Data is also available below for Panama City rental vacancy rates, Panama City rent as a percent of median income and the fraction of renters in Panama City.
Show dollars as: Nominal Real
Real Gross Rent in Panama City Florida (2019 dollars)2
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US Median Gross Rent | $1,097 | +1.86% | +6.82% |
Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
Panama City, FL Median Gross Rent | $1,204 | +9.85% | +18.04% |
Panama City, FL Real Gross Rent Trends
At $1,204, real median gross rent in Panama City was at its highest level in 2019 since the series began in 2005. At $1,228, real average gross rent in Panama City was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Panama City: Panama City FL Median, Panama City FL Average, Florida Median, US Median
Real Gross Rent History for Panama City
Date | US Median |
Florida Median |
Panama City, FL Median |
Panama City, FL Average |
---|---|---|---|---|
2019 | $1,097 | $1,238 | $1,204 | $1,228 |
2018 | $1,077 | $1,203 | $1,096 | $1,063 |
2017 | $1,043 | $1,163 | $1,005 | $993 |
2016 | $1,027 | $1,137 | $1,020 | $995 |
2015 | $1,017 | $1,110 | $1,043 | $1,058 |
2014 | $986 | $1,059 | $974 | $955 |
2013 | $953 | $1,024 | $924 | $935 |
2012 | $940 | $1,015 | $958 | $918 |
2011 | $941 | $1,025 | $986 | $953 |
2010 | $955 | $1,058 | $1,027 | $1,012 |
2009 | $960 | $1,085 | $1,023 | $1,006 |
2008 | $976 | $1,122 | $1,016 | $1,002 |
2007 | $927 | $1,087 | $1,016 | $938 |
2006 | $937 | $1,071 | $927 | $917 |
2005 | $910 | $1,011 | $874 | $826 |
Panama City Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Panama City Florida was 6.97% according to Census ACS data.
Rental Vacancy Rate in Panama City Florida
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 5.97% | -0.18% | +0.08% |
Florida | 8.72% | +0.20% | +0.42% |
Panama City, FL | 6.97% | -3.41% | -21.46% |
Trends in Panama City, FL Rental Vacancy Rate
The rental vacancy rate in Panama City peaked in 2013 at 34.00%. Since then it has fallen by 27.03% to 6.97%. Data records for this series originated in 2005.
Rental Vacancy Rate: Panama City FL, Florida, US
Historical Rental Vacancy Rate data for Panama City
Date | US | Florida | Panama City, FL |
---|---|---|---|
2019 | 5.97% | 8.72% | 6.97% |
2018 | 6.15% | 8.52% | 10.38% |
2017 | 6.18% | 9.16% | 21.17% |
2016 | 5.89% | 8.30% | 28.43% |
2015 | 5.85% | 7.79% | 25.84% |
2014 | 6.32% | 8.66% | 30.42% |
2013 | 6.49% | 9.22% | 34.00% |
2012 | 6.77% | 9.37% | 27.09% |
2011 | 7.40% | 10.91% | 14.16% |
2010 | 8.17% | 12.17% | 28.46% |
2009 | 8.43% | 13.16% | 22.50% |
2008 | 7.86% | 12.67% | 22.75% |
2007 | 7.87% | 11.55% | 23.32% |
2006 | 7.70% | 8.32% | 17.85% |
2005 | 7.74% | 7.72% | 19.07% |
Rent as a Fraction of Income
Using median household income data for Panama City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Panama City, median monthly gross rent as a fraction of median household income was 24.30% in 2019 according to the ACS.
Panama City Florida Median Annual Rent as a Fraction of Median Household Income
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 20.03% | -0.47% | -0.40% |
Florida | 25.08% | -0.49% | -0.54% |
Panama City, FL | 24.30% | -0.63% | -0.28% |
Trends in Panama City, FL Rent as a Fraction of Income
The fraction of median Panama City household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 24.93%. Since then it has fallen by 0.63% to 24.30%.
Fraction of Income towards Rent: Panama City FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Panama City Florida
Date | US | Florida | Panama City, FL |
---|---|---|---|
2019 | 20.03% | 25.08% | 24.30% |
2018 | 20.50% | 25.57% | 24.93% |
2017 | 20.13% | 25.74% | 22.68% |
2016 | 20.43% | 25.62% | 24.58% |
2015 | 20.63% | 25.40% | 24.54% |
2014 | 20.89% | 25.36% | 24.81% |
2013 | 20.78% | 25.34% | 23.07% |
2012 | 20.65% | 25.42% | 23.50% |
2011 | 20.70% | 25.71% | 24.73% |
2010 | 20.50% | 25.59% | 24.57% |
2009 | 20.12% | 25.54% | 24.29% |
2008 | 19.00% | 23.79% | 22.51% |
2007 | 18.66% | 23.22% | 21.19% |
2006 | 18.90% | 23.00% | 20.09% |
2005 | 18.89% | 22.88% | 20.61% |
Renter Fraction in Panama City Florida
You can calculate the renter fraction in Panama City in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Panama City as a fraction of total Panama City households. In 2019 29.29% of households were renters according to Census ACS data.
Panama City Fraction of Renters by Household Units
2019 | 1 Year Change | 3 Year Change | |
---|---|---|---|
US | 35.89% | -0.16% | -0.99% |
Florida | 33.75% | -0.33% | -2.12% |
Panama City, FL | 29.29% | -1.96% | -5.48% |
Trends in the Panama City, FL Renter Fraction
The Panama City household renter fraction peaked in in 2012 at 40.13% and is now 10.84% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Panama City FL, Florida, US
History of Panama City Renter Fraction
Date | US | Florida | Panama City, FL |
---|---|---|---|
2019 | 35.89% | 33.75% | 29.29% |
2018 | 36.05% | 34.08% | 31.25% |
2017 | 36.13% | 34.85% | 37.46% |
2016 | 36.88% | 35.87% | 34.77% |
2015 | 36.97% | 36.22% | 37.92% |
2014 | 36.90% | 35.95% | 36.90% |
2013 | 36.50% | 35.21% | 38.78% |
2012 | 36.09% | 34.36% | 40.13% |
2011 | 35.42% | 33.28% | 37.74% |
2010 | 34.65% | 31.85% | 36.44% |
2009 | 34.13% | 31.52% | 34.55% |
2008 | 33.36% | 30.33% | 34.62% |
2007 | 32.80% | 29.39% | 31.77% |
2006 | 32.73% | 29.72% | 36.89% |
2005 | 33.10% | 30.43% | 35.38% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