ZIP Code · FL

ZIP 32404

Part of Panama City, FL

Pop. 42,514·Bay County·496th most expensive ZIP in Florida

Median rent (all units)

$1,783/mo

Year-over-Year

+1.8%

Month-over-Month

+0.5%

vs US Median

-$149

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 32404 · $1,783

More affordable than 52% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,360

1 BR

$1,410

2 BR

$1,600

3 BR

$2,060

4 BR+

$2,560

Research median

$1,600/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

Cheapest month to sign

March. Asking rents in ZIP 32404 usually run 0.9% below trend in March and 0.6% above it in September, about $27 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 32404 is at its highest level since Zillow's records here began in January 2020.

Past year vs. the rest of Florida

Rent in ZIP 32404 changed +1.8% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

Since before the pandemic

Rent in ZIP 32404 is 33.9% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

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 ($74,708) is $1,868 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,600); a 3-bedroom is $2,060.

Rank in Panama City

3rd cheapest of 3 ZIP codes in Panama City.

Cheaper nearby

ZIP 32401, 9 miles away, rents for 15% less ($1,513/mo), about $3,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 32404. 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.

Annual cost

$21,396/yr

At $1,783/mo median

Location

CityPanama City

StateFL

CountyBay County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.8% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.8% YoY, +0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 32404 (Panama City, FL) is majority owner-occupied, 23.4% of residents hold a bachelor's degree or higher.

Population

42,514

Median income

$74,708

Median age

37.1

Renters

30.8%

Age distribution

22.7%

23%

25.4%

14.6%

14.4%

Under 1822.7%

18–3423%

35–5425.4%

55–6414.6%

65+14.4%

Gender

51.5%

48.5%

Male51.5%

Female48.5%

Race & ethnicity

70.6%

13.3%

White70.6%

Black13.3%

Hispanic9.4%

Asian2.6%

Other3.9%

Education (25+)

33%

31.8%

23.4%

No HS diploma11.7%

HS diploma33%

Some college31.8%

Bachelor's+23.4%

Housing tenure

69.2%

30.8%

Owner69.2%

Renter30.8%

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

2021 vs 2026

How ZIP 32404 in Panama City, FL has changed in 5 years

Rent

$1,432 → $1,783

up 24.5%

Income

$58,853 → $74,708

up 26.9%

Population

39,832 → 42,514

up 6.7%

Renter share

28.8% → 30.8%

+2.0 pts

Bachelor's+

17.5% → 23.4%

+5.9 pts

Median age

38.9 → 37.1

-1.8 yrs

Compared with 2021, rent in ZIP 32404 in Panama City, FL has increased by $351 per month, settling near $1,783 after starting the period at $1,432. Household income in the area moved from $58,853 to $74,708 across the same window, up 26.9% versus 2021. Headcount in the area went from 39,832 to 42,514 between 2021 and 2024, a 6.7% change. About 30.8% of households rent today, against 28.8% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 17.5% to 23.4%. Reading these numbers side by side helps frame whether current listings in ZIP 32404 in Panama City, FL look reasonable against where the market sat half a decade ago.

Community

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Local insights

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About renting in ZIP 32404

Last updated: October 17, 2026

ZIP code 32404 covers Panama City, FL. The median rent here is $1,783/mo as of October 2026. A 1-bedroom rents for a median of $1,410/mo. A 2-bedroom rents for a median of $1,600/mo.

At 29% of local median household income ($74,708/yr), ZIP 32404 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 32404?

To keep rent at or below 30% of gross income, you would need to earn at least $71,000/year (about $34/hour full-time) to afford the median rent of $1,783/mo in ZIP 32404. The local median household income is $74,708/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 32404?

Rent in ZIP 32404 has risen 1.8% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2020.

When is the cheapest time to rent in ZIP 32404?

Asking rents in ZIP 32404 are usually lowest in March, about 0.9% below their yearly trend, and highest in September, about 0.6% above it. At today's median that is a gap of roughly $27 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 32404 compare to other ZIPs in Florida?

ZIP 32404 is one of the more affordable among Florida ZIP codes for rent, ranking #496 of 656 at $1,783/mo. Over the year to September 2026, rent in ZIP 32404 changed +1.8%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.