ZIP Code · FL

ZIP 32405

Part of Panama City, FL

Pop. 29,984·Bay County·588th most expensive ZIP in Florida

Median rent (all units)

$1,569/mo

Year-over-Year

-0.7%

Month-over-Month

+0.3%

vs US Median

-$363

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 32405 · $1,569

More affordable than 68% 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

$1,440

1 BR

$1,500

2 BR

$1,700

3 BR

$2,190

4 BR+

$2,720

Research median

$1,700/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 32405 is 1.6% below its high of $1,595 in January 2026, at $1,569 as of September 2026.

Past year vs. the rest of Florida

Rent in ZIP 32405 changed -0.7% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent rose in 4 of the last 12 months.

What a typical income covers

30% of the median household income ($73,373) is $1,834 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,700); a 3-bedroom is $2,190.

Rank in Panama City

2nd cheapest of 3 ZIP codes in Panama City.

From Zillow's monthly rent index (ZORI) for ZIP 32405. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,828/yr

At $1,569/mo median

Location

CityPanama City

StateFL

CountyBay County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (-0.7% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 32405 (Panama City, FL) is majority owner-occupied, 30.8% of residents hold a bachelor's degree or higher.

Population

29,984

Median income

$73,373

Median age

36.2

Renters

40.5%

Age distribution

22.1%

26.2%

24.5%

17.4%

Under 1822.1%

18–3426.2%

35–5424.5%

55–649.8%

65+17.4%

Gender

47.5%

52.5%

Male47.5%

Female52.5%

Race & ethnicity

68.5%

16.4%

White68.5%

Black16.4%

Hispanic8%

Asian1.9%

Other5.3%

Education (25+)

24.7%

37.2%

30.8%

No HS diploma7.2%

HS diploma24.7%

Some college37.2%

Bachelor's+30.8%

Housing tenure

59.5%

40.5%

Owner59.5%

Renter40.5%

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

2022 vs 2026

How ZIP 32405 in Panama City, FL has changed in 5 years

Rent

$1,406 → $1,569

up 11.6%

Income

$61,947 → $73,373

up 18.4%

Population

29,999 → 29,984

down 0.1%

Renter share

38.8% → 40.5%

+1.7 pts

Bachelor's+

29.2% → 30.8%

+1.6 pts

Median age

38.5 → 36.2

-2.3 yrs

The median rent in ZIP 32405 in Panama City, FL stood at $1,406 in 2022 and currently runs about $1,569, reflecting a 11.6% increase over the period. Household income in the area moved from $61,947 to $73,373 across the same window, up 18.4% versus 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. Renters now make up 40.5% of households, compared with 38.8% five years ago. Reading these numbers side by side helps frame whether current listings in ZIP 32405 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 32405

Last updated: October 17, 2026

ZIP code 32405 covers Panama City, FL. The median rent here is $1,569/mo as of October 2026. A 1-bedroom rents for a median of $1,500/mo. A 2-bedroom rents for a median of $1,700/mo.

At 26% of local median household income ($73,373/yr), ZIP 32405 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 32405?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,569/mo in ZIP 32405. The local median household income is $73,373/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 32405?

Rent in ZIP 32405 has fallen 0.7% over the past year as of September 2026. It sits 1.6% below its high of $1,595 in January 2026.

How does ZIP 32405 compare to other ZIPs in Florida?

ZIP 32405 is one of the more affordable among Florida ZIP codes for rent, ranking #588 of 656 at $1,569/mo. Over the year to September 2026, rent in ZIP 32405 changed -0.7%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.