Panama City, FL Cost Of Living
Cost Of Living In Panama City, FL Summary
Cost of living in Panama City research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Panama City is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Panama City is 93, with 100 being the average.
The cost of living index in Panama City is 0.9x lower than the national average.
Panama City ranks as the #128 cheapest in Florida out of 459.
Panama City ranks as the #2,137 cheapest out of 6,412 in the US.
The median home value in Panama City is $175,800.
The median income in Panama City is $51,569.
Table Of Contents
Panama City's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Panama City, FL?
According to the most recent data on the cost of living, Panama City has an overall cost of living index of 93, which is 0.9x lower than the national index of 100.
Compared to Florida, Panama City has a cost of living index that's 0.9x lower than Florida's index of 101.
The standard of living in Panama City ranks as #128 most affordable out of the 459 places we measured in Florida. By definition, that implies Panama City ranks as the #331 most expensive place in the Sunshine State.
For more reading on life in Panama City, check out:
- Living In Panama City
- Panama City Crime Report
- Search Homes For Sale In Panama City, FL
In Florida
In America
Panama City Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Panama City. Here is how it fairs on each of the criteria:
The Services index in Panama City is 101.
The Groceries index in Panama City is 102.
The Health index in Panama City is 98.
The Housing index in Panama City is 76.
The Transportation index in Panama City is 96.
The Utilities index in Panama City is 89.
| Living Expense | Panama City | Florida | National Average | |
|---|---|---|---|---|
| Overall | 93 | 101 | 100 | |
| Services | 101 | 98 | 100 | |
| Groceries | 102 | 101 | 100 | |
| Health | 98 | 96 | 100 | |
| Housing | 76 | 108 | 100 | |
| Transportation | 96 | 98 | 100 | |
| Utilities | 89 | 100 | 100 | |
Panama City, FL Housing Cost Breakdown
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Panama City is $175,800.
The Median Rent in Panama City is $1,074.
The Median Income in Panama City is $51,569.
The Home Value To Income in Panama City is 3.4x.
The Rent To Monthly Income in Panama City is 0.25x.
| Statistic | Panama City | Florida | United States |
|---|---|---|---|
| Median Home Value | $175,800 | $248,700 | $244,900 |
| Median Rent | $1,074 | $1,301 | $1,163 |
| Median Income | $51,569 | $61,777 | $69,021 |
| Home Value To Income | 3.4x | 4.0x | 3.5x |
| Rent To Monthly Income | 0.25x | 0.25x | 0.2x |
Median Home Value
Median Rent
Median Income
Panama City, FL Costs By Category
Detailed Panama City Services Costs Vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Shampoo | $0.89 | $1.06 |
| Movie | $12.51 | $10.68 |
| Bowling | $14.01 | $14.67 |
| Haircut | $14.35 | $18.62 |
| Beauty Salon | $38.32 | $39.05 |
Detailed Panama City Groceries Costs Vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Ground Beef | $4.86 | $4.22 |
| Fried Chicken | $1.38 | $1.39 |
| Milk | $2.41 | $2.05 |
| Potatoes | $3.67 | $3.29 |
| Pizza | $10.33 | $10.62 |
| Beer | $9.29 | $9.38 |
| Toothpaste | $2.25 | $2.34 |
Detailed Panama City Health Costs Vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Optometrist | $80.2 | $108.57 |
| Doctor | $110.71 | $116.17 |
| Dentist | $94.58 | $99.13 |
Detailed Panama City Transportation Costs Vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Gasoline | $2.28 | $2.22 |
| Tire Balancing | $42.79 | $50.07 |
Detailed Panama City Utilities Costs Vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| All Electricity | $142.93 | $167.67 |
| Phone | $181.79 | $175.64 |
Panama City SnackAbility
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