Cost of Living in Panama City, FL
Population 34,211 · Florida · Data vintage 2023
(100 = US avg)
The Panama City cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $243,000, rents near $1,334 a month.
Located 85 miles west of Tallahassee, Panama City is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 12% lower than Tallahassee's $276,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Panama City
The median home value in Panama City is $243,200 — 20% below the national median of $305,000. Median rent runs $1,334/month, 2% higher than the national median of $1,314/month. The median household income of $61,125/year is 18% lower than the US median of $74,580. The local unemployment rate is 4.4%, below the national average of 4.8%. Florida charges no state income tax, a meaningful advantage for take-home pay. The climate averages highs of 78.6°F and lows of 60.9°F. Overall, Panama City has a cost of living index of 88 versus the US average of 100, meaning it is 12% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 63 | 67 | 72 | 77 | 85 | 89 | 91 | 90 | 89 | 82 | 72 | 66 |
| Low °F | 45 | 48 | 53 | 60 | 67 | 74 | 76 | 75 | 71 | 62 | 52 | 47 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Panama City, FL?
Panama City has a cost index of 88 (100 = national average). It is 12% below the national average.
What is average rent in Panama City, FL?
The median gross rent in Panama City is $1,334 per month based on 2023 Census data.
What is the average home price in Panama City?
The median home value in Panama City is $243,200 according to Zillow and Census data.
What is the median income in Panama City?
The median household income in Panama City is $61,125 per year (2023 ACS 5-year estimates).
What is the sales tax in Panama City, FL?
The combined state and local sales tax rate in Panama City is 7.0%. Florida has no state income tax.
Is Panama City, FL affordable?
Yes, Panama City is generally considered affordable, with a cost of living index of 88 — about 12% below the US national average of 100.
What is the weather like in Panama City?
Panama City has average high temperatures of 78.6°F and average lows of 60.9°F. Data from NOAA 1991–2020 Climate Normals.
Panama City at a Glance
- Population
- 34,211
- Median Income
- $61,125
- Home Value
- $243,200
- Median Rent
- $1,334/mo
- Unemployment
- 4.4%
- Avg High Temp
- 78.6°F
- Sales Tax
- 7.0%
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Florida Rankings
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