Metro FMR area · FL · HUD FY 2027

Panama City, FL Fair Market Rent

HUD’s FY 2027 Fair Market Rent for a 2-bedroom in the Panama City, FL area is $1,651 a month, 16% below the Florida average and 6% below the U.S. average of $1,761. ZIP-level Small Area FMRs for its 22 ZIP codes range from $1,520 to $2,350.

$1,6512-bedroom FMR−$31 (−1.8%) vs FY 2026
$1,5171-bedroom FMRU.S.: $1,478
$66,040Income for a 2-bedroomat 30% of income
186,393Residents1 county

Can you afford the Fair Market Rent here?

Uses the common 30%-of-gross-income guideline. Results update as you type and stay in your browser.

Household income ($ per year, before tax)

Default: the income a 2-bedroom here needs at 30%.

Unit size

Rent you can afford at 30% of income$1,651/month

2-bedroom Fair Market Rent and the income it needs
Area	Fair Market Rent	Income needed	Share of your income
Panama City, FL FMR	$1,651	$66,040	–
Florida average	$1,962	$78,474	–
U.S. average	$1,761	$70,432	–

Panama City, FL Fair Market Rents, FY 2027 vs FY 2026
Unit	Panama City, FL FY 2027	FY 2026	Change	Florida avg	U.S. avg	Income needed
Studio	$1,414	$1,426	−$12 (−0.8%)	$1,566	$1,379	$56,560
1 bedroom	$1,517	$1,480	+$37 (+2.5%)	$1,665	$1,478	$60,680
2 bedrooms	$1,651	$1,682	−$31 (−1.8%)	$1,962	$1,761	$66,040
3 bedrooms	$2,101	$2,169	−$68 (−3.1%)	$2,532	$2,266	$84,040
4 bedrooms	$2,567	$2,689	−$122 (−4.5%)	$2,947	$2,607	$102,680

Counties in this FMR area

Counties in the Panama City, FL FMR area
County	Residents in area
Bay County, FL	186,393

Small Area FMRs by ZIP code

Small Area FMRs apply to Housing Choice Vouchers where HUD requires them or the housing authority opts in; otherwise the metro FMR above applies. The median ZIP’s 2-bedroom SAFMR is $1,650.

Filter ZIP codes

FY 2027 Small Area Fair Market Rents, Panama City, FL
ZIP	Studio	1BR	2BR	3BR	4BR	2BR vs FY 2026	2BR vs area FMR
32401	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32402	$1,410	$1,520	$1,650	$2,100	$2,570	−$30 (−1.8%)	about the same as
32403	$2,010	$2,160	$2,350	$2,990	$3,650	+$60 (+2.6%)	42% above
32404	$1,340	$1,440	$1,570	$2,000	$2,440	−$30 (−1.9%)	5% below
32405	$1,420	$1,520	$1,660	$2,110	$2,580	−$40 (−2.4%)	1% above
32406	$1,410	$1,520	$1,650	$2,100	$2,570	−$30 (−1.8%)	about the same as
32407	$1,800	$1,930	$2,100	$2,670	$3,260	−$140 (−6.2%)	27% above
32408	$1,410	$1,520	$1,650	$2,100	$2,570	+$10 (+0.6%)	about the same as
32409	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32410	$1,810	$1,940	$2,110	$2,690	$3,280	+$40 (+1.9%)	28% above
32411	$1,410	$1,520	$1,650	$2,100	$2,570	−$30 (−1.8%)	about the same as
32412	$1,410	$1,520	$1,650	$2,100	$2,570	n/a	about the same as
32413	$1,590	$1,710	$1,860	$2,370	$2,890	+$20 (+1.1%)	13% above
32417	$1,410	$1,520	$1,650	$2,100	$2,570	−$30 (−1.8%)	about the same as
32428	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32437	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32438	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32444	$1,470	$1,580	$1,720	$2,190	$2,670	−$110 (−6.0%)	4% above
32456	$1,320	$1,340	$1,720	$2,070	$2,430	−$190 (−9.9%)	4% above
32462	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below
32465	$1,290	$1,340	$1,540	$1,960	$2,430	+$90 (+6.2%)	7% below
32466	$1,290	$1,340	$1,520	$1,960	$2,430	+$70 (+4.8%)	8% below

Sources

U.S. Department of Housing and Urban Development, HUD User Fair Market Rents: FY 2027 FMRs (file dated August 26, 2026) and FY 2026 FMRs (file dated April 21, 2026).
HUD User Small Area Fair Market Rents: FY 2027 SAFMRs (file dated August 31, 2026) and FY 2026 SAFMRs (file dated April 21, 2026).

Fair Market Rents are HUD’s estimate of gross rent (rent plus utilities) for a modest unit, set at the 40th percentile of recent-mover rents. FY 2027 is HUD’s fiscal year beginning October 1, 2026. Housing authorities set voucher payment standards from these figures; check yours.