FMR is near market; voucher and private rents are aligned.
0.99
1 BR
1 BR
1.01ratio
FMR$1,950
Market$1,940
vs market+$10
FMR is near market; voucher and private rents are aligned.
1.01
2 BR
2 BR
0.99ratio
FMR$2,540
Market$2,570
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.99
3 BR
3 BR
1.12ratio
FMR$3,520
Market$3,130
vs market+$390
FMR is above market; underwrite to market rent.
1.12
4 BR
4 BR
1.54ratio
FMR$4,250
Market$2,760
vs market+$1,490
FMR is above market; underwrite to market rent.
1.54
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 96854 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 96854 (Wheeler Army Airfield, HI) is $2,540 a month. That is down 3.8% from $2,640 in FY 2026. Wheeler Army Airfield is in the Urban Honolulu, HI MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 60 ZIP codes in Honolulu County, 96854 is tied for the 20th-highest two-bedroom rent (county range $2,080–$3,810). The median county two-bedroom FMR in Hawaii is $2,326, so ZIP 96854 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 96854
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,880
$1,830
−2.7%
$1,647–$2,013
1BR
$2,010
$1,950
−3.0%
$1,755–$2,145
2BR
$2,640
$2,540
−3.8%
$2,286–$2,794
3BR
$3,670
$3,520
−4.1%
$3,168–$3,872
4BR
$4,430
$4,250
−4.1%
$3,825–$4,675
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 96854
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,830
$1,950
$2,540
$3,520
$4,250
FY 2026
$1,880
$2,010
$2,640
$3,670
$4,430
FY 2025
$1,890
$2,050
$2,690
$3,770
$4,520
FY 2024
$1,670
$1,830
$2,390
$3,370
$4,060
FY 2023
$1,570
$1,720
$2,250
$3,200
$3,830
Two-bedroom rent in nearby Honolulu County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 96854?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,540, that basic range is $2,286 to $2,794 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 96854 in?
ZIP 96854 is in the Urban Honolulu, HI MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 96854 for FY 2027?
The two-bedroom FMR fell 3.8%, from $2,640 in FY 2026 to $2,540 in FY 2027. Since FY 2023 it has risen 12.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set