Updated · 2026 tax rules · Data: IRS, BLS, BEA, HUD · How we calculate

Cost of Living in Panama City, FL

Panama City-Panama City Beach, FL — prices, rents and what jobs really pay here after taxes.

Price level
97.3
U.S. average = 100 · #124 of 387
Median wage
$45,030
all jobs · $3,197/mo take-home
1-bedroom rent
$1,413
HUD fair market rent
▲4.7%
Pay trend: The median for all workers in Panama City, FL rose from $43,000 (May 2024) to $45,030 (May 2025). That beat inflation (2.4%), a real raise of about 2.3%.

Salary comparison calculator

What would you need to earn in Panama City, FL to keep the same lifestyle — after taxes — as in another city?

Cost of living calculator

Uses BEA price levels plus 2026 federal and state taxes in each city's state.

Salary needed to keep your lifestyle
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    How expensive is Panama City, FL?

    With a price level of 97.3 (U.S. average = 100), Panama City, FL is close to the national average. In detail, housing costs are 4% below average; everyday goods are 4% below average; utilities are 12% below average; other services such as healthcare and dining cost about the same as the national average. The biggest difference from the national average is in utilities.

    Prices in Panama City, FL vs. the U.S. average

    CategoryIndex (U.S. = 100)Difference
    All items97.3−2.7%
    Housing96.4−3.6%
    Goods96.2−3.8%
    Utilities88.1−11.9%
    Other services98.9−1.1%

    Source: BEA Regional Price Parities, 2024.

    Rent in Panama City, FL

    UnitMonthly rentIncome needed (30% rule)
    Studio$1,358$54,320/yr
    1 bedroom$1,413$56,520/yr
    2 bedrooms$1,601$64,040/yr
    3 bedrooms$2,058$82,320/yr
    4 bedrooms$2,557$102,280/yr

    HUD Fair Market Rents, FY2026, population-weighted across the metro's counties.

    Salary needed to live in Panama City, FL

    To keep the same standard of living as in an average-priced U.S. city, you would need to earn roughly:

    Salary in an average U.S. cityEquivalent in Panama City, FLTake-home here
    $40,000$38,900$33,436
    $60,000$58,400$49,104
    $80,000$77,800$63,562
    $100,000$97,300$77,281
    $150,000$145,900$110,989

    Scaled by the BEA price level (pre-tax). Take-home: single filer, Florida 2026 taxes. For a tax-aware comparison with a specific city, use the calculator above.

    A monthly budget on the median wage

    A single worker earning Panama City, FL's median wage of $45,030 takes home about $3,197 a month. A typical one-bedroom rents for $1,413, which is 44% of take-home pay — well above the 30% guideline, so many workers here share housing or rent smaller units. That leaves about $1,784 a month for everything else.

    Take-home pay in Panama City, FL

    Paycheck in Panama City, FL
    Deductions, kids & local tax

    2026 tax year. Federal brackets from IRS Rev. Proc. 2025-32.

    Your take-home pay
    $38,362
    per year · effective tax rate 14.8%
    $3,197Monthly
    $1,598Twice a month
    $1,475Every 2 weeks
    $18.44Hourly
    • Federal income tax$3,224
    • Social Security (6.2%)$2,792
    • Medicare (1.45%)$653
    • Florida income tax$0
    • Take-home pay$38,362

    Marginal rate: 12% federal + 0.00% state

    Highest-paying jobs in Panama City, FL

    JobMedian salaryTake-homeReal value*
    Waiter and Waitress$34,990$30,294$31,136
    Retail Salesperson$32,290$28,125$28,907
    Cashier$29,080$25,546$26,256
    Fast Food and Counter Worker$28,050$24,709$25,396

    *In U.S.-average dollars after adjusting for local prices.

    Pay and living costs in Florida cities

    Half of Florida’s 9,929,860 workers earn less than $47,880 a year and half earn more; the middle 50% earn $36,290–$75,410 (BLS, May 2025). Prices vary a lot within the state: Tallahassee, FL stretches a paycheck furthest, while Miami, FL is the costliest.

    Metro areaMedian payPrice level1-BR rentRent shareLeft after rent / moBuying power*
    Miami, FL$48,640114.2$1,94256%$1,497$36,146
    Tampa, FL$48,940100.9$1,69649%$1,763$41,137
    Orlando, FL$46,630101.4$1,73152%$1,573$39,093
    Jacksonville, FL$48,83099.5$1,37440%$2,077$41,630
    North Port, FL$47,440102.4$1,68650%$1,672$39,347
    Cape Coral, FL$46,780102.3$1,63849%$1,676$38,855
    Lakeland, FL$46,14097.1$1,23038%$2,041$40,409
    Palm Bay, FL$49,030100.0$1,47843%$1,987$41,574
    Deltona, FL$44,94099.4$1,39344%$1,798$38,533
    Pensacola, FL$46,24097.7$1,25738%$2,021$40,253
    Tallahassee, FL$46,52093.9$1,19336%$2,104$42,120
    Naples, FL$47,800103.2$1,79753%$1,585$39,329
    Port St. Lucie, FL$46,490100.2$1,46745%$1,828$39,445
    Gainesville, FL$47,02096.7$1,19336%$2,137$41,310
    Crestview, FL$47,51097.0$1,49244%$1,871$41,589

    *Yearly take-home pay (on each metro’s median wage, single filer) in U.S.-average dollars. Price level: BEA RPP 2024 (U.S. = 100). Rent: HUD FY2026 one-bedroom fair market rent.

    Panama City, FL vs. similar-size cities

    Metro areaPrice level1-BR rentMedian wageJobs
    Panama City, FL97.3$1,413$45,03090,610
    St. George, UT97.3$1,218$45,14090,500
    Bellingham, WA103.3$1,493$57,82091,390
    Florence, SC86.8$922$43,52089,060
    Medford, OR101.4$1,229$49,90089,060
    Bloomington, IL93.5$999$53,14088,110
    Monroe, LA83.6$772$38,15087,500

    Frequently asked questions

    Is Panama City, FL expensive to live in?

    According to the Bureau of Economic Analysis, overall prices in the Panama City-Panama City Beach, FL metro area are 97.3% of the U.S. average, with housing at 96.4%. It is the #124 most expensive of 387 metro areas we track.

    What salary do you need to live in Panama City, FL?

    To match the buying power of a $60,000 salary in an average-priced U.S. city you would need about $58,378 in Panama City, FL (before tax differences). The median wage across all jobs here is $45,030.

    Can you afford Panama City, FL on the median wage?

    A single worker on the $45,030 median wage takes home about $3,197 a month after 2026 taxes; a one-bedroom at $1,413 would take 44% of that.

    How much is rent in Panama City, FL?

    HUD’s FY2026 fair market rents for Panama City, FL are $1,358 for a studio, $1,413 for one bedroom, $1,601 for two bedrooms and $2,058 for three bedrooms, including utilities.

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