HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Bay County, Florida (FY 2027)
$1,651 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Bay County, and it's the baseline every voucher in Bay is measured against.
Two-bedroom FMR
$1,651
-1.8% from FY 2026
Payment standard
$1,486–$1,816
90% to 110% of the FMR, two-bedroom
Income to afford
$66,040
a year, with rent at 30% of income
Rank in Florida
27th of 67
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,414 | $1,273–$1,555 | $56,560 | $27.19/hr | -0.8% |
| 1 bedroom | $1,517 | $1,365–$1,669 | $60,680 | $29.17/hr | +2.5% |
| 2 bedroom | $1,651 | $1,486–$1,816 | $66,040 | $31.75/hr | -1.8% |
| 3 bedroom | $2,101 | $1,891–$2,311 | $84,040 | $40.40/hr | -3.1% |
| 4 bedroom | $2,567 | $2,310–$2,824 | $102,680 | $49.37/hr | -4.5% |
Five to eight 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 | $2,952 | $2,657–$3,247 |
| 6 bedroom Estimate | $3,337 | $3,003–$3,671 |
| 7 bedroom Estimate | $3,722 | $3,350–$4,094 |
| 8 bedroom Estimate | $4,107 | $3,696–$4,518 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
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.
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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 $1,486 and $1,816. 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.
$1,651 a month is affordable, by HUD's 30% rule, on an income of roughly $66,040 a year. Put another way, $32 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,486 | Voucher pays at 100%$1,651 | Voucher pays at 110%$1,816 |
|---|---|---|---|---|
| $2,500 | $750 | $736 | $901 | $1,066 |
| $4,000 | $1,200 | $286 | $451 | $616 |
Rate history
The two-bedroom rate went down 2% from FY 2026 ($1,682) to FY 2027 ($1,651). Since FY 2020 it's up 76% in total, about 8.4% a year. The Florida median held flat over the same year.
| Fiscal 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 2027In effect | $1,414 | $1,517 | $1,651 | $2,101 | $2,567 | -1.8% |
About this rate
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 2027 that's October 1, 2026 through September 30, 2027. In Bay, that runs from $1,414 for a studio up to $2,567 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 27th for two-bedroom FMR. That's about 12% above the state median of $1,474 and about 55% above the national median county at $1,063. About 186,393 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 $1,520 in 32401 (Panama City) and $2,350 in 32403 (Panama City), with the 17 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 | $1,520 | -7.9% |
| 32402 | Panama City | $1,650 | -0.1% |
| 32403 | Panama City | $2,350 | +42.3% |
| 32404 | Panama City | $1,570 | -4.9% |
| 32405 | Panama City | $1,660 | +0.5% |
| 32406 | Panama City | $1,650 | -0.1% |
| 32407 | Panama City Beach | $2,100 | +27.2% |
| 32408 | Panama City | $1,650 | -0.1% |
| 32409 | Panama City | $1,520 | -7.9% |
| 32410 | Mexico Beach | $2,110 | +27.8% |
| 32411 | Panama City | $1,650 | -0.1% |
| 32412 | Panama City | $1,650 | -0.1% |
| 32413 | Panama City Beach | $1,860 | +12.7% |
| 32417 | Panama City | $1,650 | -0.1% |
| 32438 | Fountain | $1,520 | -7.9% |
| 32444 | Lynn Haven | $1,720 | +4.2% |
| 32466 | Youngstown | $1,520 | -7.9% |
Nearby counties
Two-bedroom FMR, with how each compares to Bay.
Washington County
29 mi · 25,529 people
$1,040
-37%
Gulf County
31 mi · 15,131 people
$1,532
-7%
Calhoun County
33 mi · 13,492 people
$953
-42%
Walton County
43 mi · 82,948 people
$1,474
-11%
Holmes County
45 mi · 19,513 people
$971
-41%
Liberty County
46 mi · 7,687 people
$975
-41%
Jackson County
49 mi · 48,250 people
$962
-42%
Franklin County
60 mi · 12,553 people
$1,068
-35%
Questions people ask
$1,651 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,414 for a studio, $1,517 for one bedroom, $2,101 for three and $2,567 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
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
The 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. Free to start, no card.
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