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 101, which is 1.0x higher than the national index of 100.
Compared to Florida, Panama City has a cost of living index that's 1.0x lower than Florida's index of 104.
The standard of living in Panama City ranks as #102 most affordable out of the 462 places we measured in Florida. By definition, that implies Panama City ranks as the #360 most expensive place in the Sunshine State.
For more reading on life in Panama City, check out:
Panama City Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Panama City. Here is how it fares 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 93.
The Housing index in Panama City is 101.
The Transportation index in Panama City is 109.
The Utilities index in Panama City is 105.
| Living Expense | Panama City | Florida | National Average |
|---|---|---|---|
| Overall | 101 | 104 | 100 |
| Services | 101 | 101 | 100 |
| Groceries | 102 | 105 | 100 |
| Health | 93 | 99 | 100 |
| Housing | 101 | 104 | 100 |
| Transportation | 109 | 109 | 100 |
| Utilities | 105 | 105 | 100 |
Panama City Cost Of Living Compared To Florida Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Florida, check out:
Protect your home budget Compare home warranties in Panama City Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Panama City is $283,255.
The Median Rent in Panama City is $1,327.
The Median Income in Panama City is $62,265.
The Home Value To Income in Panama City is 4.5x.
The Rent To Monthly Income in Panama City is 0.26x.
| Statistic | Panama City | Florida | United States |
|---|---|---|---|
| Median Home Value | $283,255 | $375,661 | $332,700 |
| Median Rent | $1,327 | $1,669 | $1,413 |
| Median Income | $62,265 | $74,568 | $80,734 |
| Home Value To Income | 4.5x | 5.0x | 4.1x |
| Rent To Monthly Income | 0.26x | 0.27x | 0.21x |
Panama City, FL Costs By Category
Detailed Panama City Services costs vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Shampoo | $1.17 | $1.28 |
| Movie | $12.99 | $12.13 |
| Bowling | $20.0 | $18 |
| Haircut | $21.34 | $24.26 |
| Beauty Salon | $52.41 | $45.56 |
Detailed Panama City Groceries costs vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Ground Beef | $6.17 | $5.84 |
| Fried Chicken | $1.67 | $1.57 |
| Milk | $4.5 | $4.67 |
| Potatoes | $5.2 | $4.93 |
| Pizza | $12.56 | $12.09 |
| Beer | $10.49 | $10.41 |
| Toothpaste | $3.71 | $3.7 |
Detailed Panama City Health costs vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Optometrist | $107.95 | $125.68 |
| Doctor | $106.49 | $135.78 |
| Dentist | $113.85 | $113.29 |
Detailed Panama City Transportation costs vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| Gasoline | $3.2 | $3.46 |
| Tire Balancing | $47.55 | $59.92 |
Detailed Panama City Utilities costs vs. Florida
| Item | Panama City | Florida |
|---|---|---|
| All Electricity | $142.23 | $193.99 |
| Phone | $188.01 | $192.25 |
