Panama City, FL — Momentum Score, Home Values & Best-For

All states·Florida·Panama City

Bay County · Panama City · population 37,024

First-time buyersGrowing fast
Panama City, FL
Image: Wikipedia · Panama City, Florida
OverviewCost of livingMoving guide
View watchlist →
70
Rising
Momentum score · 0–100

Where Panama City stands

At or near all-time high. population growing 3.0% per year.

Median home $284,310
1-year +0.7%
5-yr CAGR +5.2%
vs 5-yr peak -0.8%
Population +3.0%/yr

Home value trajectory · last 10 years

Zillow ZHVI · monthly
peak 2024-04$284k$131k$186k$242k$298k201620182020202220242026

Lifestyle scores

🚶
Walkability
32/100
Very car-dependent
Estimated from population density. Higher = denser, more amenities within walking distance.
🚉
Public transit
22/100
Transit limited
Curated list of major US transit systems + population-based estimate. Higher = real subway/rail/bus options.
💻
Remote work fit
100/100
Excellent for remote work
Composite of city size, housing cost, state tax structure, and region's remote-work track record.

Scores are heuristic estimates from population density, state, and known transit/walkable cities. Not based on a paid Walk Score / Transit Score API — see methodology for the formula.

Rent trajectory · last 5 years

Zillow ZORI · monthly
$1,687/mo$1,228$1,519$1,811202220242026

Home value vs rent · indexed to 100

Both rebased at first month of ZORI data (~2015)
Home valueRent129129100120202220242026

Rent vs buy

Price-to-rent ratio: 14.0
Buy

At a 14.0 price-to-rent ratio, buying generally beats renting in Panama City on a long-enough horizon. The headline math is that one year of mortgage payments approximates 14.0 years of rent — well below the 15+ threshold where ownership starts to dominate.

How the momentum score breaks down

methodology →
Home YoY
54 · w22%
Home 5-yr CAGR
66 · w22%
Distance from peak
85 · w18%
Population growth
90 · w16%
Rent YoY
49 · w12%
Home 10-yr CAGR
77 · w10%
Long thesis

Panama City has been growing population at 3.0% per year while home values compounded +5.2% annually. Demand-driven appreciation — the kind that persists as long as people keep showing up, which they currently are.

Short thesis

Panama City's bear case is the boring one: the cycle is real and any market that's run hard can stall. Watch for slowing population growth, rising days-on-market, or builder discounts as the early warning signals.

About Panama City

Panama City is a city in Bay County, Florida, with an estimated population of 37,024. The population has grown 3.0% per year on average between 2020 and 2024 — among the faster-growing communities in the state. The median home value in Panama City is $284,310 as of 2026-04, up 0.7% over the last 12 months. Over the last five years, home values have averaged +5.2% annual growth, with prices at or near the 5-year peak. Rents in Panama City average $1,687 per month, roughly flat year-over-year (+0.6%). The composite momentum score is 70 of 100 (Rising). The market is healthy with prices supported by underlying demand.

▲ Bull case

●People are voting with their feet: population growing 3.0% per year since 2020 — that’s faster than ~80% of US cities.
●Healthy 5-year run: +5.2% annualized over 5 years, outpacing US inflation.
●Held the highs: currently -0.8% from the 5-year peak — this market refused to give back gains.

▼ Bear case

○Local nuance: city-level data smooths over neighborhood differences. School zones, HOA rules, and street-level character matter — visit before deciding.

About Panama City (Wikipedia)

Not to be Confused with Panama City, Panama

Source: Wikipedia · this summary is contributed and licensed under CC-BY-SA.

Playbook

Buyer

You're not in a frenzy but you're not getting bargains either. Make a competitive offer with normal inspection terms. Don't lowball — the listing will move with or without you.

Seller

Price at fair market value; expect movement in 30-45 days. Don't get clever with terms (rent-back, contingencies) — buyers in a Rising market have options.

Investor

Appreciation tailwind exists but cash flow requires discipline on price. Run the numbers conservatively and confirm rent comps before committing.

Local safety & alerts

No active National Weather Service alerts for Bay County right now.

NWS active alerts (FL)Florida Emergency ManagementHow to prepare (NWS)

Public-safety links are official .gov sources, not curated by us. Bay County routes NWS alerts; check the state EM portal for non-weather emergencies.

Neighborhoods of Panama City

3 tracked · ranked by median home value
1Pretty Bayou$362,684+3.5%
2Cedar Grove$315,770-0.1%
3Hiland Park$218,340+1.6%

Cities like Panama City

Milton, FL69 · RisingCrestview, FL64 · RisingCallaway, FL64 · RisingLynn Haven, FL66 · Rising

Run the numbers for Panama City

ToolCan I afford Panama City?Income → city shortlistToolROI on a Panama City rentalCap rate, cash-on-cash, DSCRToolCompare Panama City to anywhereSide-by-side up to 3 citiesToolPanama City cost-of-livingEquivalent income elsewhere

Sources: Zillow ZHVI (home values), Zillow ZORI (rents), US Census ACS + place population. Updated when source agencies publish revisions.

Climate & natural-disaster risk

Winter (Jan)
70° / 51°
avg high / low
Summer (Jul)
90° / 73°
avg high / low
Sunny days/yr
233
~64% of year
Annual precip
54″ rain
0″ snow
Disaster risk (1=very low, 5=very high)
Hurricane
Very high
Tornado
Moderate
Wildfire
Low
Earthquake
Very low
Flood
Very high

State-level averages from NOAA Climate Normals (1991-2020) and FEMA National Risk Index. City-level conditions can vary significantly within a state.

Current weather

Loading current conditions…

7-day forecast on weather.gov →

Find rentals & listings

Open current Panama City listings on the major real-estate sites.

Links open the live search on the destination site — results are always current.

Local news & community

Updated 2026-05-21 from Google News + Reddit RSS. Headlines link to original sources.

Local sports teams

Major professional teams the Panama City area cheers for. Detailed stats, schedules, and player pages on intherafters.com.

Local economy & environment

Humidity
76%
Very humid climate
Median household income
$67,900
Florida state median
Top industries (state-level)
TourismHealthcareConstruction

Humidity is annual average relative humidity (NOAA). Income is Census ACS 5-year estimate. Industries are largest employment sectors statewide (BLS); the local mix in a given city may vary.

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