32407
Panama City Beach, Florida.
Panama City Beach, Bay County, FL · Panama City, FL metro · population 16,404
to buy the typical home at today's mortgage rate — +$989 (+92%) since Jan 2020.
- 1 year
- Down $7,400 -2%
- $400,519$393,119 since Sep 2025
- 5 years
- Up $24,050 +7%
- $369,070$393,119 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- 32407$2,063
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 55 years.
Typical home values in zip 32407 fell 1.8% over the past year — slower than the nation's +1.2%.
Asking rents in zip 32407 rose 2.7% over the past year — in step with the nation.
Owning the typical home in zip 32407 runs $943/mo more than renting one. The gap peaked at $1,489 in Oct 2023.
That is $2,675 a month against $1,732 rent: a $2,063 mortgage payment, plus $191 property tax and $421 insurance & upkeep.
Owning vs renting — zip 32407
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$2,675
- Renting$1,732
- Mortgage only$2,063
Property tax · $191/mo 0.58% of value a year — the ACS 2020-2024 median bill over the median home value for Bay County, FL
Insurance & upkeep · $421/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Zillow also publishes an index for the city itself: Panama City Beach, FL — measured over the city limits, which is a different area from this zip.
Asking rent — 32407
Against the Panama City, FL metro and the national benchmark.
- 32407$1,732
- Panama City$1,735
- United States$1,932
Typical home value — 32407
Mid-tier homes, smoothed and seasonally adjusted.
- 32407$393,119
- Panama City$342,980
- United States$366,157
Within 20 miles
| Miles sorted ascending, activate to sort descending | Zip activate to sort by Zip | City activate to sort by City | Population activate to sort by Population | Rent activate to sort by Rent | Home value activate to sort by Home value |
|---|---|---|---|---|---|
| 3.8 | 32408 | Panama City | 18,832 | $1,790 | $370,657 |
| 7.3 | 32405 | Panama City | 29,984 | $1,569 | $288,952 |
| 8.0 | 32401 | Panama City | 18,947 | $1,513 | $215,675 |
| 8.7 | 32444 | Lynn Haven | 21,459 | $1,961 | $323,119 |
| 9.4 | 32413 | Panama City Beach | 15,453 | $1,807 | $470,333 |
| 10.4 | 32409 | Panama City | 11,113 | — | $372,128 |
| 16.3 | 32461 | Inlet Beach | 3,757 | $3,207 | $1,430,306 |
| 16.7 | 32404 | Panama City | 42,514 | $1,783 | $283,143 |
Coordinates and population from SimpleMaps US Zips (Basic). Rent and home values from Zillow Research.