Location: Panama City, FL | Metro: Panama City, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
1520 is the Fair Market Rent (FMR) for ZIP code 32402 in Florida for fiscal year 2024, setting a clear benchmark for rental properties eligible under the Section 8 program. This figure represents the maximum amount that landlords can charge tenants participating in the Housing Choice Voucher program. While the specific market rent for this area is not available, it's important to note that the FMR serves as a guideline for assessing property values and rental rates. The absence of a median home value suggests a diverse housing market, with both high-end and lower-cost homes contributing to the overall economic landscape. With 1520 being the FMR, landlords should ensure their rental offerings are competitive yet within the stipulated limits to attract Section 8 participants.
The lack of data on the median income and the percentage of renters in the area does not diminish the importance of the FMR. Landlords must focus on maintaining properties that meet the quality standards set by the Section 8 program while adhering to the 1520 limit. This ensures compliance and eligibility for the program, which can be a stable source of income. Although there is no information on the days on market (DOM) or the percentage of listings that have had their prices cut, these metrics are crucial for understanding the local real estate market dynamics. A high DOM or a significant price-cut share would indicate challenges in renting out properties, but with the FMR at 1520, landlords have a clear target to aim for.
Investors looking to enter the Section 8 market in ZIP code 32402 should prepare to manage properties that cater to low-income families without compromising on quality. The 1520 FMR provides a financial framework within which landlords can operate, ensuring they receive fair compensation for their units. It's essential to review local market conditions regularly and adjust management practices accordingly to remain competitive and profitable.
1520 is the key figure for landlords and small-portfolio investors considering participation in the Section 8 program in ZIP 32402, offering a straightforward path to stable, government-backed rental income.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.