Panama City is a city located in Bay County, in the panhandle region of Florida, in the southeastern United States. It is known for its beautiful beaches, warm weather, and outdoor recreation opportunities.

The city is located on St. Andrews Bay, which is connected to the Gulf of Mexico. Panama City Beach, which is located just west of the city, is a popular vacation spot with pristine beaches, crystal-clear waters, and a variety of water sports and activities.

In addition to its beaches, Panama City has several other attractions, including the Panama City Marina, where visitors can take a stroll along the boardwalk and watch the boats come and go. The city also has a number of parks and nature preserves, including St. Andrews State Park, which features hiking trails, camping facilities, and a fishing pier.

Panama City is also home to a number of cultural institutions, including the Visual Arts Center of Northwest Florida, which hosts a variety of exhibitions and workshops, and the Martin Theatre, which presents a range of performing arts events throughout the year.

Overall, Panama City is a charming and relaxing destination that offers visitors a chance to enjoy the beauty of Florida’s Gulf Coast.

Population:

• Population (2023): 35,600
• Median age (2023): 39.8
• Residents under 18 (2023): 23.2%
• Residents over 65 (2023): 18%
• Population by sex (2023): 47.2% male, 52.8% female
• Married population (2023): 50%
• Population change (2010-2020): Appx. same
• % of homeowners and renters (2023): 52.5% homeowners, 47.5% renters
• Poverty rate compared to the US national average (2022): 18.6% vs average of 11.5%

Demographics (2022):

• White Non Hispanic – 61.8%,
• Black Non Hispanic – 21%,
• Multiracial Non Hispanic – 5%,
• White Hispanic – 2.66%,
• Asian – 2.18%,
• Multiracial Hispanic – 2%

*Prices shown are based only on activity for the dates specified

Income:

• Median household income (2022): $57,221
• Avg. per capita income (2022): $33,853

Tax:

• County property tax rate: .69% of a property’s assessed fair market value (2023)
• Combined state and county sales tax rate: 7.5% (2023 )

Cost of Living:

• Average cost of living compared to the US national average (2023): Lower
• Cost of housing compared to the Florida average (2023): Lower
• Cost of food compared to the US national average (2023): 5% Lower
• Cost of healthcare compared to the US national average (2023): 6% Lower
• Cost of utilities compared to the US national average: 7% Lower
• Cost of transportation compared to the US national average (2023): 11% Lower

Political affiliation based on the 2024 election results ( Bay County ): 

Republican – 72.84%

Democratic – 25.67%

Largest 3 employers: Tyndall Air Force Base, Bay Medical Sacred Heart, and Gulf Coast Regional Medical Center

School ratings: overall rating of 6 out of 10 (2021)

Coastal: Yes

Average low and high temperature: Low 16.5 °C, High 25 °C

Amenities/attractions:

• St. Andrews State Park, Panama City Beach, Gulf World Marine Park, and the Panama City Marina

Fun facts: In 2006, Panama City was named best place to invest in real estate by CNN’S business 2.0 magazine.

Location and Amenities:

 

Highways:

• Interstate 10 (I-10) is the closest major highway to Panama City, Florida. It runs east-west and connects with other major highways like I-95 and I-75.

International Airports:

• Northwest Florida Beaches International Airport (ECP) is the primary international airport serving the Panama City, Florida area. Appx. 20 miles and 30 min.

Universities and Colleges:

• Florida State University Panama City is a branch campus of Florida State University located in Panama City, offering various undergraduate and graduate programs.

Hospitals:

• Bay Medical Center Sacred Heart Health System is one of the major hospitals in Panama City.

Shopping Malls:

• Panama City Mall is a popular shopping destination in the city.

Major Cities:

• Tallahassee, the capital of Florida, is the closest major city to Panama City. Tallahassee is 100 miles away and appx. 1.5 hour drive

Short Term Rental Regulations:

** All short term rental operations in Florida must obtain a business license from the Florida Department of Business and Professional Regulation ( DBPR ) and a Florida Department of Revenue Certificate of Sales and Use. ** Short term rental regulations can be subject to change and should always be confirmed with city / towns or county departments.

Restrictions:

• Short term rentals are deemed to be any nightly, weekly or monthly rentals that last for less than 181 consecutive nights. Zoning restrictions apply.

For further details visit – panamacity.gov or co.bay.fl.us