What HUD offices serve Panama City, Florida?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Florida Public Housing and Low-Income Apartments Waiting Lists page for openings near Panama City.
How many renters live in Panama City, Florida?
The City of Panama City has 34,254 people living in 14,550 households.
There are 15,030 renters living in 6,504 renter households in this City. Renters make up 43.88 percent of the population living in Panama City.
What is the rental market like in Panama City, Florida?
There are an estimated 16,117 housing units in the Panama City area. Of these, 6,749 units are rental homes, making up 42 percent of the housing market. For every renter household in Panama City, Florida, there are 1 rental units.
What is the vacancy rate for rentals in Panama City?
The rental vacancy rate in Panama City is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Panama City for each bedroom size?
Occupied Rental Units by Size in Panama City
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 126 | 1,494 | 2,853 | 1,725 | 245 |
Occupied Rental Units by Size in Panama City
A large number of apartments in Panama City have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Panama City are overburdened by housing costs?
Among renter households in this market, 57 percent have housing cost burden. Further, 24 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Panama City
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,269 to $2,585. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,269 |
| One BR | $1,297 |
| Two BR | $1,523 |
| Three BR | $2,065 |
| Four BR | $2,585 |
2024 Fair Market Rents in Panama City, Florida
How many units are rented at Fair Market Rent (FMR) in Panama City?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 95 | 75 percent |
| One BR | 1,185 | 79 percent |
| Two BR | 2,006 | 70 percent |
Rental Units Below FMR in Panama City, Florida
How many affordable rental units are in Panama City?
There are a variety of federal affordable housing programs serving households in Panama City, Florida including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 852 |
| Public Housing | 262 |
| Section 8 Project-Based Rental Assistance | 662 |
| Section 202 Supportive Housing for the Elderly | 2 |
Tracked Units by Federal Program in Panama City, Florida
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Panama City, Florida
Panama City features 1,275 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Panama City, Florida
There are 566 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Panama City.
Housing Choice Vouchers in Panama City, Florida
On average, Section 8 Housing Choice vouchers pay Panama City landlords $700 per month towards rent. The average voucher holder contributes $300 towards rent in Panama City.
The maximum amount a voucher would pay on behalf of a low-income tenant in Panama City, Florida for a two-bedroom apartment is between $1,371 and $1,675.
Sourced from federal housing data and AffordableHousingOnline.com research.
