Living in Panama City, Florida
Cost of living, income, home prices, rent and demographics of Panama City · Census data 2020–2024
Panama City has 34,979 residents with a median age of 39.5. The median household income is $62,265 (16% lower than the Florida median), the median home value is $268,900, the median rent is $1,327/month.
Panama City at a glance
- Population
- 34,979
- Median age
- 39.5State: 42.6
- Median household income
- $62,265State: $74,568
- Median home value
- $268,900State: $359,000
- Median rent
- $1,327/moState: $1,669
- Homeowners
- 56.3%
- Bachelor's degree or higher
- 26.4%
- Average commute
- 21 min
Is Panama City a good place to live?
Pros: Home values 25% lower than the state median; an average commute of 21 minutes; unemployment of 4.5%.
Cons: Median household income 16% lower than the Florida median; a poverty rate of 17.6%.
The weather is best in March–April and October–November.
Cost of living in Panama City
Housing is the biggest part of the cost of living. In Panama City the median home value is $268,900, 19% lower than the U.S. median. Renters pay a median of $1,327 per month, which is 34% of household income. Homeowners with a mortgage pay $1,782 a month in housing costs.
Panama City median household income
The median household income in Panama City is $62,265 and the income per person is $38,881. 17.6% of residents live below the poverty line (Florida: 12.6%).
Housing in Panama City: homes for sale and rent
- Housing units
- 17,104
- Owner-occupied
- 56.3%
- Renter-occupied
- 43.7%
- Vacant
- 11.3%Includes seasonal homes
- Median year built
- 1976
- Average household size
- 2.25
Panama City demographics
- Population
- 34,979
- Median age
- 39.5
- Under 18
- 21.7%
- 65 and older
- 17.8%
- Households
- 15,169
- Foreign-born
- 10%
- Veterans
- 10.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Panama City ›
Education in Panama City
26.4% of adults 25 and older in Panama City have a bachelor's degree or higher (Florida: 34.1%), and 10% have a graduate or professional degree.
Jobs and commute in Panama City
- Unemployment rate
- 4.5%State: 4.8%
- Average commute
- 21 minState: 28 min
- Work from home
- 10.9%
- Drive alone
- 72.6%
- Public transit
- 0.2%
- Walk to work
- 1.2%
- Homes with broadband
- 87.9%
Panama City vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Panama City | 34,979 | $62,265 | $268,900 | $1,327 |
| Lynn Haven | 20,081 | $80,973 | $320,000 | $1,563 |
| Springfield | 8,230 | $54,462 | $188,600 | $1,307 |
| Cedar Grove | 3,802 | $74,625 | $176,100 | $1,420 |
| Callaway | 13,496 | $65,609 | $250,300 | $1,322 |
| Parker | 4,509 | $69,657 | $224,200 | $1,338 |
| Pretty Bayou | 2,906 | $85,208 | $298,900 | $1,749 |
| Tyndall AFB | 447 | $118,594 | — | $2,422 |
| Upper Grand Lagoon | 17,232 | $82,157 | $373,200 | $1,667 |
More for people moving to Panama City
Panama City ZIP code ›Weather and climate ›Living in Panama City: FAQ
What is the median household income in Panama City, FL?
The median household income in Panama City is $62,265, 16% lower than the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Panama City?
The median home value in Panama City is $268,900, compared with $359,000 in Florida.
How much is rent in Panama City?
The median gross rent in Panama City is $1,327 per month, about 34% of household income.
Is Panama City, FL a good place to live?
Pluses: home values 25% lower than the state median; an average commute of 21 minutes; unemployment of 4.5%. Minuses: median household income 16% lower than the Florida median; a poverty rate of 17.6%.
What is the median age in Panama City?
The median age in Panama City is 39.5 years (Florida: 42.6).
How long is the commute in Panama City?
The average commute to work in Panama City is 21 minutes; 10.9% of workers work from home.
What is the unemployment rate in Panama City?
The unemployment rate in Panama City is 4.5% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Panama City?
26.4% of adults in Panama City have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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