How much does it cost to rent in Panama City, FL?

As of July 2026, the median monthly rent in Panama City, FL is $1,744. This figure is based on aggregated data from public sources and community-submitted rents.

Is Panama City cheaper than other Florida cities?

Panama City is among the more affordable cities in Florida, ranking #251 out of 288 cities at $1,744/mo.

When was Panama City rent data last updated?

Panama City rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · FL

Panama City

Name: Average Rent Prices in Panama City, FL
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 34,979·251st most expensive in Florida·Rental market data updated monthly for Panama City, FL

Median rent (all units)

$1,744/mo

Year-over-Year

+3.3%

Month-over-Month

+1.0%

vs US Median

-$221

Rising (Monthly)

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Most AffordableMost Expensive

Panama City · $1,744

More affordable than 58% of US cities · National median $1,965/mo

Rent Reality Score

64/100

Good value

OverheatedFairGreat value

Rents are 7% below what Panama City's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,744/mo

Expected by trend

$1,872/mo

The Rent Reality Score compares today's median rent to where Panama City's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,270

1 BR

$1,280

2 BR

$1,503

3 BR

$2,007

4 BR+

$2,530

Research median

$1,503/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$20,928/yr

At $1,744/mo median

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.3% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.3% YoY, +1.0% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

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.

Population

34,979

Median income

$62,265

Median age

39.5

Renters

43.7%

Age distribution

21.7%

24.1%

23.7%

12.7%

17.8%

Under 1821.7%

18–3424.1%

35–5423.7%

55–6412.7%

65+17.8%

Gender

47.3%

52.7%

Male47.3%

Female52.7%

Race & ethnicity

63.6%

20.1%

White63.6%

Black20.1%

Hispanic9.7%

Asian1.7%

Other4.9%

Education (25+)

26.9%

37.1%

26.4%

No HS diploma9.6%

HS diploma26.9%

Some college37.1%

Bachelor's+26.4%

Housing tenure

56.3%

43.7%

Owner56.3%

Renter43.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Panama City, FL has changed in 5 years

Rent

$1,279 → $1,744

up 36.4%

Income

$51,569 → $62,265

up 20.7%

Population

34,521 → 34,979

up 1.3%

Renter share

45.4% → 43.7%

-1.7 pts

Bachelor's+

26.7% → 26.4%

-0.3 pts

The median rent in Panama City, FL stood at $1,279 in 2021 and currently runs about $1,744, reflecting a 36.4% 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.

Community

Discussions about Panama City

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View Panama City rent history (2015–2026) →

Salary vs rent

Can you afford rent in Panama City on your salary?

At $1,744/mo, how Panama City rent compares to typical pay (30% rule).

Registered Nurse

Avg $87,866/yr · Rent = 23.8% income

affordable

Elementary School Teacher

Avg $62,384/yr · Rent = 33.5% income

stretched

Police Officer

Avg $71,861/yr · Rent = 29.1% income

affordable

Software Developer

Avg $128,442/yr · Rent = 16.3% income

very comfortable

Lawyer

Avg $164,117/yr · Rent = 12.8% income

very comfortable

Firefighter

Avg $58,413/yr · Rent = 35.8% income

stretched

Truck Driver

Avg $52,740/yr · Rent = 39.7% income

stretched

Electrician

Avg $65,007/yr · Rent = 32.2% income

stretched

By apartment size

Panama City rent by bedroom count

Median rent for each apartment size in Panama City. Click any size for full breakdown.

Local insights

Tips for renters in Panama City

About renting in Panama City, FL

Last updated: July 20, 2026

The median rent in Panama City is $1,744/mo as of July 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 34% of local median household income ($62,265/yr), Panama City ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.3% over the past year.

FAQ

Frequently asked questions

Is Panama City an affordable city for renters?

Panama City is considered moderate for renters. At $1,744/mo, rent takes approximately 34% of the local median household income ($62,265/yr). The standard benchmark is 30%. Panama City slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Panama City?

To keep rent at or below 30% of gross income, you would need to earn at least $70,000/year (~$34/hour full-time) to afford the median rent of $1,744/mo in Panama City. The local median household income is $62,265/yr, meaning the typical Panama City household falls short of that threshold.

Is rent going up or down in Panama City?

Rent in Panama City has increased 3.3% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Panama City neighborhoods have the lowest rent?

The most affordable ZIP codes in Panama City are 32401 ($1,575/mo), 32405 ($1,684/mo), and 32404 ($1,809/mo). Citywide, the median rent in Panama City is $1,744/mo.

How does Panama City rent compare to other cities in Florida?

Panama City is one of the more affordable cities in Florida for rent, ranking #251 out of 288 tracked cities at $1,744/mo.

Which nearby cities are cheaper to rent in than Panama City?

Several nearby cities have lower median rents than Panama City ($1,744/mo): Springfield ($1,367/mo), Panama City Beach ($1,666/mo).

What percentage of Panama City residents rent vs. own?

According to Census data, approximately 43.7% of Panama City households are renters, while 56.3% are owner-occupied. Panama City leans toward homeownership, which can mean a smaller rental inventory.

How does Panama City rent compare to the national average?

Panama City's median rent of $1,744/mo is $221 (11%) below the US national median of $1,965/mo. Within Florida, it ranks #251 out of 288 tracked cities.

Income Affordability

34%

MODERATE

At $1,744/mo, rent takes ~34% of Panama City's median household income ($62,265/yr). The standard benchmark is 30%.

Panama City 34%Benchmark 30%

State income taxNone

Run the Panama City affordability calculator →

Nearby cities