Panama City, FL
Population 34,211 · Florida
About Panama City, FL
Panama City is a mid-sized city in Florida with a population of 34,211 residents. The median household income is $61,125 per year, which is near the national average. The median age in Panama City is 38.6 years.
Housing in Panama City has a median home value of $243,200 and median monthly rent of $1,334. Of the 16,643 total housing units, the majority are owner-occupied, with 8,157 owner-occupied and 6,650 renter-occupied units.
The unemployment rate in Panama City is 4.4% and the poverty rate is 17.3%. 25.5% of residents hold a bachelor's degree or higher. The average commute time is 20.9 minutes.
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.
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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 Census data.
What is the median household income in Panama City?
The median household income in Panama City, FL is $61,125 per year.
What is the median home value in Panama City?
The median home value in Panama City, FL is $243,200.
What is the average rent in Panama City?
The median monthly rent in Panama City, FL is $1,334.
What is the unemployment rate in Panama City?
The unemployment rate in Panama City, FL is 4.4%.