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 |
ZIP code 96839, located within the Urban Honolulu, HI MSA metro, has a Fair Market Rent (FMR) of $2390 for fiscal year 2024. This figure places it at a lower end compared to other ZIP codes in the Urban Honolulu area, which typically have higher FMRs due to the high cost of living and limited housing availability.
The lack of specific market rent and home value data for ZIP 96839 makes direct comparisons challenging, but we can infer that if it has a below-average FMR, it might also have relatively lower market rents and home values. The absence of data on the percentage of renters suggests that there isn't a significant concentration of rental properties compared to owner-occupied homes, unlike some areas where a high percentage of renters can drive up demand and prices.
In the context of Urban Honolulu, ZIP 96839 appears to be a value pocket. This classification is based on the lower FMR relative to other ZIP codes in the region. While the exact market rent and home values are not available, the implication is that it offers more affordable options for both tenants and landlords, particularly those looking to attract Section 8 participants who have a set budget for housing.
A value pocket like ZIP 96839 can be attractive for landlords and small-portfolio investors because it allows them to offer competitive rents without having to charge premium rates. This can result in a steady stream of tenants who are able to pay the rent through their Section 8 vouchers, ensuring stable occupancy and predictable cash flow.
The Urban Honolulu, HI MSA typically sees higher FMRs due to its urban density and desirability as a living location. With an FMR of $2390, ZIP 96839 stands out as potentially offering better value for money, making it a strategic choice for investors seeking to balance affordability with accessibility to the broader metro area.
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.