salaryRent is lower than in 53% of U.S. cities. A typical house costs about 4.0 years of household income.
How much money do I need?
To rent here comfortably, you should earn about $63,080 a year. That is $30 an hour at a full-time job.
Is rent cheaper than other Florida cities?
Yes. Rent here is cheaper than in most of Florida. It is number 116 of 479 cities from cheapest to most expensive.
How much do households earn in Panama City?
Share of households by yearly income. 17.8% of households earn $100,000 or more.
Rent by apartment size in Panama City
| Size | Panama City | U.S. average |
|---|---|---|
| Studio | $989 | $1,338 |
| 1 bedroom | $1,345 | $1,324 |
| 2 bedrooms | $1,394 | $1,509 |
| 3 bedrooms | $1,490 | $1,698 |
| 4 bedrooms | $1,858 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Panama City overall?
Everyday prices in the Panama City-Panama City Beach metro area are 3% below the U.S. average (index 97.3, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Panama City
Life in Panama City
What jobs pay in Panama City
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $130,540 | 14.5% |
| Lawyer | $126,670 | 14.9% |
| Physician Assistant | $124,170 | 15.2% |
| Software Developer | $121,150 | 15.6% |
| Nurse Practitioner | $119,640 | 15.8% |
| Civil Engineer | $97,180 | 19.5% |
| Dental Hygienist | $87,360 | 21.7% |
| Operations Manager | $86,070 | 22.0% |
| Computer Systems Analyst | $84,580 | 22.4% |
| Registered Nurse | $75,310 | 25.1% |
| Accountant | $71,820 | 26.3% |
| Market Research Analyst | $65,000 | 29.1% |
| Police Officer | $58,750 | 32.2% |
| Elementary School Teacher | $58,640 | 32.3% |
| Licensed Practical Nurse | $56,120 | 33.7% |
| Electrician | $52,900 | 35.8% |
| HVAC Technician | $51,600 | 36.7% |
| Carpenter | $49,650 | 38.1% |
| Plumber | $47,800 | 39.6% |
| Truck Driver | $47,610 | 39.7% |
| Firefighter | $46,580 | 40.6% |
| Medical Assistant | $39,200 | 48.3% |
| Customer Service Representative | $36,900 | 51.3% |
| Nursing Assistant | $36,420 | 52.0% |
| Warehouse Worker | $36,230 | 52.2% |
| Restaurant Cook | $35,720 | 53.0% |
| Server (Waiter/Waitress) | $34,990 | 54.1% |
| Retail Salesperson | $32,290 | 58.6% |
| Cashier | $29,080 | 65.1% |
Is it cheaper to rent or buy in Panama City?
Renting is cheaper right now: about $289 a month less.
Owning assumes a typical $268,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $26,890 for the down payment.
Frequently asked questions
What is the average rent in Panama City, FL?
Renting in Panama City costs a median of about $1,577 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Panama City?
To keep rent under 30% of income, you need about $63,080 a year, or $30 an hour at a full-time job.
Is Panama City cheap or expensive?
Panama City is rated OK: rent takes 28.2% of the typical household income of $67,153. It ranks 116th cheapest of 479 Florida cities we track.
How much are property taxes in Panama City?
The median homeowner in Panama City pays $1,752 a year in property taxes, about 0.65% of the median home value.
Is Panama City more expensive than the national average?
Overall prices in the metro area are 3% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Panama City?
The median home value in Panama City is $268,900, about 4.0 times the typical yearly household income.
34,979 people live in Panama City. Numbers are typical (middle) values.