FY2027 Small Area FMR · Panama City, FL
ZIP 32405 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 32405 (Panama City, FL) is $1,660 a month, down 2.4% from FY2026. That is 1% above the Panama City, FL area-wide FMR of $1,651.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 32405 sits in the Panama City, FL area
Of the 22 ZIP codes HUD lists for the area, 32405 has the 7th 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 $1,660 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $1,420 | $1,278 – $1,562 | $1,414 | $1,440 |
| 1 bedroom | $1,520 | $1,368 – $1,672 | $1,517 | $1,500 |
| 2 bedrooms | $1,660 | $1,494 – $1,826 | $1,651 | $1,700 |
| 3 bedrooms | $2,110 | $1,899 – $2,321 | $2,101 | $2,190 |
| 4 bedrooms | $2,580 | $2,322 – $2,838 | $2,567 | $2,720 |
A household renting a two-bedroom home at the Small Area FMR of $1,660 needs about $66,400 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 32405 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
Questions
What is the Fair Market Rent for ZIP code 32405?
HUD's FY2027 Small Area Fair Market Rents for 32405 are $1,420 (studio), $1,520 (1 BR), $1,660 (2 BR), $2,110 (3 BR) and $2,580 (4 BR) a month.
What is the Section 8 payment standard in 32405?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 32405 that range is $1,494 to $1,826 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 32405?
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.