Average Rent in Panama City, FL↓ Rents falling 1.8% YoY

Panama City, FL has rental prices ranging from $1,414/month to $2,567/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,517/month — 8% above the national average of $1,400/month. With a median household income of $67,834/year, spending $1,517/month on a 1-bedroom represents 27% of gross income — within the recommended 30% threshold.

How Panama City Compares

With an average 2-bedroom rent of $1,651/month, Panama City ranks #16 most expensive of the 56 cities tracked in Florida — pricier than 92% 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 fallen by $31/month (1.8%) over the past year, from $1,682 to $1,651. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

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 $60,680. The local median household income of $67,834 exceeds that threshold by $7,154, making Panama City relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Panama City, FL is $282,475, giving a price-to-rent ratio of 14.3. The break-even point between renting and buying is roughly 14 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 ($215,856 median home value), Cedar Grove ($312,449 median home value), Pretty Bayou ($356,951 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.

Is Panama City, FL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Panama City?

Break-even analysis and mortgage estimates based on local market data.

Living in Panama City

Cost of living, job market, crime rates, and moving cost estimates.