FY2027 Small Area FMR · Panama City, FL

ZIP 32409 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 32409 (Panama City, FL) is $1,520 a month, up 4.8% from FY2026. That is 8% below the Panama City, FL area-wide FMR of $1,651.

2-bedroom SAFMR$1,520per month ▲ 4.8%

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

Rank in the area16thof 22 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,368

2 BR Small Area FMR$1,520

110% of SAFMR$1,672

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

Studio$1,290▲ 4.0%

1 BR$1,340▲ 8.1%

2 BR$1,520▲ 4.8%

3 BR$1,960▲ 1.6%

4 BR$2,430▼ 0.4%

FY2027 FY2026

Where 32409 sits in the Panama City, FL area

Of the 22 ZIP codes HUD lists for the area, 32409 has the 16th 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 $1,520 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	$1,290	$1,161 – $1,419	$1,414	$1,240
1 bedroom	$1,340	$1,206 – $1,474	$1,517	$1,240
2 bedrooms	$1,520	$1,368 – $1,672	$1,651	$1,450
3 bedrooms	$1,960	$1,764 – $2,156	$2,101	$1,930
4 bedrooms	$2,430	$2,187 – $2,673	$2,567	$2,440

A household renting a two-bedroom home at the Small Area FMR of $1,520 needs about $60,800 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 32409 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	8.1 mi	$1,720
32466	Youngstown	8.8 mi	$1,520
32405	Panama City	10.7 mi	$1,660
32401	Panama City	13.6 mi	$1,520
32407	Panama City Beach	13.7 mi	$2,100
32404	Panama City	13.9 mi	$1,570

Questions

What is the Fair Market Rent for ZIP code 32409?

HUD's FY2027 Small Area Fair Market Rents for 32409 are $1,290 (studio), $1,340 (1 BR), $1,520 (2 BR), $1,960 (3 BR) and $2,430 (4 BR) a month.

What is the Section 8 payment standard in 32409?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 32409 that range is $1,368 to $1,672 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 32409?

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.