In Panama City, a typical home is worth $268,900 and typical rent is $1,327 a month. Compared with all of Bay County, typical household income is 15% lower, the typical home value is 13% lower, and the share of households that own their home is 11 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $229,206 to $282,475.
Typical rent
$1,655a month
▲ 0.6% more than 12 months ago
Typical rent from Zillow, September 2021 to September 2026: from $1,361 to $1,655.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Panama City is in Bay County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Bay County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Springfield, the typical home value is $188,600: 30% less than in Panama City ($268,900).
2
The typical household income in Panama City is $62,265,15% less than in Bay County as a whole ($73,533).
3
56% of households in Panama City own their home, against 67% in Bay County.
4
10% of households in Panama City have no internet at home (5% in Bay County).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Panama City
What homes there are in Panama City, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Panama City
Bay County
Florida
United States
Kind of home: Panama City and its comparisons
Measure
Panama City
Bay County
Florida
United States
Detached house
63%
51%
55%
61%
Attached house
5%
5%
7%
6%
Building of 2 to 4
9%
7%
6%
8%
Apartments (5 or more)
21%
27%
25%
19%
Mobile home
2%
10%
8%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house rules in Panama City: 63% of homes, more than in Bay County (51%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Panama City
Bay County
Florida
United States
Year built: Panama City and its comparisons
Measure
Panama City
Bay County
Florida
United States
Before 1960
32%
9%
10%
26%
1960–1979
24%
16%
24%
24%
1980–1999
24%
36%
34%
25%
2000–2009
12%
23%
18%
14%
2010 or later
9%
17%
14%
11%
In Panama City, half of the homes were built before 1976; in Bay County, before 1993.
By size, homes in Panama City look like those in Bay County: 60% have 3 bedrooms or more.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limit
Under $100K9%
$100K–$200K20%
$200K–$300K30%
$300K–$500K27%
$500K–$750K7%
FHA limit: $541,287
$750K–$1M4%
$1M or more3%
Value of owner-occupied homes: Panama City and its comparisons
Measure
Panama City
Under $100K
9%
$100K–$200K
20%
$200K–$300K
30%
$300K–$500K
27%
$500K–$750K
7%
$750K–$1M
4%
$1M or more
3%
About 86% of owner-occupied homes in Panama City are worth less than the FHA loan limit for Bay County ($541,287).
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $5008%
$500–$99920%
$1,000–$1,49937%
$1,500–$1,99929%
HUD fair market rent, 2 bedrooms: $1,651
$2,000–$2,4994%
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Panama City and its comparisons
Measure
Panama City
Under $500
8%
$500–$999
20%
$1,000–$1,499
37%
$1,500–$1,999
29%
$2,000–$2,499
4%
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
About 74% of rented homes in Panama City cost less than HUD's 2-bedroom fair market rent for Bay County ($1,651).
With a mortgage
$1,782 a month
Bay County: $1,778 a month
Without a mortgage
$604 a month
Bay County: $555 a month
Owners with a mortgage
59%
Bay County: 57%
The typical cost for an owner with a mortgage in Panama City is $1,782 a month, near the figure in Bay County ($1,778).
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Panama City+73%
Bay County+74%
Florida+67%
United States+53%
Typical rent
Panama City+40%
Bay County+42%
Florida+42%
United States+33%
Typical household income
Panama City+42%
Bay County+35%
Florida+34%
United States+29%
Change since 2015–2019: Panama City and its comparisons
Measure
Panama City
Bay County
Florida
United States
Typical home value
+73%
+74%
+67%
+53%
Typical rent
+40%
+42%
+42%
+33%
Typical household income
+42%
+35%
+34%
+29%
From 2015–2019 to 2020–2024, home values in Panama City rose at about the same pace as in Bay County: 73% against 74%.
The typical rent in Panama City rose 40% since 2015–2019, about the same as in Bay County (42%).
To compare: typical income in Panama City rose 42%; the home, +73%; the rent, +40%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Panama City and its comparisons
Measure
Panama City
Bay County
Florida
United States
Rental vacancy
9.2%
11.7%
7.6%
5.5%
Homeowner vacancy
Unreliable estimate
1.5%
1.4%
0.9%
More than one person per room
2.7%
3.0%
3.3%
3.4%
People per household
2.25
2.33
2.51
2.53
Drive alone
73%
75%
70%
69%
Carpool
14%
12%
9%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
2%
2%
2%
3%
Work from home
11%
10%
16%
15%
Other means
1%
1%
2%
2%
Typical commute
10 to 19 minutes
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
In Panama City, the rental vacancy rate is 9.2%; in Bay County, 11.7%.
