Rental numbers for Bay County, FL
The typical home here runs -$1,060 a month at 7.78% with 25% down, breaking even at about 0.7%. 0 of 7 ZIP codes with full Zillow data in this county are cash-flow positive; the median gross yield is 6.4%.
- Gross yield
- 6.1%
- typical home, Zillow
- Median ZIP yield
- 6.4%
- 7 ZIPs with full data
- Cash flow
- -$1,060/mo
- at 7.78%, 25% down
- Typical price
- $344,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $1,745/mo
- Zillow ZORI, Aug 2026
ZIP codes in Bay County
10 with published figures
| 32438Fountain | $164,000 | $1,450* | 10.6% | 6.0% | -$66 | n/a |
| 32401Panama City | $217,000 | $1,536 | 8.5% | 4.3% | -$397 | +4.2% |
| 32404Panama City | $286,000 | $1,837 | 7.7% | 4.0% | -$579 | +1.1% |
| 32444Lynn Haven | $324,000 | $1,953 | 7.2% | 3.7% | -$753 | +2.7% |
| 32405Panama City | $299,000 | $1,603 | 6.4% | 2.9% | -$883 | -0.8% |
| 32466Youngstown | $273,000 | $1,450* | 6.4% | 2.9% | -$803 | n/a |
| 32408Panama City Beach | $370,000 | $1,820 | 5.9% | 2.6% | -$1,185 | +0.3% |
| 32407Panama City Beach | $395,000 | $1,708 | 5.2% | 2.1% | -$1,454 | +2.9% |
| 32409Southport | $374,000 | $1,450* | 4.7% | 1.6% | -$1,517 | n/a |
| 32413Panama City Beach | $469,000 | $1,805 | 4.6% | 1.8% | -$1,841 | +2.5% |
* HUD Fair Market Rent, 2 bedroom, where Zillow publishes no rent index. Conservative.
Trends
Five years to August 2026
- Price, 12 months
- -0.4%
- Rent, 12 months
- +1.4%
- Rent minus price growth
- +1.8 pts
- Property tax
- 0.58%
- effective rate, ACS 2024
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $292,278 | $1,549 |
| Aug 2022 | $363,647 | $1,706 |
| Aug 2023 | $368,342 | $1,707 |
| Aug 2024 | $359,255 | $1,735 |
| Aug 2025 | $345,410 | $1,721 |
| Aug 2026 | $344,049 | $1,745 |
HUD Fair Market Rent
FY2027, Panama City, FL HUD Metro FMR Area
| Bedrooms | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| Fair Market Rent | $1,414 | $1,517 | $1,651 | $2,101 | $2,567 |
The 40th percentile gross rent for a standard unit, set by HUD each October and used for Section 8 payment standards. It runs below market rent; Zillow's index is shown above where it exists.
Supply
- Permits per 1,000 households
- 24.1
- 1,898 units, last 12 months
- National percentile
- 93th
- among US counties
Tools
Test a listing in Bay County against today's rate.
Open the calculatorPart of the Panama City, FL metro.
Questions
- Is Bay County good for rental property?
- The typical home here runs -$1,060 a month at 7.78% with 25% down, breaking even at about 0.7%. 0 of 7 ZIP codes with full Zillow data in this county are cash-flow positive; the median gross yield is 6.4%. The figures use a typical home, 7.78% with 25% down and default costs shown on each ZIP page. They describe the market, not any one property.
- What is the property tax rate in Bay County?
- About 0.58% of value, from Census ACS median taxes paid over median home value. On a $344,000 home that is about $2,002 a year.
- What is Fair Market Rent in Bay County?
- HUD's FY2027 Fair Market Rent here is $1,517 for a 1-bedroom, $1,651 for a 2-bedroom and $2,101 for a 3-bedroom. Typical cash flow at today's rate is -$1,060 a month.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- Zillow Observed Rent Index (ZORI), all homes plus multifamily, smoothed
Zillow Research. Read: 2026-08.
Typical market rent by ZIP, county and metro, and the rent trend (tier A pages).
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- HUD Fair Market Rents by county, FY2027
US Department of Housing and Urban Development. Read: FY2027.
County rent by bedroom count on county pages.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.