Panama City Beach cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexPanama City BeachFloridaNational
Cost of living index9899100
IndexPanama City BeachFloridaNational
Goods & Services index9099100
Groceries index98102100
Health care index8497100
Housing index11695100
Transportation index90100100
Utilities index89103100
An overview of the general cost of living index for Panama City Beach, FL is displayed above for your reference. Residents in Panama City Beach, FL enjoy a cost of living index of 98. This index is equal to the Florida average, and 2% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Panama City Beach, FL, the average cost of goods and services is 10% lower than it is in Florida, and it is 10% lower than the national average.

Did you know?

  • The cost of living in Panama City Beach is equal to the Florida average.
  • The cost of living in Panama City Beach is 2% lower than the national average.
  • The cost of housing in Panama City Beach is 16% higher than the national average.
  • Florida general sales tax is 18% higher than the national average.
  • Florida state income tax is 100% lower than the national average.

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Compare Panama City Beach, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is meant to help you compare your salary in Panama City Beach, FL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Panama City Beach, FL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Panama City Beach, FL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$65,761$5,480$1,534$1,973
Renters$44,446$3,704$1,037$1,334
The affordability of the housing market in Panama City Beach, FL as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Panama City Beach, FL homeowners, the median income is $65,761. This indicates that a monthly maximum of $1,534 should be spent by homeowners on all housing related costs. Renters have a median income of $44,446. This indicates that renters should have a maximum of $1,037 used for their rent related monthly costs.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
For those who live in Panama City Beach, FL and want to know what the true cost of living is, they ought to look at both the Florida income tax rate and the Florida sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Florida, the sales tax is 6%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Florida, the income tax rate ranges between 0% to 0%.

Goods & Services

ItemPanama City BeachNational avg.Difference
Haircut $12.37$15.5620.5%
Beauty Salon $19.65$36.1145.6%
Toothpaste $2.30$2.476.9%
Shampoo $0.86$0.9610.9%
Movie $10.29$10.131.6%
Bowling $3.53$4.7425.4%

Groceries

ItemPanama City BeachNational avg.Difference
Ground Beef $4.06$3.981.9%
Fried Chicken $1.26$1.4110.4%
Milk $2.21$2.067.1%
Potatoes $3.01$2.981.0%
Pizza $10.13$9.476.9%
Beer $8.33$8.795.3%

Health Care

ItemPanama City BeachNational avg.Difference
Optometrist $73.58$101.0427.2%
Doctor $78.82$107.4426.6%
Dentist $68.54$90.4224.2%
Ibuprofen $10.14$9.289.3%
Lipitor $447.61$426.505.0%

Housing

ItemPanama City BeachNational avg.Difference
Home Price $203,300.00$175,700.0015.7%
Avg. Mortgage Payment $904.45$1,133.2320.2%
Apartment Rent $1,069.00$920.0016.2%

Transportation

ItemPanama City BeachNational avg.Difference
Gasoline $1.82$1.998.7%
Tire Balancing $40.06$45.7612.5%

Utilities

ItemPanama City BeachNational avg.Difference
All Electricity$145.80$163.8111.0%
Phone $25.60$28.399.8%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Cedar Grove, FL3,25782-18%
Springfield, FL9,09584-16%
Parker, FL4,41985-15%
Panama City, FL36,40588-12%
Laguna Beach, FL3,70092-8%
Panama City Beach, FL11,88498-2%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Blackfoot, ID11,89185-15%
New Kingman-Butler, AZ11,89282-18%
Pennsville, NJ11,8641055%
Fortuna, CA11,86311111%
Camden, AR11,86181-19%
Panama City Beach, FL11,88498-2%
Source: The Panama City Beach, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.