Section 8 Fair Market Rent (FMR) for ZIP 96768 - 2027
Location: Kahului-Wailuku-Lahaina, HI | Metro: Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,820 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,310 |
| 4 Bedrooms | $4,090 |
| 5 Bedrooms | $4,744 |
| 6 Bedrooms | $5,313 |
| 7 Bedrooms | $5,738 |
| 8 Bedrooms | $6,025 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$100,391
Housing Authorities Serving ZIP 96768
To determine if you should invest in ZIP 96768 (Makawao, HI) for Section 8 properties, follow this decision tree:
- Does the Fair Market Rent (FMR) of $2,110 cover the debt service on a property valued at $1,101,806?
- Yes: The FMR can support a mortgage payment, utilities, and other costs associated with the property. This makes it feasible to acquire and manage a property in Makawao under the Section 8 program.
- No: The FMR does not sufficiently cover the debt service. A property priced at $1,101,806 would require higher rental income to break even, which Section 8 cannot provide at the current rate of $2,110 per month.
- Is the market rent ($3,138 ZORI) above, at, or below the FMR?
- Above: The market rent exceeds the FMR, indicating that the property could generate higher revenue outside of the Section 8 program. Landlords may prefer to seek non-Section 8 tenants to maximize their income.
- At or Below: The market rent aligns closely with or falls below the FMR. In this scenario, Section 8 tenants might be a viable option since the market rate does not offer significantly more financial benefit.
- Are 36.3% of residents renters and do the days on market (DOM) indicate sufficient demand?
- It Depends: With 36.3% of residents being renters, there is a moderate level of demand for rental properties. However, the absence of data on days on market (DOM) makes it difficult to assess the speed at which properties are rented. If the DOM is low, it suggests strong demand; if high, it indicates a slower rental market.
The decision to purchase a property in ZIP 96768 for Section 8 investment hinges on these factors. If the FMR does not cover the debt service, then purchasing for Section 8 is not advisable. If the market rent is significantly higher than the FMR, consider renting to non-Section 8 tenants for better returns. Lastly, evaluate the rental demand based on the percentage of renters and DOM data to ensure the property will be occupied consistently.
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.