Location: Urban Honolulu, HI | Metro: Urban Honolulu, HI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,540 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
The ZIP code 96836, located within the Urban Honolulu, HI MSA metro, presents an interesting scenario when compared to typical ZIP codes in the same metropolitan area. The Fair Market Rent (FMR) for ZIP 96836 is set at $2390 for fiscal year 2024. This figure is crucial for understanding how rental properties in this area align with federal guidelines for housing assistance programs such as Section 8.
While the market rent and home value for ZIP 96836 are not available, we can make some inferences based on the FMR alone. In Urban Honolulu, the typical FMR is higher due to the city's cost of living. For instance, ZIP codes closer to downtown Honolulu often see FMRs exceeding $2500 for similar units. Therefore, with an FMR of $2390, ZIP 96836 could be considered a value pocket within the Urban Honolulu, HI MSA. This suggests that landlords and small-portfolio investors might find it advantageous to operate in this ZIP, as they can offer affordable housing options that still meet the FMR criteria for Section 8 participants.
The lack of data on market rent and home value makes it challenging to provide a comprehensive comparison. However, the absence of these figures does not necessarily indicate lower values; it could simply mean that the data is less frequently updated for this area. Given the context of the Urban Honolulu, HI MSA, where home values tend to be high, the unavailability of specific home value data for ZIP 96836 does not suggest it is significantly different from the metro average.
Regarding the renter share, which is also not available, a high percentage of renters combined with below-average home values and rental rates can signal a potential sweet spot for Section 8 properties. While we cannot confirm this for ZIP 96836 without the specific data, the lower FMR compared to surrounding areas might still attract a significant number of renters who benefit from Section 8 vouchers.
In summary, ZIP 96836 appears to be a value pocket within the Urban Honolulu, HI MSA, offering rental properties at a slightly lower rate than the typical ZIP codes in the area. This makes it a potentially attractive location for landlords and small-portfolio investors looking to cater to tenants participating in Section 8 programs.
Data Sources: FMR data from HUD (2027).
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.