Location: Kahului-Wailuku-Lahaina, HI | Metro: Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,720 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,850 |
| 5 Bedrooms | $4,466 |
| 6 Bedrooms | $5,002 |
| 7 Bedrooms | $5,402 |
| 8 Bedrooms | $5,672 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,890 | $394,050 | 0.48% | F |
| 2BR | $2,470 | $585,930 | 0.42% | F |
| 3BR | $3,120 | $937,852 | 0.33% | F |
| 4BR | $3,850 | $1,107,837 | 0.35% | F |
| 5BR | $4,466 | $1,160,294 | 0.38% | F |
U.S. Census Bureau data (2024)
The dynamics of the Wailuku, HI market, encapsulated by ZIP code 96793, reveal a complex interplay between rental and homeownership sectors. The Fair Market Rent (FMR) stands at $1880 for the fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a market rent of $3,161. This substantial gap suggests that the rental market is robust and commands higher prices than what is considered fair market value by HUD standards.
A 0.2% price-cut share signals minimal negotiation room for landlords and property managers. Tenants are likely to accept the rents offered without significant pushback, indicating strong demand for rental properties. The median home value of $924,826 places homeownership out of reach for many potential buyers, further fueling the rental market's strength. The limited availability of data on days on market (DOM) could imply a steady transaction rate, without excessive inventory buildup, suggesting a balanced market.
The 26.1% renter share provides insight into the long-term housing pressures in Wailuku. A significant portion of the population relies on rental housing, which can indicate ongoing challenges in achieving homeownership due to high costs. This reliance on rentals supports the idea that the rental market will continue to be a critical component of the local economy, driving demand and potentially keeping rent levels elevated.
In summary, the market in ZIP 96793 is characterized by a strong rental sector with limited negotiation on pricing, coupled with high median home values that make homeownership less accessible. The substantial renter share points to sustained housing pressure, favoring a market where demand for rental units remains high, and supply is constrained by financial barriers to homeownership.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.