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Zip Codes in Hawaii Where Section 8 Pays More Than Market Rent
9 of the 32 Hawaii ZIP codes with data show a FY2026 voucher rent basis above the typical asking rent, topping out at +36%. Market rents as of June 2026.
Hawaii premium ZIP codes, ranked
| # | ZIP | Location | Voucher rent (2BR) | Voucher rent (3BR) | Typical market rent | Premium | Basis | |
|---|---|---|---|---|---|---|---|---|
| 1 | 96818 | HonoluluHonolulu County | $3,410 | $4,740 | $2,511 | +36% | ZIP SAFMR | Analyze deal |
| 2 | 96786 | WahiawaHonolulu County | $2,970 | $4,130 | $2,385 | +25% | ZIP SAFMR | Analyze deal |
| 3 | 96826 | HonoluluHonolulu County | $2,400 | $3,340 | $2,026 | +19% | ZIP SAFMR | Analyze deal |
| 4 | 96822 | HonoluluHonolulu County | $2,510 | $3,490 | $2,208 | +14% | ZIP SAFMR | Analyze deal |
| 5 | 96778 | PahoaHawaii County | $2,076 | $2,622 | $1,833 | +13% | County FMR | Analyze deal |
| 6 | 96815 | HonoluluHonolulu County | $3,050 | $4,240 | $2,774 | +10% | ZIP SAFMR | Analyze deal |
| 7 | 96782 | Pearl CityHonolulu County | $2,710 | $3,770 | $2,619 | +4% | ZIP SAFMR | Analyze deal |
| 8 | 96720 | HiloHawaii County | $2,076 | $2,622 | $2,034 | +2% | County FMR | Analyze deal |
| 9 | 96792 | WaianaeHonolulu County | $2,360 | $3,280 | $2,336 | +1% | ZIP SAFMR | Analyze deal |
Premium compares the 2-bedroom voucher rent to the ZIP's typical asking rent across all home sizes. Rent data provided by Zillow Research.
Closest to parity in Hawaii
These ZIPs sit just below the line. A payment standard above 100 percent of FMR, a utility allowance in your favor, or October's FMR update can push them into premium territory.
| # | ZIP | Location | Voucher rent (2BR) | Voucher rent (3BR) | Typical market rent | Premium | Basis | |
|---|---|---|---|---|---|---|---|---|
| 10 | 96825 | HonoluluHonolulu County | $3,960 | $5,510 | $4,017 | -1% | ZIP SAFMR | Analyze deal |
| 11 | 96707 | KapoleiHonolulu County | $3,240 | $4,510 | $3,406 | -5% | ZIP SAFMR | Analyze deal |
| 12 | 96701 | AieaHonolulu County | $2,460 | $3,420 | $2,684 | -8% | ZIP SAFMR | Analyze deal |
| 13 | 96817 | HonoluluHonolulu County | $2,170 | $3,020 | $2,374 | -9% | ZIP SAFMR | Analyze deal |
| 14 | 96734 | KailuaHonolulu County | $3,610 | $5,020 | $4,006 | -10% | ZIP SAFMR | Analyze deal |
| 15 | 96819 | HonoluluHonolulu County | $2,320 | $3,230 | $2,600 | -11% | ZIP SAFMR | Analyze deal |
| 16 | 96821 | HonoluluHonolulu County | $3,550 | $4,940 | $3,985 | -11% | ZIP SAFMR | Analyze deal |
| 17 | 96749 | KeaauHawaii County | $2,076 | $2,622 | $2,342 | -11% | County FMR | Analyze deal |
| 18 | 96706 | Ewa BeachHonolulu County | $3,160 | $4,390 | $3,573 | -12% | ZIP SAFMR | Analyze deal |
| 19 | 96789 | MililaniHonolulu County | $2,720 | $3,780 | $3,078 | -12% | ZIP SAFMR | Analyze deal |
How these numbers are calculated
- Voucher rent is the HUD FY2026 2-bedroom Small Area Fair Market Rent (SAFMR) where it applies, otherwise the county or metro Fair Market Rent. This is the basis housing authorities use to set payment standards, typically 90 to 110 percent of it, and it is a gross rent that includes a utility allowance.
- Typical market rent is the Zillow Observed Rent Index (ZORI) for the ZIP code as of June 2026, a smoothed measure of asking rents across all home types and sizes. Rent data provided by Zillow Research.
- Premium compares the 2-bedroom voucher rent against that blended market figure, which is the conservative comparison. Premiums for 3 and 4 bedroom homes are often larger.
- The premium is a screening signal, not a guarantee. Housing authorities run a rent reasonableness review against unassisted comparables before approving any contract rent, and the payment standard is a ceiling, not an entitlement. Always verify with the local housing authority.
Sources: HUD Fair Market Rents and Zillow Research (ZORI). FMRs effective October 1 each year; ZORI updates monthly.
Frequently asked questions
- Which ZIP code in Hawaii has the biggest Section 8 premium?
- 96818 (Honolulu) currently shows the largest gap: the 2-bedroom voucher rent basis is $3,410 against a typical market rent of $2,511, a +36% premium.
- How many ZIP codes in Hawaii pay above market rent?
- Of the 32 Hawaii ZIP codes with both HUD and market rent data, 9 currently show a voucher rent basis above the typical asking rent.
- Can I actually charge the full amount shown here?
- Not automatically. The housing authority sets a payment standard between 90 and 110 percent of the FMR or SAFMR, and every lease passes a rent reasonableness review against comparable unassisted units. Treat the premium as a screening signal for where to look, then verify with the local housing authority.
More Hawaii resources
Run the full numbers on a voucher deal
The Section 8 Investment Analyzer compares a voucher tenancy against a market tenancy side by side, with vacancy, lease-up lag, and inspection costs factored in. Free to use.
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