Panama City, FL
Population 34,211 · Florida
About Panama City, FL
Panama City is a mid-sized city located in Florida with a population of 34,211 residents according to the latest US Census Bureau American Community Survey data. The median household income is $61,125 per year, which is 19% below the national median of $75,149. The median age of 38.6 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Panama City features a median home value of $243,200, which is 1% below the national median of $244,900. This positions Panama City in a moderately priced market relative to the rest of the country. Median monthly rent is $1,334, 15% above the national average of $1,163/month. Of the 16,643 total housing units, 55% are owner-occupied (8,157 units) and 45% are renter-occupied (6,650 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Panama City shows an unemployment rate of 4.4%, which is near the national rate of 3.7%. The poverty rate stands at 17.3%, above the national average of 12.4%. Workers in Panama City have an average one-way commute time of 20.9 minutes.
Education & Demographics
25.5% of Panama City residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.9% White, 2.9% Hispanic or Latino, 2.5% Black or African American, and 2.7% Asian residents, with 8.7% of the population being foreign-born.
Cost of Living in Panama City, FL
Compared to national averages, Panama City has a median household income of $61,125 (19% below the national median of $75,149). Home values average $243,200, which is 1% below the national median. Monthly rent at $1,334 is 15% above the US average of $1,163. Within Florida, Panama City's income is 19% below the state average of $75,893, and home values are 31% below the state median of $353,675.
Why Live in Panama City, FL?
Panama City offers affordable housing with a median home value of $243,200, below the US average of $244,900, and short commute times averaging just 20.9 minutes.
Potential considerations include median household income ($61,125) that falls below the national average. However, Panama City’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Panama City has a population of 34,211 with a median age of 38.6 years. Compare Panama City with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Panama City
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Cooper City | 34,166 | $122,565 | $555,800 | Compare |
| Merritt Island | 34,718 | $91,020 | $379,700 | Compare |
| Golden Glades | 35,042 | $49,932 | $346,900 | Compare |
| West Little River | 33,147 | $51,834 | $293,400 | Compare |
| East Lake | 33,019 | $93,862 | $457,300 | Compare |
| Kendall West | 35,492 | $66,858 | $377,800 | Compare |
| Fruit Cove | 35,609 | $137,906 | $451,600 | Compare |
| Carrollwood | 35,645 | $76,723 | $366,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Panama City With Other Cities
Frequently Asked Questions about Panama City
What is the population of Panama City, FL?
The population of Panama City, FL is 34,211 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Florida.
What is the median household income in Panama City?
The median household income in Panama City, FL is $61,125 per year, which is 19% below the national median of $75,149.
What is the median home value in Panama City?
The median home value in Panama City, FL is $243,200, which is 1% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Panama City?
The median monthly rent in Panama City, FL is $1,334, which is 15% above the national average of $1,163/month.
What is the unemployment rate in Panama City?
The unemployment rate in Panama City, FL is 4.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Panama City, FL a good place to live?
Panama City offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 34,211 and a median age of 38.6, the city appeals to a broad range of residents.
How educated is Panama City, FL?
25.5% of residents in Panama City aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Panama City?
Key cost-of-living indicators for Panama City, FL: median home value is $243,200 (1% below national), median rent is $1,334/month, and median household income is $61,125. The home-value-to-income ratio is 4.0x, a moderate figure by national standards.
What is the poverty rate in Panama City?
The poverty rate in Panama City, FL is 17.3%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Panama City, FL?
Panama City's population is 3.9% White, 2.9% Hispanic or Latino, 2.5% Black or African American, 2.7% Asian, and 21.0% two or more races. 8.7% of residents are foreign-born.