Panama City, FL
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.88×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Florida
- 4.23×-0.35
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
29.8%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Florida
- 28.1%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.98%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Florida
- 4.40%+0.57
- vs U.S.
- 4.35%+0.63
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.44%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Florida
- 0.83%
- vs U.S.
- 0.03%+0.41
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
12.24
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Florida
- 8.03+4.21
- vs U.S.
- 3.52+8.72
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.9%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Florida
- 4.9%=
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+50.7%
homeValues.yearOverYear
+4.9%
Median home value
$263,500
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,480 | $17,760 | 26.2% |
| 2 BR | $1,682 | $20,184 | 29.8% |
| 3 BR | $2,169 | $26,028 | 38.4% |
Labor market direction
Unemployment
4.9%
Median household income
$67,834
What's being built
Total TTM
2,217
+0.6% YoY
Single-family
1,861
2–4 unit
43
5+ unit
313
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Bay County | 181,055 | $276,900 | $70,188 | 1,995 | -3.2% |
| Washington County | 25,014 | $156,000 | $52,723 | 222 | +34.5% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Panama City | 181,055 | $67,834 | 3.88× | 4.98% | +50.7% | 12.24 | 4.9% |
| Abilene, TX | 176,656 | $66,464 | — | — | +53.1% | — | 3.1% |
| Punta Gorda, FL | 189,900 | $66,154 | — | — | +41.9% | — | 5.6% |
| Redding, CA | 181,852 | $71,931 | — | — | +27.0% | — | 5.2% |
| Dover, DE | 182,400 | $72,872 | — | — | +49.9% | — | 5.6% |
| Muskegon, MI | 175,947 | $63,495 | — | — | +70.0% | — | 5.1% |
Where people are moving in from
Net migration
+800
+0.44% of population
| Origin county | Tax returns |
|---|---|
| Walton County, FL | 291 |
| Bay County, FL | 249 |
| Okaloosa County, FL | 215 |
| Washington County, FL | 200 |
| Jackson County, FL | 195 |
| Leon County, FL | 162 |
Who lives in Panama City
- Median age
- 41
- Bachelor's+
- 26.1%
- Owner-occupancy
- 69.5%
- Vacancy rate
- 27.1%
- Rent burdened (30%+)
- 55.3%
- Median household income
- $67,834
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.