Average Rent in Panama City, FL↑ Rents rising 5.6% YoY
HUD FY2025 · Official government data · Updated annually · Metro pop. 206,627
Market Overview
Panama City, FL has rental prices ranging from $1,367/month to $2,702/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,375/month, near the national average. With a median household income of $67,834/year, spending $1,375/month on a 1-bedroom represents 24% of gross income — within the recommended 30% threshold.
How Panama City Compares
With an average 2-bedroom rent of $1,609/month, Panama City ranks #15 most expensive of the 54 cities tracked in Florida — pricier than 94% of all US cities in our data.
The Panama City Rental Market
The Panama City, FL area has a population of about 206,627 and 31% of households renting rather than owning. That is close to the US average renter share of ~34%.
Rent Trends
2-bedroom rents in Panama City, FL have risen by $86/month (5.6%) over the past year, from $1,523 to $1,609. This modest growth is consistent with broader inflationary trends seen across US rental markets.
Affordability
To afford a 1-bedroom apartment in Panama City, FL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $55,000. The local median household income of $67,834 exceeds that threshold by $12,834, making Panama City relatively accessible compared to local wages.
Rent vs. Buy
The median home value in Panama City, FL is $286,664, giving a price-to-rent ratio of 14.8. The break-even point between renting and buying is roughly 15 years — renting offers more flexibility for shorter stays, while buying makes more sense for long-term residents.
Neighborhoods
Home values — and by extension rent levels — vary significantly across Panama City's neighborhoods. Among the highest-value areas are Hiland Park ($221,951 median home value), Cedar Grove ($316,361 median home value), Pretty Bayou ($366,641 median home value). Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.
Fair Market Rents
HUD FY2025Is Panama City, FL Affordable?
Income needed to rent or buy, price history, and how this city compares to nearby metros.
Affordability Index(30% income rule)
Nearby Cities in FLlargest metros in the state
| City | Studio | 1BR | 2BR | 3BR | Home Value |
|---|---|---|---|---|---|
| West Palm Beach | $1,639 | $1,830 | $2,187 | $2,856 | — |
| Miami | $1,711 | $1,898 | $2,329 | $3,008 | — |
| Fort Lauderdale | $1,768 | $1,929 | $2,388 | $3,297 | — |
| Tampa | $1,566 | $1,686 | $1,978 | $2,533 | — |
| Orlando | $1,636 | $1,727 | $1,958 | $2,486 | — |
| Jacksonville | $1,381 | $1,454 | $1,730 | $2,163 | — |
Rent or Buy in Panama City?
Break-even analysis and mortgage estimates based on local market data.
Should I Rent or Buy?
Break-even analysis using real Panama City data
Buying breaks even after 1 year — worth it if you stay 1+ years.
Mortgage Calculator
Estimate monthly payment for $286,664 home at 7% rate
Living in Panama City
Cost of living, job market, crime rates, and moving cost estimates.
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Frequently Asked Questions
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⚖️Rent vs Buy in Panama CityIs it cheaper to rent or buy here?
💵Rent Affordability in Panama CitySalary needed to afford rent here
🗺️All Cities in FLSee how Panama City ranks statewide
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