Cost of living in Panama City, FL
231,174 people (Census 2025 estimate). Overall prices are 2.7% below the US average, with housing at 96.4 on BEA’s index (US = 100). A single renter on $60,000 keeps $1,095 a month after 2026 taxes and modeled costs.
Typical household budgets in Panama City, FL
Computed by MoveMath’s engine with 2026 tax law, HUD Fair Market Rent for the bedrooms each household needs, DOL 2022 childcare prices for Bay County, FL in current dollars, USDA Moderate-Cost food, one car per adult and $1,000 a month of other spending at US-average prices scaled by local price levels.
| Per month | Single, $60k | Couple + toddler, $110k | Family of four, $71,514 |
|---|---|---|---|
| Gross income | $5,000 | $9,167 | $5,960 |
| Taxes | $801 | $1,255 | $456 |
| Take-home pay | $4,199 | $7,912 | $5,504 |
| Housing | $1,517 | $1,651 | $1,651 |
| Childcare | $0 | $953 | $1,404 |
| Food | $424 | $951 | $1,234 |
| Transportation | $159 | $318 | $318 |
| Sales tax | $29 | $29 | $29 |
| Other goods & services | $976 | $976 | $976 |
| Left over | $1,095 | $3,034 | −$107 |
Family of four = two adults, a preschooler and a school-age child at the metro’s median household income ($71,514). Click a column to open it in the budget planner and change any input.
Price levels: Panama City, FL vs Florida and the US
BEA Regional Price Parities, 2024. 100 = US average; bars compare the metro (dark) with Florida statewide (light).
Within Florida, Panama City, FL ranks 14th of 22 metros on overall prices; the state as a whole is at 103.4. The dashed line marks the US average.
Rent and homeownership
| Unit | HUD Fair Market Rent | Income needed at 30% | Share of median income |
|---|---|---|---|
| Studio | $1,414 | $56,560 | 23.7% |
| 1-bedroom | $1,517 | $60,680 | 25.5% |
| 2-bedroom | $1,651 | $66,040 | 27.7% |
| 3-bedroom | $2,101 | $84,040 | 35.3% |
| 4-bedroom | $2,567 | $102,680 | 43.1% |
FY2027 FMRs for Panama City, FL HUD Metro FMR Area: 40th-percentile gross rent (rent + tenant-paid utilities) for standard-quality units. Census median gross rent, all unit sizes: $1,456 (ACS 2020-2024).
Childcare prices in Bay County, FL
| Age band | Center, weekly (2022) | Center, yearly today* | Home-based, weekly (2022) | Home-based, yearly today* |
|---|---|---|---|---|
| Infant (under 2) | $215 | $13,666 | $162 | $10,275 |
| Toddler (2) | $180 | $11,442 | $150 | $9,535 |
| Preschool (3–4) | $165 | $10,488 | $150 | $9,535 |
| School-age (5–12) | $100 | $6,356 | $135 | $8,581 |
DOL National Database of Childcare Prices, 2022 county medians for full-time care in Bay County, FL (the metro’s principal county). *52 weeks × 1.2224, the BLS CPI change for day care and preschool from the 2022 average to 2026-08.
Taxes: what you keep in Panama City
| Single filer, 2026 | $50,000 | $75,000 | $120,000 |
|---|---|---|---|
| Federal income tax | $3,820 | $7,670 | $17,570 |
| Social Security + Medicare | $3,825 | $5,738 | $9,180 |
| Florida income tax | $0 | $0 | $0 |
| Take-home pay / month | $3,530 | $5,133 | $7,771 |
| Share of pay to taxes | 15.3% | 17.9% | 22.3% |
No mandatory local income tax for residents of Panama City in our data. State sales tax: 6% (state rate only; local rates add on), groceries exempt.
Calculate take-home pay for your household in Panama City, FL
Energy and fuel
EIA: electricity 2025, natural gas 2024, gasoline week ending 2026-10-05. Renters’ utilities are already inside gross rent.
Nearby metros
| Metro | Distance | Price level | 2-BR FMR | Single $60k left over |
|---|---|---|---|---|
| Panama City, FL | — | 97.3 | $1,651 | $1,095 |
| Crestview, FL · compare | 67 mi | 97.0 | $1,908 | $906 (−$189) |
| Dothan, AL · compare | 75 mi | 83.8 | $966 | $1,648 (+$553) |
| Tallahassee, FL · compare | 87 mi | 93.9 | $1,424 | $1,348 (+$253) |
| Pensacola, FL · compare | 93 mi | 97.7 | $1,548 | $1,253 (+$158) |
| Albany, GA · compare | 132 mi | 87.7 | $1,103 | $1,464 (+$369) |
| Daphne, AL · compare | 135 mi | 94.7 | $1,434 | $1,099 (+$4) |
Frequently asked questions
Is Panama City, FL expensive to live in?+
BEA’s Regional Price Parities put overall prices in the Panama City, FL metro at 97.3 (US = 100) in 2024 — 2.7% below the national average and the 124th highest of 387 metros. Housing is 96.4, goods 96.2.
What salary do you need to live in Panama City, FL?+
A single renter earning $60,000 keeps $4,199 a month after 2026 taxes and has $1,095 left after rent at HUD Fair Market Rent, food, fuel, sales tax and other modeled costs. Use the cost of living calculator to find the salary that matches your current budget.
How much is rent in Panama City, FL?+
HUD’s FY2027 Fair Market Rent — the 40th-percentile gross rent including utilities — is $1,517 for a 1-bedroom and $1,651 for a 2-bedroom. The Census median gross rent for all units is $1,456.
Does Panama City have a local income tax?+
No mandatory local income tax applies to residents of Panama City in our 2026 data. Florida state income tax does not apply to wages.