Panama City, FL · Florida
Bay County
181,368 residents1,995 permits TTM$70,188 median HHI12 ZIP codesUpdated April 28, 2026
Investor first look
Median home value
$276,900
ACS 5-Year
Cap rate proxy
6.2%
FMR × 0.65 ÷ Home Value
Rent-to-income
24.3%
HUD FMR ÷ ACS HHI
Net migration
+1.79%
IRS SOI
Permits (TTM)
1,995
Census BPS
Climate risk
94.1
FEMA NRI (0–100)
ZIP code breakdown12 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 32438 | — | — | — | 10.9% | 15.3% |
| 32466 | — | — | — | 6.4% | 15.3% |
| 32403 | — | — | — | 6.2% | 15.3% |
| 32410 | — | — | — | 6.2% | 15.3% |
| 32401 | — | — | — | 9.4% | 1.2% |
Ranked by composite score
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Demographics
Owner-occupied
68.3%
Census ACS
Vacancy rate
28.3%
Census ACS
Bachelor's degree +
28.0%
Census ACS
Rent burdened
56.1%
Census ACS (>30% income)
Median age
41.4
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 28, 2026