3,070 per month is sufficient to cover the debt service on a property priced at $1,247,599. This assumes that the monthly rental income meets or exceeds the debt service requirements, which typically include mortgage payments, property taxes, insurance, and maintenance costs.
Is the market rent of $1,850 (from Census ACS) above, at, or below the FMR?
- Below. The market rent of $1,850 is below the FMR of $3,070, indicating that properties in Waimea can be rented out at a higher rate through Section 8 programs compared to the general market. This can be beneficial for landlords seeking stable, government-backed rental income.
Are 22.0% of residents renters and do they have enough demand, considering the N/A-day days on market (DOM)?
- It depends. With 22.0% of residents being renters, there is a notable portion of the population who might seek housing through Section 8. However, the lack of specific data regarding days on market (DOM) makes it difficult to assess the speed at which properties are rented out. This could indicate either a robust demand or an issue with data availability.

If you answered yes to the first question and below to the second, then you should consider the third question carefully. The presence of a significant number of renters suggests potential demand, but without knowing the DOM, you cannot fully gauge how quickly you might fill your property. It's advisable to look into local real estate trends and consult with local agents to understand the DOM context better.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.