Compare Panama City, FL mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Panama City.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Panama City. Plus, shopping lenders is free and there is no obligation.
August 17, 2025
Below we provide helpful information on the real estate market, home prices and housing affordability in Panama City. Understand how much you need to earn to afford a home in Panama City, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Panama City fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Panama City is right for you.
The median home value for Panama City, FL (Bay County) is $290,381
Based on current mortgage rates and a 10% down payment, you need to make $60,578 per year to buy the median priced home in Panama City
With this income, you could qualify for a $261,343 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Panama City is $1,403
The median household income for Panama City, FL (Bay County) is $61,441
Based on this income, you can afford a home valued at approximately $294,518
The home price you can afford to buy based on household income in Panama City is 101% of the median home value which means housing prices are average. Panama City (Bay County) ranks 38 out of 67 counties in Florida and 2,796 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Panama City, FL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Panama City (Bay County) below.
Conforming loan limits for Panama City, FL
FHA loan limits for Panama City, FL