Bay County, FL: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,6512-bedroom FMR, FY2027

$1,5171-bedroom FMR, FY2027

$79,10080% income limit, family of 4 (FY2026)

$98,900Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Bay County is $1,651 a month, down 1.8% from $1,682 in FY2026. Bay County belongs to the Panama City, FL HUD Metro FMR Area FMR area, so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Bay County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$1,414	$1,426	−0.8%	$1,273 – $1,555
1 bedroom	$1,517	$1,480	+2.5%	$1,366 – $1,668
2 bedrooms	$1,651	$1,682	−1.8%	$1,486 – $1,816
3 bedrooms	$2,101	$2,169	−3.1%	$1,891 – $2,311
4 bedrooms	$2,567	$2,689	−4.5%	$2,311 – $2,823

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Bay County that is typically $1,486 to $1,816 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$53,005median income of renter households

$1,484Median gross rent, all units

34%Rent-to-income ratio (median rent ÷ median renter income)

60%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $53,005 can afford about $1,325 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,651 is $326 (24.6%) more than that. To rent a two-bedroom at the FMR, a household needs $66,040 a year under the 30% rule, or $59,436 under the common landlord rule that income must be three times the rent.

Bay County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$1,484 ±$39
Median income of renter households	$53,005 ±$2,559
Renters paying 30% or more of income (cost-burdened)	60.0% ±3.6
Renters paying 50% or more (severely cost-burdened)	24.6% ±2.5
Renter households (where the share can be computed)	24,866

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$1,049	$1,484	+41.5%
Median renter household income	$41,047	$53,005	+29.1%
Renters paying 30%+ of income	51.2%	60.0%	+8.8 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $1,520 to $2,350 depending on the ZIP code.

All 22 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
32401	$1,290	$1,340	$1,520	$1,960	$2,430
32402	$1,410	$1,520	$1,650	$2,100	$2,570
32403	$2,010	$2,160	$2,350	$2,990	$3,650
32404	$1,340	$1,440	$1,570	$2,000	$2,440
32405	$1,420	$1,520	$1,660	$2,110	$2,580
32406	$1,410	$1,520	$1,650	$2,100	$2,570
32407	$1,800	$1,930	$2,100	$2,670	$3,260
32408	$1,410	$1,520	$1,650	$2,100	$2,570
32409	$1,290	$1,340	$1,520	$1,960	$2,430
32410	$1,810	$1,940	$2,110	$2,690	$3,280
32411	$1,410	$1,520	$1,650	$2,100	$2,570
32412	$1,410	$1,520	$1,650	$2,100	$2,570
32413	$1,590	$1,710	$1,860	$2,370	$2,890
32417	$1,410	$1,520	$1,650	$2,100	$2,570
32428	$1,290	$1,340	$1,520	$1,960	$2,430
32437	$1,290	$1,340	$1,520	$1,960	$2,430
32438	$1,290	$1,340	$1,520	$1,960	$2,430
32444	$1,470	$1,580	$1,720	$2,190	$2,670
32456	$1,320	$1,340	$1,720	$2,070	$2,430
32462	$1,290	$1,340	$1,520	$1,960	$2,430
32465	$1,290	$1,340	$1,540	$1,960	$2,430
32466	$1,290	$1,340	$1,520	$1,960	$2,430

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Bay County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $98,900 (FY2025: $94,100, +5.1%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$20,800 +5.1%	$23,750 +5.1%	$27,320 +2.5%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$34,650 +5.2%	$39,600 +5.2%	$44,550 +5.2%	$49,450 +5.1%	$53,450 +5.1%	$57,400 +5.1%	$61,350 +5.1%	$65,300 +5.1%
Low income (80%)	$55,400 +5.0%	$63,300 +5.1%	$71,200 +5.0%	$79,100 +5.0%	$85,450 +5.0%	$91,800 +5.1%	$98,100 +5.0%	$104,450 +5.1%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.