Rents are 20% below what Panama City Beach'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 $1,759 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
January. Asking rents in Panama City Beach usually run 1% below trend in January and 1.5% above it in July, about $44 a month apart at today's median. Based on 11 years of data.
Rent in Panama City Beach is 2.9% below its high of $1,812 in September 2022, at $1,759 as of September 2026.
Rent in Panama City Beach changed +1.7% over the year to September 2026. Across the 270 Florida cities Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in Panama City Beach rose 25.5% while median household income rose 26.6% ($63,912 to $80,941). Income kept ahead of rent.
Rent in Panama City Beach is 32.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 8 of the last 12 months.
30% of the median household income ($80,941) is $2,024 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,830); a 3-bedroom is $2,430.
The priciest of 3 ZIP codes in Panama City Beach, 32413 ($1,807/mo), costs 4% more than the cheapest, 32407 ($1,732/mo).
Springfield, 13 miles away, rents for 23% less ($1,362/mo), about $4,800 a year in savings.
From Zillow's monthly rent index (ZORI) for Panama City Beach. 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 Beach, FL is majority owner-occupied, 38% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Panama City Beach, FL has changed in 5 years
Compared with 2021, rent in Panama City Beach, FL has increased by $234 per month, settling near $1,759 after starting the period at $1,525. Census figures show median household income at $80,941 today, compared with $70,131 five years earlier. Headcount in the area went from 17,882 to 18,971 between 2021 and 2024, a 6.1% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 31.8% to 38%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in Panama City Beach on your salary?
At $1,759/mo, how Panama City Beach rent compares to typical pay (30% rule).
Panama City Beach rent by bedroom count
Median rent for each apartment size in Panama City Beach. Click any size for full breakdown.
Tips for renters in Panama City Beach
Last updated: October 17, 2026
The median rent in Panama City Beach is $1,759/mo as of October 2026. A studio apartment averages $1,553/mo while a 2-bedroom runs $1,830/mo. One-bedroom apartments average $1,563/mo and 3-bedroom units go for $2,430/mo.
At 26% of local median household income ($80,941/yr), Panama City Beach ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.7% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Panama City Beach?
At $1,759/mo, rent takes ~26% of Panama City Beach's median household income ($80,941/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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