Location: Washington County, FL | Metro: Panama City, FL HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32437 in fiscal year 2024 is set at $1170. This figure represents the payment standard for Section 8 housing assistance, meaning that if you participate in the program, the government will pay up to $1170 per month towards rent for eligible tenants. However, it's important to note that this is not necessarily the amount your tenant will pay; they typically contribute 30% of their adjusted income toward rent.
In comparison, the average rent in ZIP 32437, according to Census ACS data, is $967. This suggests that the FMR is higher than the typical market rent, which can be beneficial for landlords looking to cover costs and maintain profitability. The difference between the FMR and the local average rent indicates that Section 8 can provide a buffer against potential losses due to lower market rates.
With a 25.4% share of renters in the area, there is a steady demand for rental properties. This percentage means that nearly one-quarter of households in ZIP 32437 are already renting, and many of these could potentially qualify for Section 8 assistance. Given the limited availability of affordable housing, participating in Section 8 can help you tap into a reliable pool of tenants who need financial assistance to afford housing.
The acquisition cost for properties in this ZIP code is listed as N/A, which might indicate that recent sales data is either unavailable or not consistently reported. Despite this, the FMR provides a benchmark for determining whether your property can be rented profitably under the Section 8 program.
Before committing to a Section 8 rental, ensure that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) assessment is critical; failing this inspection can delay your participation in the program and result in additional costs to bring your property up to code. Verify that your property complies with HQS requirements to avoid unnecessary complications.
In summary, the FMR of $1170 offers a solid baseline for covering expenses when renting to Section 8 participants. With an average local rent of $967 and a significant 25.4% of households renting, there is a strong demand for affordable housing. Participating in Section 8 can provide a stable source of income and access to a pool of tenants who are committed to paying their portion of rent on time. Ensure your property passes the HQS inspection to proceed smoothly.
Data Sources: FMR data from HUD (2027). 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.