Total monthly cost of ownership
Cost to Own a Home in Panama City, Florida
A $243,000 home here costs
$1,925per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,249. The real number is $675 higher every month — 54% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Panama City against Bay County and Florida
| Measure | Panama City | Bay County |
|---|---|---|
| Median home value | $243,200 | $276,900 |
| Median property tax | $1,461 | $1,653 |
| Effective tax rate | 0.601% | 0.597% |
| Median gross rent | $1,334 | $1,424 |
| Population | 34,211 | 181,368 |
The weather behind that power bill
Panama City 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 $136 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
Common questions
How much does it cost to own a home in Panama City?
A $243,000 home in Panama City, Florida costs approximately $1,925 per month with 20% down at 6.66%. That is $1,249 principal and interest, $122 property tax, $147 homeowners insurance, $204 utilities and $203 set aside for maintenance.
What is the property tax rate in Panama City?
Panama City has an effective property tax rate of 0.601%, based on a median home value of $243,200 and median real estate taxes of $1,461. That is in line with the Bay County average of 0.597%.
What is the average home price in Panama City?
The median owner-occupied home value in Panama City, Florida is $243,200, against $276,900 across Bay County.
Is it cheaper to rent or buy in Panama City?
Median gross rent in Panama City is $1,334 a month, against $1,925 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Panama City — 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.