ZIP 32438 vs ZIP 32401

32438 is one of 12 ZIP codes that lie mostly in Bay County, FL — 77% of its own area is in the county.

Shaded by typical home value, it ranks 10 of the 10 with a value.

32401 is one of 12 ZIP codes that lie mostly in Bay County, FL.

Shaded by typical home value, it ranks 9 of the 10 with a value.

15 school locations in 32401: 4 elementary, 1 middle, 10 high.

In alphabetical order: AMIKIDS MARITIME ACADEMY, BAY HIGH SCHOOL, BAY REGIONAL JUVENILE DETENTION CENTER, BAY VIRTUAL INSTRUCTION PROGRAM (DISTRICT PROVIDED), and more on the ZIP page. Locations only — no ratings are shown here.

In January 2008 the typical home in 32438 was worth $83,635.

Values peaked at $167,787 in March 2024. The latest reading is −2.5% from that peak.

As of August 2026: $163,590, +4.9% over twelve months.

Start with the typical home: $163,590. Put 20% down and borrow $130,872 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $906 a month in principal and interest.

The median household here earns $42,417 a year, $3,535 a month. So the payment takes 25.6% of income — rated “affordable” (Lotvox ZIP bands: under 28% affordable · 28–36% stretched · 36%+ severe).

The line holds today's rate fixed and moves only the price: at that rate, the same share was 13.1% in 2008.

Take the typical home's price each month, borrow 80% at that month's actual 30-year average rate: in January 2008 (5.76%) the payment was $391.

In December 2020, with rates at 2.68%, it was $406.

By August 2026, at 6.67%, it was $842 — +108% since December 2020, while the home's value moved +31%.

Reported values rose +96% since January 2008.

General prices (CPI-U) rose +57% over the same span.

Divide one by the other: in August 2026 dollars, the 2008 home was worth $131,708. So the real change is +24%, not +96%.

32438: +96% since January 2008.

Bay County: +50% since January 2008.

Florida: +65% since January 2008 — 32438 ran ahead of it by 31 points.

Owning the typical home costs about $1,070 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $818 a month.

Price divided by a year's rent: 16.7. Lotvox reads under 15 as favoring buying and 20 or more as favoring renting.

In January 2000 the typical home in 32401 was worth $67,716.

Values peaked at $230,119 in April 2024. The latest reading is −5.6% from that peak.

As of August 2026: $217,221, +1.3% over twelve months.

Start with the typical home: $217,221. Put 20% down and borrow $173,777 at 7.40%, the 30-year fixed average as of October 8, 2026.

That is $1,203 a month in principal and interest.

The median household here earns $49,901 a year, $4,158 a month. So the payment takes 28.9% of income — rated “stretched” (Lotvox ZIP bands: under 28% affordable · 28–36% stretched · 36%+ severe).

The line holds today's rate fixed and moves only the price: at that rate, the same share was 9.0% in 2000.

Take the typical home's price each month, borrow 80% at that month's actual 30-year average rate: in January 2000 (8.21%) the payment was $405.

In December 2020, with rates at 2.68%, it was $505.

By August 2026, at 6.67%, it was $1,118 — +121% since December 2020, while the home's value moved +39%.

Reported values rose +221% since January 2000.

General prices (CPI-U) rose +97% over the same span.

Divide one by the other: in August 2026 dollars, the 2000 home was worth $133,645. So the real change is +63%, not +221%.

32401: +221% since January 2000.

Bay County: +202% since January 2000.

Florida: +245% since January 2000 — 32401 ran behind it by 24 points.

Owning the typical home costs about $1,420 a month once taxes and insurance (estimated at 1.2% of price a year) are added. Renting runs about $1,536 a month.

Price divided by a year's rent: 11.8. Lotvox reads under 15 as favoring buying and 20 or more as favoring renting.

Homes sold: about 0 a month in June 2026 (Redfin).

The 2015–2019 level for the same month was 1 — so sales ran at 0% of it, and below it in 10 of the last 24 months.

Across Bay County, builders pulled permits for 2,072 new homes in 2025.

Of those, 81% were in 1-unit buildings (the Census Bureau's category for detached and attached single homes).

Picture the Listings Flow Ladder as a basin: new listings pour in from the faucet, the homes for sale are the water, and closed sales run out the drain. Coming in — new listings: about 42 a month (Redfin, 3-month rolling data through August 2026). That is 131% of the 2015–2019 level for the same months.

On the shelf — homes for sale at the end of the period: 170.

Going out — closed sales: about 27 a month. That is 85% of the 2015–2019 level for the same months. The drain is drawn 39% narrower: the share of homes for sale that sell each month is 61% of its 2015–2019 level.

The ladder: homes for sale ÷ monthly sales = 6.2 months of supply — above the 4–6 month balanced range. In the basin, that is the water level against the shaded balanced band.

The net reading: about 15 more homes came on than sold each month, so inventory is growing. The basin is filling.

Homes sold: about 27 a month in August 2026 (Redfin).

The 2015–2019 level for the same month was 24 — so sales ran at 113% of it, and below it in 10 of the last 24 months.

Across Bay County, builders pulled permits for 2,072 new homes in 2025.

Of those, 81% were in 1-unit buildings (the Census Bureau's category for detached and attached single homes).

This ZIP sits in Bay County. IRS tax returns for 2022-2023: among the ten counties sending the most households, 1,415 moved in. Among the ten receiving the most, 1,263 moved out.

Net across those counties: +152 households. Beside it, homes for sale in this ZIP: 6 in June 2026.

Most arrivals came from Walton, FL (275 households); most departures went to Washington, FL (216).

This ZIP sits in Bay County. IRS tax returns for 2022-2023: among the ten counties sending the most households, 1,415 moved in. Among the ten receiving the most, 1,263 moved out.

Net across those counties: +152 households. Beside it, homes for sale in this ZIP: 170 in June 2026.

Most arrivals came from Walton, FL (275 households); most departures went to Washington, FL (216).