Honolulu County/Tripler Army Medical Center/96859

96859

ZIPSAFMR

Honolulu County, HI

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,830	$1,910	3.1%
1 BR	$1,950	$2,150	2.1%
2 BR	$2,540	$2,610	2.0%
3 BR	$3,520	$3,350	1.5%
4 BR	$4,250	$3,750	1.5%
5 BR	$4,888	Not available	1.5%
6 BR	$5,621	Not available	1.5%
7 BR	$6,464	Not available	1.5%
8 BR	$7,433	Not available	1.5%

Purchase Price Calculator

Maximum purchase price

$325,928

Cost breakdown

+Likely effective rent$2,610

HUD FMR$2,540

Market rent$2,640

Est. payment standard (103%)Used$2,610

-Principal and interest-$1,648

Loan amount$260,743

Down payment$65,186

Rate6.50%

Term30 years

-Operating costs-$762

Property taxes-$326

Insurance-$175

Utilities$0

HOA$0

Management-$261

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$41,603(63.8% ROI)

Projected value

$350,989

Return breakdown

Property appreciation+$25,061

Loan principal paid down+$9,342

Rental cash flow+$7,200

5-year hold

+$71,489(109.7% ROI)

Projected value

$368,758

Return breakdown

Property appreciation+$42,830

Loan principal paid down+$16,659

Rental cash flow+$12,000

10-year hold

+$154,983(237.8% ROI)

Projected value

$417,216

Return breakdown

Property appreciation+$91,288

Loan principal paid down+$39,695

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.93ratio

FMR$1,830

Market$1,960

vs market-$130

FMR is near market; voucher and private rents are aligned.

0.93

1 BR

0.84ratio

FMR$1,950

Market$2,310

vs market-$360

FMR is below market; voucher rent may lag private rents.

0.84

2 BR

0.96ratio

FMR$2,540

Market$2,640

vs market-$100

FMR is near market; voucher and private rents are aligned.

0.96

3 BR

1.05ratio

FMR$3,520

Market$3,350

vs market+$170

FMR is near market; voucher and private rents are aligned.

1.05

4 BR

1.13ratio

FMR$4,250

Market$3,750

vs market+$500

FMR is above market; underwrite to market rent.

1.13

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 96859 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 96859 (Tripler Army Medical Center, HI) is $2,540 a month. That is down 3.8% from $2,640 in FY 2026. Tripler Army Medical Center 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, 96859 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 96859 is 9% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 96859
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 96859
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

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 96859
96837	$2,540	0.0%
96839	$2,540	0.0%
96848	$2,520	−0.8%
96850	$2,540	0.0%
96853	$3,450	+35.8%
96854	$2,540	0.0%
96857	$3,020	+18.9%
96858	$2,460	−3.1%
96859Current	$2,540	—
96860	$3,190	+25.6%
96861	$2,540	0.0%
96863	$3,660	+44.1%

Questions about ZIP 96859 rents

How much will Section 8 pay for a two-bedroom in ZIP 96859?

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 96859 in?

ZIP 96859 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 96859 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

County fair market rent Tripler Army Medical Center, HI fair market rent HI statewide rents What is SAFMR?Data sources