Panama City, Florida Demographics & Population 2026
Demographic data: ACS 2020–2024 five-year estimates. Sources and methodology
During the 2020–2024 ACS period, Panama City, Florida had a total population of 34,979, the 125th largest city in Florida, with a median household income of $62,265, which is 16% lower than the state average. The poverty rate is 17.6%.
Panama City Quick Facts
How Panama City Changed
Change from the non-overlapping 2015–2019 ACS period to 2020–2024. Earlier dollar figures are adjusted to 2024 dollars; changes marked “no clear change” are within the combined 90% margins of error.
| Metric | 2015–2019 | 2020–2024 | Change |
|---|---|---|---|
| Population | 36,640 | 34,979 | -4.5% |
| Median household income | $54,093 | $62,265 | +15.1% |
| Median home value¹ | $191,744 | $268,900 | +40.2% |
| Median gross rent | $1,163 | $1,327 | +14.1% |
How Panama City Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
- White: 61.8%
- Black: 20.1%
- Hispanic: 9.7%
- Asian: 1.7%
- Other: 1.1%
Diversity Index
A diverse community with significant representation from multiple racial and ethnic groups.
State average: 65 | National average: 61
Education
Educational Attainment (Adults 25+)
- < High School: 9.6%
- HS Diploma: 26.9%
- Some College: 25.0%
- Associate's: 12.2%
- Bachelor's: 16.4%
- Graduate+: 10.0%
Panama City Rankings in Florida
Explore Florida Rankings
Other Cities in Bay County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Lynn Haven | 20,081 | $80,973 | 6.5% | $320,000 |
| Panama City Beach | 18,971 | $80,941 | 10.0% | $441,300 |
| Upper Grand Lagoon | 17,232 | $82,157 | 8.1% | $373,200 |
| Callaway | 13,496 | $65,609 | 9.6% | $250,300 |
| Springfield | 8,230 | $54,462 | 22.3% | $188,600 |
| Parker | 4,509 | $69,657 | 6.8% | $224,200 |
| Lower Grand Lagoon | 4,287 | $74,044 | 15.3% | $397,200 |
| Laguna Beach | 3,830 | $76,607 | 5.5% | $438,100 |
| Cedar Grove | 3,802 | $74,625 | 17.5% | $176,100 |
| Pretty Bayou | 2,906 | $85,208 | 5.8% | $298,900 |
Cities Similar to Panama City
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Haines City | 34,234 | $65,975 | $288,900 | 19.7% | 16.1% |
| Biscayne Gardens | 35,472 | $55,165 | $414,800 | 19.4% | 22.6% |
| West Little River | 33,890 | $56,436 | $375,300 | 18.3% | 17.7% |
| Kendall West | 35,912 | $69,554 | $409,500 | 32.9% | 11.9% |
| Egypt Lake-Leto | 35,873 | $54,032 | $315,100 | 24.6% | 16.8% |
Population Overview
Panama City is a mid-sized community located in Florida, within Bay County. The total population is 34,979. It ranks as the 125th most populous out of 955 Census-designated places in Florida.
Age Demographics
The median age in Panama City is 39.5 years. This is 7% lower than the state median of 42.6 years.
Economy, Income & Housing
The median household income in Panama City is $62,265. This is 16% lower than the state median of $74,568. It is also 23% lower than the national median of $80,734. The poverty rate stands at 17.6%. This is 40% higher than the state poverty rate of 12.6%. The unemployment rate is 4.5%. This is 8% lower than the state rate of 4.8%. The median home value is $268,900. Housing costs are 25% lower than the state median of $359,000. The home-value-to-income ratio is 4.3x. 56.3% of occupied housing units are owner-occupied. This homeownership rate is 17% lower than the state average of 67.6%.
Race & Ethnicity
The largest racial or ethnic group in Panama City is White (non-Hispanic), making up 61.8% of the population. Black or African American residents account for 20.1%. The Hispanic or Latino population (9.7%) is well below the state average of 27.4%.
Education
26.5% of residents aged 25 and older hold a bachelor's degree or higher. This is 23% lower than the state rate of 34.2%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 90.4%.
Data Sources & Methodology
All demographic data for Panama City, Florida is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Florida state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 955 Census-designated places in Florida. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Panama City, Florida?
Panama City, Florida has a population of 34,979 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Panama City, FL?
The median household income in Panama City is $62,265, which is 23% lower than the national median of $80,734.
What is the poverty rate in Panama City, FL?
The poverty rate in Panama City is 17.6%. This means approximately 6,030 residents live below the federal poverty line.
What is the racial makeup of Panama City, Florida?
Panama City's population is 61.8% White, 20.1% Black, 9.7% Hispanic/Latino, and 1.7% Asian.
What is the median home value in Panama City, FL?
The median home value in Panama City is $268,900. The home-value-to-income ratio is 4.3x.
How educated is Panama City, Florida?
26.5% of adults (25+) in Panama City hold a bachelor's degree or higher, and 10.0% hold a graduate or professional degree.