Panama City, FL is a delightful coastal city located in the panhandle of Florida. It boasts an average 2 bedroom rent that is $210 less than the US average at just $1,220 per month and a Grocery Cost Index of 97 versus 100 in the US. Panama City provides a laid-back lifestyle for its residents with plenty of activities to enjoy such as the nearby beaches of St. Andrews State Park or Shipwreck Island Waterpark. The city is also home to several notable companies including Gulf Power, Bay County School District, and Tyndall Air Force Base. With its affordable cost of living and quiet beachside atmosphere, Panama City is a great place to call home.
Panama City has an unemployment rate of 5.3%. The US average is 6.0%.
Panama City has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 27.2%, which is lower than the US average of 33.5%.
Tax Rates for Panama City
- The Sales Tax Rate for Panama City is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Panama City is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Panama City
- The average income of a Panama City resident is $22,431 a year. The US average is $28,555 a year.
- The Median household income of a Panama City resident is $51,569 a year. The US average is $69,021 a year.