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Bay County/Panama City/32405

32405

ZIPSAFMR
Bay County, FL
Zillow

ZIP Investment Score

104Above average

095130300
BRFMR
Eff. Rent
0 BR$1,420$1,340
1 BR$1,520$1,350
2 BR$1,660$1,650
3 BR$2,110$2,120
4 BR$2,580$2,480
5 BR$2,967Not available
6 BR$3,412Not available
7 BR$3,924Not available
8 BR$4,512Not available

Purchase Price Calculator

Maximum purchase price
$183,273

Cost breakdown

+Likely effective rent$1,650
HUD FMR$1,660
Market rentUsed$1,650
Est. payment standard (100%)$1,650
-Principal and interest-$927
Loan amount$146,618
Down payment$36,655
Rate6.50%
Term30 years
-Operating costs-$523
Property taxes-$183
Insurance-$175
Utilities$0
HOA$0
Management-$165
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,545(72.4% ROI)
Projected value
$197,365
Return breakdown
Property appreciation+$14,092
Loan principal paid down+$5,253
Rental cash flow+$7,200
5-year hold
+$45,451(124.0% ROI)
Projected value
$207,356
Return breakdown
Property appreciation+$24,084
Loan principal paid down+$9,367
Rental cash flow+$12,000
10-year hold
+$97,653(266.4% ROI)
Projected value
$234,605
Return breakdown
Property appreciation+$51,332
Loan principal paid down+$22,321
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.06
1 BR
1.13
2 BR
1.01
3 BR
1.00
4 BR
1.04
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 32405 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 32405 (Panama City, FL) is $1,660 a month. That is down 2.4% from $1,700 in FY 2026. Panama City is in the Panama City, FL HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,651. Among 21 ZIP codes in Bay County, 32405 has the 7th-highest two-bedroom rent (county range $1,520–$2,350). The median county two-bedroom FMR in Florida is $1,474, so ZIP 32405 is 13% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 32405
BedroomsFY 2027Change90–110% range
Studio$1,420−1.4%$1,278–$1,562
1BR$1,520+1.3%$1,368–$1,672
2BR$1,660−2.4%$1,494–$1,826
3BR$2,110−3.7%$1,899–$2,321
4BR$2,580−5.1%$2,322–$2,838

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 32405
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,420$1,520$1,660$2,110$2,580
FY 2026$1,440$1,500$1,700$2,190$2,720
FY 2025$1,380$1,380$1,620$2,150$2,720
FY 2024$1,170$1,190$1,400$1,900$2,380
FY 2023$1,030$1,100$1,270$1,740$2,160

Two-bedroom rent in nearby Bay County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 32405
32401$1,520−8.4%
32402$1,650−0.6%
32403$2,350+41.6%
32404$1,570−5.4%
32405Current$1,660—
32406$1,650−0.6%
32407$2,100+26.5%
32408$1,650−0.6%
32409$1,520−8.4%
32410$2,110+27.1%
32411$1,650−0.6%
32413$1,860+12.0%

Questions about ZIP 32405 rents

How much will Section 8 pay for a two-bedroom in ZIP 32405?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,651, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,486 to $1,816 a month; under the ZIP-level Small Area FMR of $1,660 it would be $1,494 to $1,826. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 32405 in?

ZIP 32405 is in the Panama City, FL HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,651.

How much did fair market rent change in ZIP 32405 for FY 2027?

The two-bedroom FMR fell 2.4%, from $1,700 in FY 2026 to $1,660 in FY 2027. Since FY 2023 it has risen 30.7%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentPanama City, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources