HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Bay County, Florida (FY 2026)
$1,682 a month. That's HUD's FY 2026 Fair Market Rent for a two-bedroom in Bay County, and it's the baseline every voucher in Bay is measured against.
2 bedroom FMR
$1,682
FY 2026, utilities included
Payment standard range
$1,514 to $1,850
90% to 110% of FMR
Income to afford 2BR
$67,280
per year, at 30% of income
Rank in Florida
24th of 67
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Bay moves to $1,651. That's down 2%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Bay actually rent for?
Search any address in Bay for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $1,426 | $1,283 to $1,569 | $57,040 | $27.42/hr | +4.3% |
| 1 bedroom | $1,480 | $1,332 to $1,628 | $59,200 | $28.46/hr | +7.6% |
| 2 bedroom | $1,682 | $1,514 to $1,850 | $67,280 | $32.35/hr | +4.5% |
| 3 bedroom | $2,169 | $1,952 to $2,386 | $86,760 | $41.71/hr | +1.5% |
| 4 bedroom | $2,689 | $2,420 to $2,958 | $107,560 | $51.71/hr | -0.5% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $3,092 | $2,783 to $3,401 |
| 6 bedroom Estimate | $3,496 | $3,146 to $3,846 |
| 7 bedroom Estimate | $3,899 | $3,509 to $4,289 |
| 8 bedroom Estimate | $4,302 | $3,872 to $4,732 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Bay, that runs from $1,426 for a studio up to $2,689 for four bedrooms, all five rates in the table above.
Bay is its own HUD metro area (Panama City, FL), so the rate here is set from rents inside the county rather than a wider region.
Among Florida's 67 counties, Bay ranks 24th for two-bedroom FMR. That's about 14% above the state median of $1,471 and about 65% above the national median county at $1,018. About 181,055 people live here, 30th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,450 in 32401 (Panama City) and $2,290 in 32403 (Panama City), with the 16 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 32401 | Panama City | $1,450 | -13.8% |
| 32402 | Panama City | $1,680 | -0.1% |
| 32403 | Panama City | $2,290 | +36.1% |
| 32404 | Panama City | $1,600 | -4.9% |
| 32405 | Panama City | $1,700 | +1.1% |
| 32406 | Panama City | $1,680 | -0.1% |
| 32407 | Panama City Beach | $2,240 | +33.2% |
| 32408 | Panama City | $1,640 | -2.5% |
| 32409 | Panama City | $1,450 | -13.8% |
| 32410 | Mexico Beach | $2,070 | +23.1% |
| 32411 | Panama City | $1,680 | -0.1% |
| 32412 | Panama City | $1,682County rate | — |
| 32413 | Panama City Beach | $1,840 | +9.4% |
| 32417 | Panama City | $1,680 | -0.1% |
| 32438 | Fountain | $1,450 | -13.8% |
| 32444 | Lynn Haven | $1,830 | +8.8% |
| 32466 | Youngstown | $1,450 | -13.8% |
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Bay somewhere between $1,514 and $1,850. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,682 a month is affordable, by HUD's 30% rule, on an income of roughly $67,280 a year. Put another way, $32 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($1,514) | HAP at 100% ($1,682) | HAP at 110% ($1,850) |
|---|---|---|---|---|
| $2,500 | $750 | $764 | $932 | $1,100 |
| $4,000 | $1,200 | $314 | $482 | $650 |
Rate history
The two-bedroom rate went up 5% from FY 2025 ($1,609) to FY 2026 ($1,682). Since FY 2020 it's up 79% in total, about 10.2% a year. The Florida median moved up 3% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $735 | $805 | $939 | $1,318 | $1,480 | — |
| FY 2021 | $855 | $933 | $1,088 | $1,515 | $1,784 | +15.9% |
| FY 2022 | $903 | $1,010 | $1,170 | $1,613 | $1,983 | +7.5% |
| FY 2023 | $1,053 | $1,122 | $1,299 | $1,785 | $2,213 | +11.0% |
| FY 2024 | $1,269 | $1,297 | $1,523 | $2,065 | $2,585 | +17.2% |
| FY 2025 | $1,367 | $1,375 | $1,609 | $2,137 | $2,702 | +5.6% |
| FY 2026 | $1,426 | $1,480 | $1,682 | $2,169 | $2,689 | +4.5% |
| FY 2027 | $1,414 | $1,517 | $1,651 | $2,101 | $2,567 | -1.8% |
Nearby counties
Washington County
$1,01729 mi · pop 25,014
Gulf County
$1,70231 mi · pop 15,002
Calhoun County
$97333 mi · pop 13,753
Walton County
$1,36443 mi · pop 76,618
Holmes County
$1,07845 mi · pop 19,529
Liberty County
$1,08346 mi · pop 7,704
Jackson County
$1,06849 mi · pop 47,704
Franklin County
$1,18660 mi · pop 12,276
Questions people ask
$1,682 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $1,426 for a studio, $1,480 for one bedroom, $2,169 for three and $2,689 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Bay actually go for?
HUD's number is one input. Search any address in Bay for a rent estimate built from nearby comps. 3 free searches, no card.
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