FY2027 Small Area FMR · Panama City, FL

ZIP 32402 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 32402 (Panama City, FL) is $1,650 a month, down 1.8% from FY2026. That is 0% equal to the Panama City, FL area-wide FMR of $1,651.

2-bedroom SAFMR$1,650per month ▼ 1.8%

Area-wide 2 BR FMR$1,651Panama City, FL

Rank in the area8thof 22 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,485

2 BR Small Area FMR$1,650

110% of SAFMR$1,815

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,410▼ 0.7%

1 BR$1,520▲ 2.7%

2 BR$1,650▼ 1.8%

3 BR$2,100▼ 3.2%

4 BR$2,570▼ 4.5%

FY2027 FY2026

Where 32402 sits in the Panama City, FL area

Of the 22 ZIP codes HUD lists for the area, 32402 has the 8th highest two-bedroom Small Area FMR. Panama City, FL is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,651 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,650 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,410	$1,269 – $1,551	$1,414	$1,420
1 bedroom	$1,520	$1,368 – $1,672	$1,517	$1,480
2 bedrooms	$1,650	$1,485 – $1,815	$1,651	$1,680
3 bedrooms	$2,100	$1,890 – $2,310	$2,101	$2,170
4 bedrooms	$2,570	$2,313 – $2,827	$2,567	$2,690

A household renting a two-bedroom home at the Small Area FMR of $1,650 needs about $66,000 a year to keep housing costs at 30% of income. The area median family income is $98,900 and the 80% low-income limit for four people is $79,100. ZIP code 32402 lies mainly in Bay County. See the Panama City, FL county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
32444	Lynn Haven	2.4 mi	$1,720
32405	Panama City	2.7 mi	$1,660
32401	Panama City	5.5 mi	$1,520
32407	Panama City Beach	6.4 mi	$2,100
32408	Panama City	6.7 mi	$1,650
32409	Panama City	8.7 mi	$1,520

Questions

What is the Fair Market Rent for ZIP code 32402?

HUD's FY2027 Small Area Fair Market Rents for 32402 are $1,410 (studio), $1,520 (1 BR), $1,650 (2 BR), $2,100 (3 BR) and $2,570 (4 BR) a month.

What is the Section 8 payment standard in 32402?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 32402 that range is $1,485 to $1,815 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 32402?

The FY2026 income limits of the Panama City, FL area apply: median family income $98,900, low-income (80%) limit $79,100 for a family of four.