Panama City, Florida Housing Market Prices
Panama City Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 30% above the Florida median$405,868
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Median rent 20% below the Florida median$1,334
Housing Market Overview
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,868 | $311,338 | $248,835 |
| Price Trend (Annual %) | 22.8% | 11.2% | 7.5% |
| Median Gross Rent | $1,334 | $1,668 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Panama City is about 30% higher than in Florida. Rent is about 20% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Panama City, up about 22.8% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Panama City rose about 60.4% between 2015 and 2024, from $832 to $1,334. Over the same span, rent in Florida rose about 66.5%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Panama City.
Buying the median-priced home in Panama City costs roughly 25.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Panama City. The price-to-rent ratio in Florida is about 15.6.
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,868 | $311,338 | $248,835 |
| Median Household Income | $61,596 | $74,580 | $80,455 |
| Price-to-Income Ratio | 6.6 | 4.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Panama City rose about 212.8%, while median household income rose about 45.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.6% | 57.7% | 58.5% |
| Rental Rate | 38.6% | 27.7% | 31.2% |
| Vacancy Rate | 11.8% | 14.6% | 10.2% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Panama City has a homeownership rate of 49.6%, lower than the Florida average of 57.7%. Its housing vacancy rate is 11.8%, compared with 14.6% in Florida.
Housing Stock
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1978 | 1988 | 1978 |
| Median Number of Rooms | 5.3 | 5.2 | 5.5 |
The typical housing unit in Panama City was built around 1978. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Panama City, Florida.
What is the median home price in Panama City, Florida?
The median home price in Panama City, Florida is $405,868, higher than the Florida average of $311,338.
What is the average home price in Panama City, Florida?
The typical home price in Panama City, Florida, reported as the median sale price, is $405,868. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Panama City, Florida?
The median gross rent in Panama City, Florida is $1,334 per month, lower than the Florida average of $1,668.
What was the median gross rent in Panama City in 2020?
In 2020, the median gross rent in Panama City, Florida was $955 per month.
What is the price-to-rent ratio in Panama City, Florida?
The price-to-rent ratio in Panama City, Florida is about 25.4, meaning it would take roughly 25.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Panama City.
Are home prices or rent rising faster in Panama City, Florida?
Both home prices and rent are rising in Panama City, up about 22.8% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Panama City, Florida?
49.6% of households in Panama City, Florida own their home, lower than the Florida average of 57.7%.
What is the vacancy rate in Panama City, Florida?
The housing vacancy rate in Panama City, Florida is 11.8%, lower than the Florida average of 14.6%.
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