Rents are 10% below what Panama City's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,655 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in Panama City usually run 0.9% below trend in February and 1.2% above it in May, about $35 a month apart at today's median. Based on 7 years of data.
Rent in Panama City is 0.8% below its high of $1,669 in January 2026, at $1,655 as of September 2026.
Rent in Panama City changed +0.4% over the year to September 2026. Across the 270 Florida cities Zillow tracks, the typical change was +1.8%.
Rent in Panama City is 38.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 4 of the last 12 months.
30% of the median household income ($62,265) is $1,557 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,503); a 3-bedroom is $2,007.
The priciest of 3 ZIP codes in Panama City, 32404 ($1,783/mo), costs 18% more than the cheapest, 32401 ($1,513/mo).
Springfield, 2 miles away, rents for 18% less ($1,362/mo), about $3,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Panama City. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Panama City, FL is majority owner-occupied, has a median income below the national average, 26.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Panama City, FL has changed in 5 years
The median rent in Panama City, FL stood at $1,289 in 2021 and currently runs about $1,655, reflecting a 28.4% increase over the period. Local incomes tracked alongside that move, going from a median of $51,569 in 2021 to $62,265 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 1.3% since 2021, moving from about 34,521 residents to roughly 34,979. Renters now make up 43.7% of households, compared with 45.4% five years ago. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Panama City, FL market of 2021.
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Can you afford rent in Panama City on your salary?
At $1,655/mo, how Panama City rent compares to typical pay (30% rule).
Panama City rent by bedroom count
Median rent for each apartment size in Panama City. Click any size for full breakdown.
Tips for renters in Panama City
Last updated: October 17, 2026
The median rent in Panama City is $1,655/mo as of October 2026. A studio apartment averages $1,270/mo while a 2-bedroom runs $1,503/mo. One-bedroom apartments average $1,280/mo and 3-bedroom units go for $2,007/mo.
At 32% of local median household income ($62,265/yr), Panama City ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.4% over the past year.
Frequently asked questions
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Is rent going up or down in Panama City?
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How does Panama City rent compare to other cities in Florida?
Which nearby cities are cheaper to rent in than Panama City?
At $1,655/mo, rent takes ~32% of Panama City's median household income ($62,265/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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