Much as in Bay County, 2.7% of households in Panama City have more than one person per room.
A household in Panama City has 2.25 people on average, about the same as in Bay County (2.33).
To get to work, 73% of workers in Panama City drive alone; in Bay County, 75%.
Do the math
What would you pay each month for a home in Panama City?
A typical home costs more than the typical income allows
We start with a typical home in Panama City, worth $268,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 42% of the typical household income in Panama City, which is $62,265 a year. For that payment to be 28% of income, a household would need to earn about $92,797 a year.
The calculator's FHA and conventional loan limits are those of all of Bay County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Panama City. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $9,412 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$2,165
at 7.18% · 30 years
Loan amount
$264,029
Total interest
$379,876
Paid off in
November 2056
Includes $4,541 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,453 a month
Tight
$1,453 to $1,868 a month
Hard
more than $1,868 a month
Your payment · 42%
Compared with the typical household income in Panama City ($62,265 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,789
Property tax
$146
Home insurance
$112
FHA mortgage insurance (MIP)
$119
You need at least $9,412 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $2,165; principal and interest $1,789.
The city and its county
Panama City and Bay County
Panama City is in Bay County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Panama City
Map of Bay County, Florida, with Panama City marked. Around it, the neighboring counties.
Panama City
Bay County
Other cities with a page
Panama City's own numbers
Typical home value
$268,900
Typical monthly rent
$1,327
Typical yearly household income
$62,265
Households that own their home
56%
Effective property tax rate
0.65%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Bay County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,651
Price change over 5 years (FHFA)
+48%
Homes in a high flood-risk zone
13%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Bay County.
A typical home in Panama City is worth $268,900: 13% below the county and 25% below Florida. With the typical household income in Panama City ($62,265 a year), a typical home costs 4.3 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Panama City4.3 years
Bay4.2 years
Florida4.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Bay County
According to FHFA’s house price index, home prices in Bay County rose 109% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Bay County.
Yearly change in FHFA’s price index in Bay County, 2016 to 2025
2016: +7.0% +7.0% 2016
2017: +3.7% +3.7% 2017
2018: +10.2% +10.2% 2018
2019: +8.3% +8.3% 2019
2020: +6.2% +6.2% 2020
2021: +11.4% +11.4% 2021
2022: +21.0% +21.0% 2022
2023: +8.1% +8.1% 2023
2024: −0.6% −0.6% 2024
2025: +2.4% +2.4% 2025
Change in FHFA’s price index in Bay County, Florida and the United States
Period
County
Florida
U.S.
Last year (2025)
+2.4%
−0.5%
+2.9%
5 years (2020–2025)
+48%
+60%
+47%
10 years (2015–2025)
+109%
+127%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Panama City next to Bay County, Florida and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Panama City$268,900
Bay$310,500
Florida$359,000
United States$332,700
Typical monthly rent
Panama City$1,327
Bay$1,484
Florida$1,669
United States$1,413
Typical yearly household income
Panama City$62,265
Bay$73,533
Florida$74,568
United States$80,734
See the full table
Panama City next to Bay County and Florida
Measure
Panama City
Bay County
Florida
U.S.
