Panama City, Florida Income Statistics
Panama City Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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D
Panama City Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,596 | $74,580 | $80,455 |
| Median Personal Income | $47,556 | $52,322 | $60,758 |
| Average Yearly Income Growth | 6.1% | 5.4% | 4.8% |
| Six-Figure Earners | 8.6% | 11.6% | 13.9% |
| $200k+ Households | 6.8% | 11.0% | 13.2% |
The median household income in Panama City is about 17% lower than in Florida. Income has been growing faster in Panama City (6.1%/yr) than in Florida (5.4%/yr).
About 9% of adults in Panama City earn six figures ($100,000 or more) a year, lower than the Florida average of 12%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Panama City, Florida grew by 57.4% from 2009 to 2024, reaching $61,596 in 2024. That's an average of about 6.1% per year.
Income Inequality and the Gender Pay Gap in Panama City
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.526 | 0.551 | 0.552 |
| Male Median Income | $57,236 | $60,595 | $69,667 |
| Female Median Income | $50,394 | $50,762 | $56,850 |
| Gender Pay Gap | 12.0% | 16.2% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Panama City, it is 0.526, lower than Florida's 0.551, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 14% more than women's income in Panama City, Florida. Over a 35-year career, a 14% wage gap accumulates to roughly $239,470 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Panama City, Florida has narrowed from about 24% to 12% in 2024. Over that period the gap was narrowest at 10% in 2021. In dollar terms, the gap has narrowed by $2,320 since 2009.
Employment
| Metric | Panama City | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.8% | 5.2% |
| Working from Home | 9.5% | 15.7% | 15.0% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 802 people are unemployed in Panama City, Florida.
The average commute time in Panama City is 17 minutes, shorter than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Panama City, Florida has fallen from 9.3% to 4.6% in 2024. Over that period the rate peaked at 13.2% in 2014 and fell as low as 4.4% in 2023.
Conclusion
Considering all these factors, Panama City, Florida has an overall wealth index grade of D, making it somewhat worse than Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Panama City, Florida.
How Rich Is Panama City, Florida?
Panama City has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $61,596, about 17% lower than the Florida average of $74,580.
How has median household income changed in Panama City, Florida?
Between 2009 and 2024, the median household income in Panama City, Florida rose 57%, from $39,129 to $61,596. Over the same years, income here kept pace with Florida as a whole: +57% against +57%.
What was the median household income in Panama City in 2023?
In 2023, the median household income in Panama City, Florida was $58,231, up 7% from $54,637 in 2022. The Florida median that year was $71,864.
What was the median household income in Panama City in 2020?
In 2020, the median household income in Panama City, Florida was $46,834. By 2024 it had risen 32% to $61,596.
What is the Gini coefficient in Panama City, Florida?
The Gini coefficient in Panama City is 0.526. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Panama City, Florida?
Since 2009, the income gap between men and women in Panama City, Florida has narrowed from about 24% to 12% in 2024. Over that period the gap was narrowest at 10% in 2021. In dollar terms, the gap has narrowed by $2,320 since 2009.
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