Cost of Living in Panama City, Florida
Panama City has a population of about 34,979. The median household income is $62,265, median gross rent is $1,327/month, and the median home value is $268,900. These figures come from 2020-2024 ACS 5-Year estimates, the latest full-coverage Census baseline for U.S. cities.
How current is this? Census city data is released with a lag because it is survey-based and designed for consistent coverage across small and large places. Use it as an official affordability baseline; current apartment listings and mortgage rates may differ.
Is Panama City expensive to live in?
Compared with the national median in this dataset, rent in Panama City is 20% below the national median and home values are 28% below the national median. Household income here is 26% below the national median. Monthly rent represents roughly 26% of the median annual household income, a rough affordability signal for renters.
Frequently asked questions
What is the average rent in Panama City?
The median gross rent in Panama City, Florida is $1,327 per month in the 2020-2024 ACS 5-Year estimates.
What is the median home price in Panama City?
The median owner-occupied home value in Panama City is $268,900 in the 2020-2024 ACS 5-Year estimates.
How much do people earn in Panama City?
The median household income in Panama City is $62,265 per year in the 2020-2024 ACS 5-Year estimates.
Data source: U.S. Census Bureau, 2020-2024 ACS 5-Year Estimates. Local database last refreshed 2026-07-11.