ZIP Code · FL

ZIP 32401

Part of Panama City, FL

Pop. 18,947·Bay County·608th most expensive ZIP in Florida

Median rent (all units)

$1,513/mo

Year-over-Year

+4.6%

Month-over-Month

+0.9%

vs US Median

-$419

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 32401 · $1,513

More affordable than 72% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,240

1 BR

$1,240

2 BR

$1,450

3 BR

$1,930

4 BR+

$2,440

Research median

$1,450/mo

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

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 32401 is at its highest level since Zillow's records here began in March 2022.

Past year vs. the rest of Florida

Rent in ZIP 32401 changed +4.6% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 2 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($52,523) is $1,313 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,240); a 2-bedroom is $1,450.

Rank in Panama City

1st cheapest of 3 ZIP codes in Panama City.

From Zillow's monthly rent index (ZORI) for ZIP 32401. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,156/yr

At $1,513/mo median

Location

CityPanama City

StateFL

CountyBay County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 4.6% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+4.6% YoY, +0.9% MoM), not inventory.

Demographics

Who lives here

ZIP 32401 (Panama City, FL) is majority owner-occupied, has a median income below the national average, 21.1% of residents hold a bachelor's degree or higher.

Population

18,947

Median income

$52,523

Median age

43.5

Renters

39.7%

Age distribution

19.6%

24.8%

16.3%

19.7%

Under 1819.6%

18–3419.6%

35–5424.8%

55–6416.3%

65+19.7%

Gender

47.7%

52.3%

Male47.7%

Female52.3%

Race & ethnicity

63.3%

22.9%

White63.3%

Black22.9%

Hispanic10%

Asian2.1%

Other1.7%

Education (25+)

12.1%

33.7%

33.1%

21.1%

No HS diploma12.1%

HS diploma33.7%

Some college33.1%

Bachelor's+21.1%

Housing tenure

60.3%

39.7%

Owner60.3%

Renter39.7%

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

2022 vs 2026

How ZIP 32401 in Panama City, FL has changed in 5 years

Rent

$1,270 → $1,513

up 19.1%

Income

$41,484 → $52,523

up 26.6%

Population

19,208 → 18,947

down 1.4%

Renter share

46.5% → 39.7%

-6.8 pts

Bachelor's+

19.4% → 21.1%

+1.7 pts

Median age

44.1 → 43.5

-0.6 yrs

Across the past five years, the going rent in ZIP 32401 in Panama City, FL has shifted from $1,270 to $1,513, up 19.1% since 2022. Median household income climbed from $41,484 to $52,523 between 2021 and 2024, a 26.6% shift. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 32401 in Panama City, FL losing about 261 residents over the five-year window, down 1.4% on net. The renter share has eased from 46.5% to 39.7%, with owner-occupied housing accounting for the remainder. Taken together, the five-year picture in ZIP 32401 in Panama City, FL reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 32401

Last updated: October 17, 2026

ZIP code 32401 covers Panama City, FL. The median rent here is $1,513/mo as of October 2026. A 1-bedroom rents for a median of $1,240/mo. A 2-bedroom rents for a median of $1,450/mo.

At 35% of local median household income ($52,523/yr), ZIP 32401 ranks as moderate compared to the national benchmark of 30%. Rents have increased 4.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 32401?

To keep rent at or below 30% of gross income, you would need to earn at least $61,000/year (about $29/hour full-time) to afford the median rent of $1,513/mo in ZIP 32401. The local median household income is $52,523/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 32401?

Rent in ZIP 32401 has risen 4.6% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2022.

How does ZIP 32401 compare to other ZIPs in Florida?

ZIP 32401 is one of the more affordable among Florida ZIP codes for rent, ranking #608 of 656 at $1,513/mo. Over the year to September 2026, rent in ZIP 32401 changed +4.6%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.