FY2027 Fair Market Rent · Florida
Bay County Fair Market Rent & Income Limits
HUD's FY2027 Fair Market Rent for a two-bedroom home in Bay County, FL is $1,651 a month, down 1.8% from FY2026. The area median family income is $98,900, and a family of four counts as low income up to $79,100 a year.
Fair Market Rent by unit size
FY2027 FY2026
Fair Market Rents are gross rents: rent plus the cost of all utilities except phone, cable and internet.
Check your household
Enter your household size and total yearly income before taxes to see which HUD income category it falls in for Bay County, FL.
Low income (80% limit)
A household of 4 earning $77,100 is under the 80% limit of $79,100 for this area. At 30% of income it could pay about $1,928 a month for rent and utilities.
This is a quick comparison with HUD's published limits, not an eligibility decision. Programs count income in their own ways and many have waiting lists; the local housing agency or property decides.
Income limits in Bay County
HUD's FY2026 income limits for Panama City, FL are based on a median family income of $98,900. Programs such as Housing Choice Vouchers, public housing and HOME use the 30%, 50% and 80% columns; Low-Income Housing Tax Credit properties use the 50% and 60% Multifamily Tax Subsidy Project limits.
| People | Extremely low30% / poverty | Very low50% | 60% (LIHTC)MTSP | Low income80% |
|---|---|---|---|---|
| 1 | $20,800 | $34,650 | $41,580 | $55,400 |
| 2 | $23,750 | $39,600 | $47,520 | $63,300 |
| 3 | $27,320 | $44,550 | $53,460 | $71,200 |
| 4 | $33,000 | $49,450 | $59,340 | $79,100 |
| 5 | $38,680 | $53,450 | $64,140 | $85,450 |
| 6 | $44,360 | $57,400 | $68,880 | $91,800 |
| 7 | $50,040 | $61,350 | $73,620 | $98,100 |
| 8 | $55,720 | $65,300 | $78,360 | $104,450 |
Rent history
Since FY2017 the two-bedroom FMR here has gone from $949 to $1,651, up 74.0% over ten years. HUD has published a two-bedroom FMR for this area since FY1983, when it was $330.
What it takes to afford the rent
To keep a two-bedroom rent of $1,651 at no more than 30% of income, the usual affordability rule, a household needs about $66,000 a year. That is 67% of the area median family income of $98,900, so a typical family can afford it with room to spare.
| Unit | FY2027 | FY2026 | FY2025 | Income to affordat 30% |
|---|---|---|---|---|
| Studio | $1,414 | $1,426 | $1,367 | $56,600 |
| 1 bedroom | $1,517 | $1,480 | $1,375 | $60,700 |
| 2 bedrooms | $1,651 | $1,682 | $1,609 | $66,000 |
| 3 bedrooms | $2,101 | $2,169 | $2,137 | $84,000 |
| 4 bedrooms | $2,567 | $2,689 | $2,702 | $102,700 |
How Bay County compares
Bay County makes up the Panama City, FL metro area on its own, so HUD's metro figures and the county figures are the same.
Bay County has the 27th highest two-bedroom Fair Market Rent of the 67 counties in Florida; the population-weighted average across Florida is $1,962 and the nationwide average is $1,751.
Small Area FMRs by ZIP code
HUD also publishes Small Area Fair Market Rents for each ZIP code. In Bay County the two-bedroom figure ranges from $1,520 to $2,350 across 17 ZIP codes, against the area-wide $1,651. This area is not on HUD's list of mandatory Small Area FMR areas, so most agencies here use the area-wide FMR; an agency may still opt in to ZIP-level rents.
| ZIP | Place | 2 BR SAFMR | 110% payment std. |
|---|---|---|---|
| 32403 | Panama City | $2,350 | $2,585 |
| 32410 | Mexico Beach | $2,110 | $2,321 |
| 32407 | Panama City Beach | $2,100 | $2,310 |
| 32413 | Panama City Beach | $1,860 | $2,046 |
| 32444 | Lynn Haven | $1,720 | $1,892 |
| 32405 | Panama City | $1,660 | $1,826 |
| 32402 | Panama City | $1,650 | $1,815 |
| 32406 | Panama City | $1,650 | $1,815 |
| 32408 | Panama City | $1,650 | $1,815 |
| 32411 | Panama City | $1,650 | $1,815 |
| 32412 | Panama City | $1,650 | $1,815 |
| 32417 | Panama City | $1,650 | $1,815 |
| 32404 | Panama City | $1,570 | $1,727 |
| 32401 | Panama City | $1,520 | $1,672 |
| 32409 | Panama City | $1,520 | $1,672 |
| 32438 | Fountain | $1,520 | $1,672 |
| 32466 | Youngstown | $1,520 | $1,672 |
Questions
What is the Fair Market Rent in Bay County, FL for 2027?
For FY2027 (October 1, 2026 to September 30, 2027) HUD's Fair Market Rents in Bay County, FL are $1,414 for a studio, $1,517 for one bedroom, $1,651 for two bedrooms, $2,101 for three and $2,567 for four bedrooms, per month including utilities.
What is the area median income in Bay County, FL?
HUD's FY2026 median family income for the area is $98,900, up 5.1% from $94,100 in FY2025.
What is 80% of AMI in Bay County, FL for a family of 4?
The FY2026 low-income limit (80%) for a household of four is $79,100 a year. The very low-income limit (50%) is $49,450 and the extremely low-income limit is $33,000.
What is the 60% AMI limit for tax credit housing in Bay County, FL?
Under HUD's FY2026 Multifamily Tax Subsidy Project limits, the 60% limit is $41,580 for one person and $59,340 for four.
Is the Fair Market Rent the same as the Section 8 payment standard?
No. Housing agencies set their payment standard between 90% and 110% of the FMR (for a two-bedroom here: $1,486 to $1,816), and can ask HUD for exceptions. Check the payment standard with your local housing agency.