Panama City, Florida rent by ZIP (HUD Small Area FMRs, FY2027)
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom in Panama City is $1,570 a month, the median of its 3 ZIP codes (HUD, effective Oct 1, 2026; verified Oct 22, 2026). Its ZIP codes range from $1,520 (32401) to $1,660 (32405).
Last updated Oct 22, 2026 · Last verified Oct 22, 2026
Data: HUD FY2027 (effective Oct 1, 2026)
How much is rent for a 2-bedroom in Panama City?
HUD's FY2027 Small Area Fair Market Rent for a 2-bedroom in Panama City, Florida is $1,570 a month, including utilities (median of 3 ZIP codes: 32401, 32404, 32405).
| Unit size | FY2027 rent | FY2026 rent | Change |
|---|---|---|---|
| Studio (0-bedroom) | $1,340 | $1,360 | −$20 (-1.5%) |
| 1-bedroom | $1,440 | $1,410 | +$30 (+2.1%) |
| 2-bedroom | $1,570 | $1,600 | −$30 (-1.9%) |
| 3-bedroom | $2,000 | $2,060 | −$60 (-2.9%) |
| 4-bedroom | $2,440 | $2,560 | −$120 (-4.7%) |
What is rent by ZIP code in Panama City?
HUD sets a separate Small Area FMR for each ZIP code. Its ZIP codes range from $1,520 (32401) to $1,660 (32405).
| ZIP | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| 32401 | $1,290 | $1,340 | $1,520 | $1,960 | $2,430 |
| 32404 | $1,340 | $1,440 | $1,570 | $2,000 | $2,440 |
| 32405 | $1,420 | $1,520 | $1,660 | $2,110 | $2,580 |
Is rent in Panama City higher than in Bay County overall?
Panama City's 2-bedroom figure is $81 below Bay County's FY2027 Fair Market Rent of $1,651.
How does Panama City compare with Bay County?
Panama City's figures are HUD Small Area FMRs; the county column is HUD's countywide Fair Market Rent.
| Unit size | Panama City | Bay County | Difference |
|---|---|---|---|
| Studio (0-bedroom) | $1,340 | $1,414 | −$74 |
| 1-bedroom | $1,440 | $1,517 | −$77 |
| 2-bedroom | $1,570 | $1,651 | −$81 |
| 3-bedroom | $2,000 | $2,101 | −$101 |
| 4-bedroom | $2,440 | $2,567 | −$127 |
Compare Panama City with another place →
What is a Small Area Fair Market Rent?
A Small Area Fair Market Rent (SAFMR) is the same estimate calculated for a single ZIP code, so it shows how rents differ inside a metro area.
Bay County rent → · More about Bay County →
Sources
- HUD FY2027 Small Area Fair Market Rents data file (effective Oct 1, 2026) (verified Oct 22, 2026)
- Federal Register notice of FY2027 FMRs (91 FR 56156): effective October 1, 2026 (verified Oct 22, 2026)
- HUD: FY2027 FMR reevaluation requests (no Florida areas listed) (verified Oct 22, 2026)
- HUD FY2027 Fair Market Rents, county-level data file (effective Oct 1, 2026) (verified Oct 22, 2026)
- HUD USER: Fair Market Rents (definitions and documentation) (verified Oct 22, 2026)
- HUD FY2026 Small Area FMRs data file (revised; prior-year column) (verified Oct 22, 2026)
- Census 2020 ZCTA-to-place relationship file (verified Oct 22, 2026)
Last updated: Oct 22, 2026 · Next review: Jan 15, 2027 · Download CSV (county FMRs) · Download CSV (ZIP and city SAFMRs) · Methodology