FMR is near market; voucher and private rents are aligned.
1.00
1 BR
1 BR
0.97ratio
FMR$1,951
Market$2,010
vs market-$59
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR
1.15ratio
FMR$2,542
Market$2,220
vs market+$322
FMR is above market; underwrite to market rent.
1.15
3 BR
3 BR
1.18ratio
FMR$3,520
Market$2,980
vs market+$540
FMR is above market; underwrite to market rent.
1.18
4 BR
4 BR
1.16ratio
FMR$4,249
Market$3,650
vs market+$599
FMR is above market; underwrite to market rent.
1.16
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
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ZIP 96898 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 96898 (Wake Island, HI) is $2,542 a month. That is down 3.8% from $2,642 in FY 2026. Wake Island is in the Urban Honolulu, HI MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Hawaii is $2,326, so ZIP 96898 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 96898
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,877
$1,836
−2.2%
$1,652–$2,020
1BR
$2,016
$1,951
−3.2%
$1,756–$2,146
2BR
$2,642
$2,542
−3.8%
$2,288–$2,796
3BR
$3,674
$3,520
−4.2%
$3,168–$3,872
4BR
$4,432
$4,249
−4.1%
$3,824–$4,674
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 96898
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,836
$1,951
$2,542
$3,520
$4,249
FY 2026
$1,877
$2,016
$2,642
$3,674
$4,432
FY 2025
$1,887
$2,052
$2,687
$3,765
$4,512
FY 2024
$1,668
$1,824
$2,388
$3,365
$4,052
FY 2023
$1,563
$1,716
$2,247
$3,193
$3,827
Questions about ZIP 96898 rents
How much will Section 8 pay for a two-bedroom in ZIP 96898?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,542, that basic range is $2,288 to $2,796 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 96898 in?
ZIP 96898 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 96898 for FY 2027?
The two-bedroom FMR fell 3.8%, from $2,642 in FY 2026 to $2,542 in FY 2027. Since FY 2023 it has risen 13.1%.
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 Fair Market Rents. 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