Location: Jackson County, FL | Metro: Panama City, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,520 | $183,145 | 0.83% | C |
| 3BR | $1,960 | $254,659 | 0.77% | D |
| 4BR | $2,430 | $313,451 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 32428, located in Chipley, Florida, stands out within Washington County due to its unique demographic and economic characteristics. With a population of 17,950 residents, it has a rental rate of 19.8%, indicating that nearly one in five households rent their homes. The median income for residents is $57,493, which is relatively modest but sufficient for the area's cost of living. Notably, the median home value in Chipley is $223,794, suggesting a moderate housing market.
Moving to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 32428 for fiscal year 2024 is set at $1,520. This figure represents the maximum amount that landlords can charge for a Section 8 voucher tenant. In contrast, the average market rent in the area is $877, based on Census American Community Survey data. This significant difference between the FMR and the actual market rent offers landlords an attractive opportunity to receive higher rents through the Section 8 program compared to the local rental market rates.
The data signature for ZIP 32428 indicates a stable environment. The relatively low rental rate suggests that homeownership is prevalent, and the median home value is consistent with the broader trends in the region. Additionally, the median income provides insight into the financial capacity of the residents, supporting the stability of the housing market. The disparity between the FMR and the market rent also points towards a stable demand for affordable housing solutions, making Section 8 vouchers a reliable source of rental income for landlords in Chipley.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.