B+
11%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
44%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Panama City Beach Florida National
Cost of living11198100
Goods & Services10598100
Groceries9599100
Health care9496100
Housing14496100
Transportation8999100
Utilities8397100

An Overview of Cost of Living in Panama City Beach, FL

Knowing the cost of living in Panama City Beach allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Panama City Beach stands at 111, marking it 11% higher than the national average.

When it comes to the cost of living in Panama City Beach, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 44.1% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Panama City Beach Affordable?

Is Panama City Beach an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Panama City Beach, the median home price is 44.5% higher than what most folks pay across the country, and monthly rent prices are 43.1% higher than the usual rates. Income levels in Panama City Beach come in at $65,253, which is 18% higher than the national average.

What Factors can Influence the Cost of Living in Panama City Beach?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Panama City Beach, the general sales tax rate starts at 6%, and income tax rates begin at 0%.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Panama City Beach, the utilities index stands at 17.2% lower than the national average.

Where is the Data From?

The Panama City Beach cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Panama City Beach is 14% higher than the Florida average
  • The cost of living in Panama City Beach is 11% higher than the national average
  • Panama City Beach housing is 44% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Panama City Beach

See all the best places to live around Panama City Beach

Compare Panama City Beach, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$69,091$5,758$1,612$2,073
      Renters$57,120$4,760$1,333$1,714
      The affordability of the housing market in Panama City Beach, FL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Panama City Beach homeowners, the median income is $69,091. This indicates that a monthly maximum of $1,612 should be spent by homeowners on all housing related costs. Renters have a median income of $57,120. This indicates that renters would have a maximum of $1,333 for their rent related monthly costs.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Panama City Beach National avg. Difference
      Haircut $21.34$24.2612.0%
      Beauty Salon $52.41$45.5615.0%
      Toothpaste $3.71$3.700.3%
      Shampoo $1.17$1.288.4%
      Movie $12.99$12.137.1%
      Bowling $20.00$18.0011.1%

      Groceries

      Item Panama City Beach National avg. Difference
      Ground Beef $6.17$5.845.7%
      Fried Chicken $1.67$1.576.2%
      Milk $4.50$4.673.8%
      Potatoes $5.20$4.935.4%
      Pizza $12.56$12.093.9%
      Beer $10.49$10.410.8%

      Health Care

      Item Panama City Beach National avg. Difference
      Optometrist $107.95$125.6814.1%
      Doctor $106.49$135.7821.6%
      Dentist $113.85$113.290.5%
      Ibuprofen $10.06$10.655.6%
      Lipitor $510.84$468.609.0%

      Housing

      Item Panama City Beach National avg. Difference
      Home Price $266,900.00$184,700.0044.5%
      Avg. Mortgage Payment $1,585.50$2,346.6932.4%
      Apartment Rent $1,358.00$949.0043.1%

      Transportation

      Item Panama City Beach National avg. Difference
      Gasoline $3.20$3.467.5%
      Tire Balancing $47.55$59.9220.6%

      Utilities

      Item Panama City Beach National avg. Difference
      All Electricity $142.23$193.9926.7%
      Phone $188.01$192.252.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Cedar Grove, FL3,4998812.1%
      Springfield, FL9,004909.6%
      Parker, FL4,439954.8%
      Panama City, FL35,952963.7%
      Pretty Bayou, FL2,9011000.3%
      Panama City Beach, FL12,74711111.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Clarkston, GA12,747954.5%
      Lakeside, VA12,7491022.3%
      Greenville, OH12,7438218.4%
      Dover, OH12,754919.1%
      Lilburn, GA12,7551022.0%
      Panama City Beach, FL12,74711111.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.