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 to Panama City, you likely have some questions about what it’s like to live there. 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?

The 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 was $332,000 in November 2022, which based in Florida’s median home value of $402,000 means ample opportunities for affordable living.

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?

Yes, there are plenty of condos and homes available here. 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 in the housing market 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?

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. The average of housing costs 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?

The job market here is strong, with endless 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 coastal cities in Florida, such as Pensacola, which increases employment 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?

Bay District Schools serve the city. 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?

It is located in Bay County, Florida. This Panhandle county is known for its natural beauty, particularly its sugar-white sand, beautiful 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?

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

The population of the entire Panama City metro, including Panama City Beach, increased by 2.2% from July 2020 to July 2021, or 3.3% year over year.

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, this means almost endless opportunities for relaxation. Its neighborhoods range from old Florida affordable homes to master-planned communities. Some of the popular areas in Panama City include:

Bunkers Cove is 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 beach living in a quiet area. Situated north of downtown, 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 sports.

Historic St. Andrews is a charming bayside area with many recreational opportunities and 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 quality of life and lots of personality and charm while being near Sacred Heart Hospital, one of the best medical facilities offering top-notch medical services in the city. 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 in North Florida, 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 offers entertainment opportunities with many annual events taking place here, 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 sandy beaches and attractions like Ripley’s Believe It or Not, Gulf World Marine Park, and Pier Park. The city has its own neighborhood breakdown, including 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 lovers rejoice! This 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 of which is 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 and enjoy a relaxed lifestyle. The high-rise condominium overlooks the Signal Hill Golf Course. With five pools, a fitness center, beach access, and dining on-site, there’s no shortage of fun activities here.

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 area include Panama City Beach, a well-known beach town and resort destination. It’s home to 27 miles of gorgeous beaches, recreational activities including water sports, 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 the city. The base is home to the 325th Fighter Wing, which consists of four F-22 Raptor fighter squadrons.

South of the city is Port St Joe, a small coastal town with just over 3,000. It has a sleepier feel and is known for its stunning beaches, and outdoor activities like 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 outdoor activities in the nearby state parks.

Just east is Destin, another popular resort town in northwestern Florida. It’s known for its white sand beaches, coastal neighborhoods, 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, a major city and 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

The Floridian 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.

The city experiences heavy rains from June to September due to the area’s location in the Gulf of Mexico. It also can be impacted by hurricanes and tropical storms during hurricane season from June 1 to November 30.

This 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 price is $164,700 as of 2022. That’s a pretty affordable cost for Florida.

It is home to several schools and colleges, including Gulf Coast State College, a local campus of Florida State University, 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 the charming city of Panama City FL by contacting a local real estate agent to find the right neighborhood.

More Frequently Asked Questions About Panama City Real Estate

What largest cities are closer to Panama City FL?

Panama City, FL, is conveniently located near several larger cities, including:

• Tallahassee, FL, about 100 miles northeast
• Pensacola, FL, roughly 100 miles west
• Mobile, AL, approximately 160 miles west
• Montgomery, AL, around 170 miles northwest.

These cities provide diverse cultural experiences, employment opportunities, and amenities, making them easily accessible for Panama City residents and visitors.

What’s the cost of living index in Panama City FL?

Panama City, FL, has a cost of living index of around 95.4, which is 4.6% lower than the national average and 7.5% lower than the state average. This lower index reflects more affordable housing expenses, including some of the lowest rates for apartments for rent in the region. In Panama City, the average rental cost is approximately $828 monthly for a studio apartment and around $1,254 for a one-bedroom unit.

Is Panama City’s job market growing?

Employment in Panama City offers a broad selection of opportunities, reflecting an ample diversity of industries and roles. Key components of the local job market include tourism, healthcare, retail, and education. Government offices, such as the Bay County government and Tyndall Air Force Base, also contribute to the job landscape, providing civilian and military positions.
This area of Florida has experienced steady job growth, particularly in the healthcare and construction sectors. The job market is projected to grow by 27.2% in the next decade.
While there are decent life prospects for many, some may find limited job opportunities in specialized fields, particularly in industries less represented in the region. Overall, Panama City’s employment market supports a variety of professions, making it possible for residents to find work that suits their skills and interests.

Are there higher education options in Panama City?

Panama City offers several higher education options. Gulf Coast State College (GCSC) is a prominent institution in the area, providing a range of associate and bachelor’s degree programs. GCSC serves a diverse student population and offers career and technical education, as well as transfer programs to four-year universities.

Florida State University Panama City (FSU-PC) is a regional campus of Florida State University, offering undergraduate and graduate degree programs in various fields, including business, engineering, and social sciences.

What natural disasters is Panama City susceptible to?

If you’re a potential relocator to Panama City, you must consider the area’s susceptibility to natural disasters. The region has historically experienced hurricanes and tropical storms, with notable events like Hurricane Michael in 2018. Panama City is located in a zone with a risk of hurricanes, particularly during the Atlantic hurricane season, which runs from June to November.

The city also faces a moderate risk of flooding, especially in low-lying areas and during heavy rainfall events. Furthermore, the area occasionally experiences tornadoes, though they are less frequent. Prospective residents should be aware of these risks and consider appropriate insurance and preparedness measures to protect their property and ensure safety.

What are the nearest airports to Panama City FL?

In the heart of Florida’s stunning Panhandle, Panama City offers a perfect blend of vibrant city life and serene coastal beauty. Whether you’re planning to visit or considering a move, accessibility is critical. Here’s a quick guide to the nearest airports for easy travel to and from Panama City, FL:

Northwest Florida Beaches International Airport (ECP)

Distance: Approximately 20 miles from downtown Panama City

ECP provides convenient access to Panama City with various domestic flights as the closest airport. It’s a sought-after choice for travelers seeking a hassle-free trip to the area.

Destin-Fort Walton Beach Airport (VPS)

Distance: Around 60 miles from downtown Panama City

VPS offers additional flight options, particularly from the eastern U.S. Though a bit further, it’s an excellent alternative for those traveling to the region.

Tallahassee International Airport (TLH)

Distance: Approximately 100 miles from downtown Panama City

As a regional hub, TLH offers more extensive flight options, including several major airlines. It’s ideal for those needing connections or traveling from more distant locations.

Each airport offers services and amenities to make your travel experience smooth and pleasant. Whether you’re coming for business, pleasure, or to find your dream home, getting to Panama City has never been easier!