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Section 8 rent in Panama City, FL

FY2025 HUD Small Area Fair Market Rents for the Panama City, FL MSA, covering 21 ZIP codes.

$1,616Avg 2BR FMR / mo
$1,777Avg 2BR at 110% Standard
21ZIP Codes

Fair market rent by bedroom count

Base SAFMR across all ZIP codes in this market. Housing authorities may set payment standards between 90% and 110% of these rates.

BedroomsLowest ZIPAverageHighest ZIPAvg 110% Standard
Studio$1,150$1,361$1,940$1,498
1 Bedroom$1,170$1,375$1,950$1,513
2 Bedrooms$1,380$1,616$2,280$1,777
3 Bedrooms$1,860$2,149$3,030$2,364
4 Bedrooms$2,330$2,708$3,830$2,979

Small multifamily Section 8 income

Estimated gross monthly and annual rent for 2-to-4 unit properties, assuming every unit is rented to Section 8 at this market's average fair market rent. Small multifamily is a favorite for long-term buy-and-hold investors stacking stable voucher income across multiple doors.

Property TypeUnit MixGross Monthly RentGross Annual Rent
Duplex2 × 2BR$3,232$38,784
Triplex3 × 2BR$4,848$58,176
Fourplex4 × 2BR$6,464$77,568
Fourplex4 × 3BR$8,596$103,152

Gross scheduled rent before vacancy, maintenance and management. Run any Florida multifamily listing through RealG to model it against real operating costs, or try the rental property calculator.

Highest-paying ZIP codes

Top 15 of 21 ZIP codes in this market, ranked by 2-bedroom SAFMR.

ZIP Code1BR2BR3BR4BR
32403 $1,950 $2,280 $3,030 $3,830
32407 $1,870 $2,190 $2,910 $3,680
32410 $1,620 $1,890 $2,510 $3,170
32444 $1,560 $1,820 $2,420 $3,060
32413 $1,470 $1,720 $2,280 $2,890
32405 $1,380 $1,620 $2,150 $2,720
32402 $1,380 $1,610 $2,140 $2,700
32406 $1,380 $1,610 $2,140 $2,700
32411 $1,380 $1,610 $2,140 $2,700
32417 $1,380 $1,610 $2,140 $2,700
32456 $1,270 $1,600 $2,020 $2,520
32466 $1,370 $1,590 $2,110 $2,660
32408 $1,350 $1,580 $2,100 $2,650
32404 $1,290 $1,510 $2,010 $2,540
32409 $1,210 $1,410 $1,870 $2,370

Quick cash flow check

Free Tool

Estimate monthly cash flow renting to Section 8 at this market's average fair market rent.

Section 8 rent (avg FMR)—
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30-year fixed. Taxes and insurance estimated at 1.5% and 0.5% of price per year. Before vacancy, maintenance and management. For a full itemized analysis, run this market in RealG.

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Frequently asked questions

How much does Section 8 pay for a 2-bedroom in Panama City, FL?
For FY2025, the average 2-bedroom Small Area Fair Market Rent in the Panama City, FL MSA is $1,616 per month, ranging from $1,380 to $2,280 depending on ZIP code. Local housing authorities may set payment standards between 90% and 110% of these rates, so the average 2-bedroom payment standard can reach $1,777.
What is a Small Area Fair Market Rent (SAFMR)?
SAFMRs are fair market rents that HUD publishes at the ZIP code level instead of one rate for a whole metro area. They reflect what modest rental housing actually costs in each ZIP, which means higher payment standards in more expensive neighborhoods. Housing choice voucher payments in this market are based on these rates.
Why do rents vary so much between ZIP codes here?
In Panama City, FL, 2-bedroom SAFMRs run from $1,380 to $2,280 per month. HUD sets each ZIP's rate from local rent data, so neighborhoods with stronger rental markets get higher voucher payment standards. For investors, the spread matters: the same house price can produce very different Section 8 rents a few ZIP codes apart.
How do I find Section 8 investment properties in Florida?
RealG searches live listings across Florida, runs Section 8 numbers on every property using these HUD rates, and grades each deal A through D against your buying criteria. You can start free with no credit card and see graded deals in this market in minutes.

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