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Thursday, November 10, 2022

Your Panama City, FL Real Estate Questions Answered

Panama City, Florida

Your Panama City, FL Real Estate Questions Answered

Thanks to a beautiful seashore and perfect temperatures, Panama City is a desirable place to live in the Florida Panhandle. This four-season paradise isn’t just for tourists and spring breakers. People of all ages decide to call Panama City home because it combines a waterfront lifestyle with affordability.

If you’re considering moving here, you likely have some questions about what it’s like to live in Panama City. Here are answers to some of the most frequently asked questions about living in Panama City, FL.

What is the average price of a home in Panama City, FL?

Average home price in Panama City Florida

Panama City has a great combination of coastal homes, high-rise condos, and townhomes. Home values have gone up 12.7% over the past year. The median price of homes listed in Panama City was $332,000 in November 2022.

The prices ranged from $39,000 for a two-bedroom, one-bathroom fixer-upper to $4.6 million for an 8,498 sq ft custom home on St. Andrews Bay.

Florida has a complex property tax structure, so learn how to calculate your Florida taxes.

Are there any condos or townhomes available in Panama City, FL?

condominium units in Panama City Florida

Yes, there are plenty of condos and homes available in Panama City! You can find great deals on beachfront properties as well as inland homes. No matter what your budget is, you should be able to find something that meets your needs.

The November 2022 market had 125 condos and townhomes listed. The most affordable was $85,000 for a fixer-upper studio. The most expensive was a waterfront three-bedroom, three-bathroom penthouse condo for $2.55 million.

What is the cost of living in Panama City, FL?

cost of living in Panama City FL

The cost of living in Panama City is relatively affordable compared to other parts of Florida. Housing costs are reasonable, and there are many options for dining and entertainment. Additionally, Florida has no state income taxes, which can save residents a significant amount of money.

The overall cost of living in Panama City was 88.4, with housing costs coming in 30% below the national average. Now, if you’re looking at Panama City Beach, the overall cost of living was 6% above the national average. Housing was 23% above, but transportation and miscellaneous costs were under the national expenditure.

What is the job market like in Panama City, FL?

Panama City FL job market status

Panama City’s job market is strong, with many opportunities in the tourism and hospitality industry. Fishing, shipbuilding, and manufacturing, particularly paper products and chemicals, are other thriving industries in the region. Several military bases are around Panama City, which provides good employment options.

In addition, Panama City is within driving distance of some of the larger cities in Florida, such as Pensacola, which increases job opportunities if you’re willing to commute.

The unemployment rate in the Panama City metro was 2.3% in September 2022.

What are the schools like in Panama City, FL?

Panama City is served by Bay District Schools. Some of the top-rated schools in the city include North Bay Haven Charter Academy, Gulf Coast School for Autism, and Rutherford High School. The Florida Department of Education gives the Bay District an overall “B” rating as of 2022.

What county is Panama City, FL, in?

Panama City is located in Bay County, Florida. This Panhandle county is known for its sugar-white sand beaches and turquoise waters. It is also home to several military bases, including Tyndall Air Force Base and Naval Support Activity Panama City. It is a rural area, with Panama City and the Beach being the major population hub.

Is Panama City, FL growing?

population growth in Panama City Florida

Panama City’s population is growing steadily, with 32,000 residents in the April 2020 Census. The median age in Panama City is 39.8 years old.

In the entire Panama City metro, which includes Panama City Beach, the population increased by 2.2% from July 2020-July 2021. The year-over-year growth rate is 3.3%.

Projections have Panama City reaching 50,000 residents by 2030. The city believes it is poised for significant growth.

What neighborhoods are in Panama City, FL?

Panama City residents are never far from the water, whether it’s St. Andrews Bay, an inlet, or Panama City Beach. Its neighborhoods range from old Florida homes to master-planned communities. Some of the popular areas in Panama City include:

Bunkers Cove, a historic waterfront neighborhood home to the St. Andrews Yacht Club. The club hosts member events like Sunday brunches and weekly trivia nights.

The Woods is the perfect neighborhood for anyone who wants to live in a quiet area. Situated north of downtown Panama City surrounded by urban development, it’s close to essential places like restaurants, banks, and healthcare facilities.

Bayside is another waterfront living option. Pets will enjoy running free at the Al Helms Dog Park. The Bay Memorial Park Disc Golf Course features wooded disc golf holes and open spaces great for walking or sport.

Historic St. Andrews is a charming bayside area with many attractions for visitors and residents alike. With its marina activity, stunning restaurants and bars with live music, and friendly farmers market, there’s something for everyone to love. And all of it overlooking the beautiful bay? It doesn’t get much better than that!

