How many renters live in Panama City Beach, Florida?
The City of Panama City Beach has 18,281 people living in 8,163 households.
There are 6,853 renters living in 3,194 renter households in this City. Renters make up 37.49 percent of the population living in Panama City Beach.
What is the rental market like in Panama City Beach, Florida?
There are an estimated 20,494 housing units in the Panama City Beach area. Of these, 3,804 units are rental homes, making up 19 percent of the housing market. For every renter household in Panama City Beach, Florida, there are 1 rental units.
What is the vacancy rate for rentals in Panama City Beach?
The rental vacancy rate in Panama City Beach is 15 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Panama City Beach for each bedroom size?
Occupied Rental Units by Size in Panama City Beach
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 151 | 611 | 1,391 | 837 | 175 |
Occupied Rental Units by Size in Panama City Beach
A large number of apartments in Panama City Beach 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 Beach are overburdened by housing costs?
Among renter households in this market, 54 percent have housing cost burden. Further, 25 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 Beach
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 Beach, Florida
How many units are rented at Fair Market Rent (FMR) in Panama City Beach?
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 | 103 | 68 percent |
| One BR | 278 | 45 percent |
| Two BR | 462 | 33 percent |
Rental Units Below FMR in Panama City Beach, Florida
How many affordable rental units are in Panama City Beach?
There are a variety of federal affordable housing programs serving households in Panama City Beach, Florida including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 157 |
Tracked Units by Federal Program in Panama City Beach, Florida
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Panama City Beach, Florida
Panama City Beach features 104 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 Beach, Florida
There are 320 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Panama City Beach.
Housing Choice Vouchers in Panama City Beach, Florida
On average, Section 8 Housing Choice vouchers pay Panama City Beach landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Panama City Beach.
The maximum amount a voucher would pay on behalf of a low-income tenant in Panama City Beach, Florida for a two-bedroom apartment is between $1,371 and $1,675.
Sourced from federal housing data and AffordableHousingOnline.com research.
