FY2027 Small Area FMR · Panama City, FL

ZIP 32404 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 32404 (Panama City, FL) is $1,570 a month, down 1.9% from FY2026. That is 5% below the Panama City, FL area-wide FMR of $1,651.

2-bedroom SAFMR$1,570per month ▼ 1.9%

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

Rank in the area14thof 22 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,413

2 BR Small Area FMR$1,570

110% of SAFMR$1,727

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

Studio$1,340▼ 1.5%

1 BR$1,440▲ 2.1%

2 BR$1,570▼ 1.9%

3 BR$2,000▼ 2.9%

4 BR$2,440▼ 4.7%

FY2027 FY2026

Where 32404 sits in the Panama City, FL area

Of the 22 ZIP codes HUD lists for the area, 32404 has the 14th 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 $1,570 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	$1,340	$1,206 – $1,474	$1,414	$1,360
1 bedroom	$1,440	$1,296 – $1,584	$1,517	$1,410
2 bedrooms	$1,570	$1,413 – $1,727	$1,651	$1,600
3 bedrooms	$2,000	$1,800 – $2,200	$2,101	$2,060
4 bedrooms	$2,440	$2,196 – $2,684	$2,567	$2,560

A household renting a two-bedroom home at the Small Area FMR of $1,570 needs about $62,800 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 32404 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	9.3 mi	$1,720
32405	Panama City	9.9 mi	$1,660
32401	Panama City	10.0 mi	$1,520
32403	Panama City	11.2 mi	$2,350
32466	Youngstown	13.1 mi	$1,520
32409	Panama City	13.9 mi	$1,520

Questions

What is the Fair Market Rent for ZIP code 32404?

HUD's FY2027 Small Area Fair Market Rents for 32404 are $1,340 (studio), $1,440 (1 BR), $1,570 (2 BR), $2,000 (3 BR) and $2,440 (4 BR) a month.

What is the Section 8 payment standard in 32404?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 32404 that range is $1,413 to $1,727 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 32404?

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.