Total monthly cost of ownership
Cost to Own a Home in Panama City Beach, Florida
A $418,000 home here costs
$3,320per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $142,500 a year.
A standard mortgage calculator would have told you $2,279. The real number is $1,041 higher every month, 46% more than the payment most buyers budget for.
Compare Bay County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Panama City Beach against Bay County and Florida
| Measure | Panama City Beach | Bay County |
|---|---|---|
| Median home value | $417,800 | $276,900 |
| Median property tax | $2,473 | $1,653 |
| Effective tax rate | 0.592% | 0.597% |
| Median gross rent | $1,737 | $1,424 |
| Population | 18,493 | 181,368 |
The weather behind that power bill
Panama City Beach sits in Bay County, which averages a high of 89.7°F in its hottest month and a low of 44.4°F in its coldest, with 53.08" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 2,738 cooling and 1,224 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Bay County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bay County
Talk to someone who works this market
These are Panama City Beach averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Panama City Beach every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Panama City Beach?
A $418,000 home in Panama City Beach, Florida costs approximately $3,320 per month with 20% down at 7.24%. That is $2,279 principal and interest, $206 property tax, $253 homeowners insurance, $233 utilities and $348 set aside for maintenance.
What is the property tax rate in Panama City Beach?
Panama City Beach has an effective property tax rate of 0.592%, based on a median home value of $417,800 and median real estate taxes of $2,473. That is in line with the Bay County average of 0.597%.
What is the average home price in Panama City Beach?
The median owner-occupied home value in Panama City Beach, Florida is $417,800, against $276,900 across Bay County.
Is it cheaper to rent or buy in Panama City Beach?
Median gross rent in Panama City Beach is $1,737 a month, against $3,320 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Panama City Beach?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Panama City Beach, Florida at today's rate takes a household income of roughly $142,500 a year. That covers the full $3,320 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Panama City Beach, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.