Typical home value
$268,900 ▼13% below the county
$310,500
$359,000
$332,700
Typical monthly rent
$1,327 ▼11% below the county
$1,484
$1,669
$1,413
Typical yearly household income
$62,265 ▼15% below the county
$73,533
$74,568
$80,734
Households that own their home
56% ▼11 points below the county
67%
68%
65%
Typical yearly property tax
$1,752 ▼3% below the county
$1,807
$2,730
$3,119
Effective property tax rate
0.65% ▲0.07 points above the county
0.58%
0.76%
0.94%
Renters with high rent for their income
64% ▲4 points above the county
60%
60%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Bay County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Panama City
For a typical $268,900 home in Panama City, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Panama City's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,165a month
Least cash to close
Down payment
$9,412
Cash to close
$17,479
Rate
7.18%
Mortgage insurance
FHA MIP · $119
Conventional, 5% down$2,116a month
Down payment
$13,445
Cash to close
$21,512
Rate
7.18%
Mortgage insurance
PMI · $128
Conventional, 20% down, no PMI$1,715a month
Down payment
$53,780
Cash to close
$61,847
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,964a month
Down payment
$40,335
Cash to close
$48,402
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Panama City
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,165
$9,412
$264,030
7.18%
FHA MIP · $119
$17,479
580
Conventional, 5% down
$2,116
$13,445
$255,455
7.18%
PMI · $128
$21,512
620*
Conventional, 20% down, no PMI
$1,715
$53,780
$215,120
7.18%
None
$61,847
620*
ITIN, 15% down (example)
$1,964
$40,335
$228,565
8.18%
None
$48,402
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Panama City is $1,327 a month: 11% below the county. In Panama City, 64% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Bay County, by unit size. To pay the 2-bedroom one ($1,651 a month) without spending more than 30% of your income, you would need to earn $31.75 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Bay County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,414
$27.19
$56,560
1 bedroom
$1,517
$29.17
$60,680
2 bedrooms
$1,651
$31.75
$66,040
3 bedrooms
$2,101
$40.40
$84,040
4 bedrooms
$2,567
$49.37
$102,680
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Panama City
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Panama City has 3 ZIP codes with their own.
For 2 bedrooms it runs from $1,520 in 32401 to $1,660 in 32405.
1 of the 3 is above the fair market rent for Bay County ($1,651).
2-bedroom fair market rent in each of the 3 ZIP codes of Panama City, beside the one for Bay County. For 2 bedrooms it runs from $1,520 in 32401 to $1,660 in 32405. 1 of the 3 is above the fair market rent for Bay County ($1,651).
2-bedroom fair market rent in each ZIP code
Each line is one ZIP code: in color, those above the county's fair market rent; in gray, the rest.
County: $1,651
Lowest: $1,520 (32401)Highest: $1,660 (32405)
Fair market rent by ZIP code and size in Panama City, fiscal year 2027.
32401
$1,290
$1,340
$1,520
$1,960
$2,430
32404
$1,340
$1,440
$1,570
$2,000
$2,440
32405
$1,420
$1,520
$1,660
$2,110
$2,580
ZIP code2 bd3 bd
32401 $1,520$1,960
32404 $1,570$2,000
32405 $1,660$2,110
3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Panama City when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 18 buildings with rents for lower incomes in Panama City. These are the largest.
ST. Andrews Towers24 Harrison Ave, Panama City 32401216 low-income homes · For older adults(850) 785-9575
Andrews Place I1914 Frankford Ave, Panama City 32405200 low-income homes · 1 bd: 32 · 2 bd: 102 · 3 bd: 66 · In service since 2004 · For families
Dickinson, Kirkland, Oakland Gardens1025 Everitt Ave, Panama City 32401193 low-income homes · Run by Panama City Housing Authority · Average payment: $497 a month · Average wait: 14 months · Homes at several sites(850) 769-5278
Siena Gardens901 W 19th St, Panama City 32405150 low-income homes · 1 bd: 78 · 2 bd: 72 · In service since 2003 · For older adults
Andrews Place II1914 Frankford Ave, Panama City 32405120 low-income homes · 1 bd: 24 · 2 bd: 60 · 3 bd: 36 · In service since 2006 · For families
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Bay County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Panama City or Bay County. The ones below are statewide in Florida: they work in Panama City the same as in the rest of the state.
Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance.Offered by Florida Housing Finance Corporation.
No legal help resource on our list is for Panama City or Bay County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Panama City and all of Bay County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Panama City?
The typical home value in Panama City is $268,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Bay County it is $310,500.
How much does it cost to rent in Panama City?
Typical rent in Panama City is $1,327 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Bay County is $1,651.
What is the FHA loan limit in Panama City?
Panama City uses the FHA limit for all of Bay County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Panama City?
The typical homeowner in Panama City pays $1,752 a year, according to the U.S. Census Bureau. That is 0.65% of the home’s value; in Bay County, the rate is 0.58%.
Where can I find free help to buy or rent in Panama City?
There is 1 HUD-approved counseling agency with an office in Bay County. They can help you get ready to buy, with your credit, or with rent.