Glenwood is a community-based neighborhood with an active recreation center in the process of expansion. This quaint neighborhood has lots of personality and charm while being near Sacred Heart Hospital, one of Panama City’s best medical facilities. The area has deep cultural and historical significance, as it was at the heart of local Civil Rights movements and the African-American community.

Lynn Haven is a family-friendly neighborhood part of the metro with three significant parks. It’s also home to the Panama City Marina, with slips for long-term boat storage, a fueling station, and a shipyard. The area hosts annual events like the Seabreeze Jazz Festival and the Blessing of the Fleet. The Panama Country Club dates back to 1927 and has 6,700 yards of play.

Panama City Beach is a well-known beach town and resort destination. It’s home to 27 miles of sugar-white sand beaches and attractions like Ripley’s Believe It or Not, Gulf World Marine Park, and Pier Park. Panama City Beach has its own neighborhood breakdown, like Upper and Lower Grand Lagoon, Bel Air, and Magnolia Beach. This is a great place to live if you’re looking for a laid-back lifestyle by the beach.

How is golf in Panama City, FL?

golf in Panama City Florida

Golf lovers rejoice! Panama City is a golfer’s paradise, with many world-class courses. The Panama Country Club, for example, dates back to 1927 and has 6,700 yards of play.

Nature Walk Golf Club is on the mainland and is a beautiful 18-hole course that weaves through live oak and magnolia trees.

Bay Point Resort Golf Club in Panama City Beach has a Nicklaus Designed course situated in a 1,100-acre nature preserve with stunning views of the bay. It’s been recognized as one of the area’s top golf courses. The 5th hole is the course’s signature, with a spectacular tee shot to an island fairway in the middle of the Grand Lagoon and a second shot to a peninsula green overlooking St. Andrews Bay.

Signal Hill Golf Course is another beach course with 18 holes open to the public. The Country Club features a pro shop and a bar.

Are there golf course communities in Panama City, FL?

What’s life in Florida without a golf course community? You have options for golf course living, one being the HOA-free Colony Club. The homes surround the Holiday Golf Club, an 18-hole championship course.

Laketown Wharf has condos with resort-style living and golf course views. It’s predominantly a vacation resort with timeshares, but you can own its units. The high-rise condominium overlooks the Signal Hill Golf Course. There are five pools, a fitness center, beach access, and dining on-site.

Legend Lakes sits on the Jack Nicklaus-designed course at Bay Point Golf Club. These custom homes have additional community amenities like rental slips at the Point South Marina.

What areas are near Panama City, FL?

Some of the most popular attractions in the Panama City area include Panama City Beach, a well-known beach town and resort destination. It’s home to 27 miles of sugar-white sand beaches and tourist attractions, mostly concentrated at Pier Park.

St. Andrews State Park is a 1,200-acre Florida state park located on a peninsula between the Gulf of Mexico and St. Andrews Bay. It’s a popular spot for swimming, snorkeling, fishing, and picnicking.

Tyndall Air Force Base is a United States Air Force base 12 miles east of Panama City. The base is home to the 325th Fighter Wing, which consists of four F-22 Raptor fighter squadrons.

South of Panama City is Port St Joe, a small coastal town with just over 3,000. It has a sleepier feel and is known for its sugar-white sand beaches, fishing, and boating.

Mexico Beach is a quaint beach town with about 1,000 residents a bit further down the coast. It’s popular for its uncrowded beaches, seafood restaurants, and charter fishing.

North is the town of Seaside, a beach community that was the setting for the Jim Carrey film The Truman Show. It’s known for its pastel-colored houses, quaint shops, and nearby state parks.

Just east is Destin, another popular resort town in northwestern Florida. It’s known for its white sand beaches, Gulf Coast waters, and harbor. Popular attractions include Destin Harbor, Big Kahuna’s Water and Adventure Park, and Henderson Beach State Park.

Beyond that is Pensacola, the westernmost metro in Florida, accessible in over two hours by car. Tallahassee is about two hours to the northeast.

What to know about living in Panama City, FL

Living in Panama City Florida

Panama City has a subtropical climate, which means it has hot, humid summers and mild winters. The average temperature in July is 86F and the average temperature in January is 60F.

Panama City experiences heavy rains from June to September due to the area’s location in the Gulf of Mexico. The city also can be impacted by hurricanes and tropical storms from June to November.

Panama City is a diverse city in the Florida Panhandle region with a population of about 37,000 people. The median household income is $44,512, and the median home value is $164,700 as of 2022.

Panama City is home to several schools and colleges, including Gulf Coast State College, Florida State University at Panama City, and the University of Florida- Panhandle.

The city definitely experiences “tourist season,” primarily from January through April, as snowbirds and spring breakers come to enjoy the warm weather and beaches. Expect more traffic and wait times during these months.

Make the most of living in Panama City. Contact a local real estate agent to find the right neighborhood for you.

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Preston Guyton

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