Salary & Cost of Living in Panama City, FL
Panama City, FL: $48,003 median salary, cost of living index 93.3, $13.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$48,003
$23/hr
Cost of Living
93.3
US avg = 100
Minimum Wage
$13.00
per hour
Unemployment
2.9%
rate
Panama City, FL Overview
Population
37,265
Median Salary
$48,003
Average Salary
$53,763
Avg Commute
19 min
Median Home Price
$344,000
Median Rent
$1,395/mo
Job Growth
+2.8%
Sales Tax
6%
Panama City is located in Florida with a population of 37,265. The median household salary is $48,003 per year ($23/hour), which is $11,381 below the national median of $59,384. The average commute time is 19 minutes, and the city has a job growth rate of +2.8%.
Panama City Salary by Experience Level (2026)
Wage distribution in Panama City, FL based on BLS percentile breakdown of the $48,003 median salary. Entry-level represents 10th–25th percentile; mid-level is the median; senior-level represents 75th–90th percentile.
| Experience Level | Annual Salary | Hourly Wage | Years Exp |
|---|---|---|---|
| Entry-Level | $29,762 | $14.31/hr | 0–2 years |
| Mid-Level (Median) | $48,003 | $23.08/hr | 3–7 years |
| Senior-Level | $68,164 | $32.77/hr | 8–15 years |
| Top 10% (90th Percentile) | $85,445 | $41.08/hr | 15+ years / leadership |
Percentile multipliers (62%, 100%, 142%, 178%) derived from 2024 BLS Occupational Employment and Wage Statistics distribution across all occupations in metro areas. Specific roles vary; see jobs by city for role-specific data.
Panama City Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Panama City, FL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$40,609
$3,384.08/month · $1,561.88/biweekly · Effective Rate: 15.4%
Gross Pay
$48,003
Federal Tax
-$3,722
State Tax
$0
Local Tax
$0
FICA
-$3,672
Net Pay
$40,609
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $4,000.25 | $48,003.00 |
| Federal Income Tax | -$310.16 | -$3,721.86 |
| Florida State Tax (0%) | $0.00 | $0.00 |
| Social Security (6.2%) | -$248.02 | -$2,976.19 |
| Medicare (1.45%) | -$58.00 | -$696.04 |
| Net Take-Home Pay | $3,384.08 | $40,608.91 |
Salary Comparison: Panama City vs Other Cities
See how Panama City's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Panama City, FL | $48,003 | 93.3 | $51,450 |
| National Average | $59,384 | 100 | $59,384 |
| Decatur, AL | $48,000 | 84 | $57,143 |
| Springdale, AR | $48,000 | 86 | $55,814 |
| Pomona, CA | $48,000 | 115 | $41,739 |
| Pueblo, CO | $48,000 | 88 | $54,545 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Panama City
Panama City's cost of living index is 93.3 (national average = 100). Living in Panama City is 6.700000000000003% less expensive than the national average.
Median Home Price
$344,000
Median Monthly Rent
$1,395
Annual Rent Cost
$16,740
Your Salary's Purchasing Power
Your $40,609 annual take-home pay in Panama City has the purchasing power of approximately $43,525 in an average-cost US area. Your $48,003 salary stretches further here than in most US cities.
Top Industries in Panama City
Panama City's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $48,003.
Salary Tips for Panama City Workers
- No state income tax advantage. Florida has no state income tax, which means more of your paycheck stays in your pocket. Invest the savings in a Roth IRA or 401(k) for long-term growth.
- Research top industries. Panama City's top industries include Tourism, Agriculture, Aerospace. Targeting roles in these sectors can help you earn above the $48,003 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Methodology & Local Economy Data Sources
How we calculate Panama City salary data: Our citywide compensation figures aggregate occupation-specific salary data from BLS Occupational Employment and Wage Statistics for the Panama City-FL metropolitan statistical area (MSA), weighted by local employment counts. Cost-of-living adjustments use the C2ER Cost of Living Index baseline of 100 (national average), with Panama City indexed at 93.3.
- Median salary calculation: weighted average of Panama City's occupation-specific medians from BLS OEWS, adjusted for local cost of living. Net result: $48,003 annual median.
- Tax burden reflects Florida state income tax (0%) (no local income tax), sales tax (6%), and federal taxes per IRS 2026 brackets.
- Unemployment rate for Panama City: 2.9%, sourced from BLS Local Area Unemployment Statistics (LAUS).
- Top industries: Tourism, Agriculture, Aerospace — based on QCEW employment concentration data.
- Job growth: 2.8% projected through 2034, derived from BLS Employment Projections program for Florida.
- Housing context: median home price $344,000, median rent $1,395/mo, sourced from Census American Community Survey 5-year estimates.
Authoritative US data sources for Panama City, FL:
- BLS Occupational Employment and Wage Statistics (OEWS) — metropolitan area salary data
- BLS Local Area Unemployment Statistics — Panama City unemployment rate
- U.S. Census Bureau — Panama City QuickFacts — population, housing, demographics
- BLS Quarterly Census of Employment and Wages (QCEW) — county-level industry employment
- BLS Economy at a Glance — Florida — state economic indicators
- U.S. Bureau of Economic Analysis (BEA) — local GDP and personal income data
- BLS Consumer Price Index (CPI-U) — regional inflation tracking
Disclaimer: Salary and cost data are estimates for general guidance. Individual compensation varies by employer, experience, education, negotiation, and skills. Panama City's rapidly changing economy can shift these baselines — always verify with current job listings, employer offers, and recent Florida labor market reports for the most current figures.
Reviewed by Brazora Monk· Last updated 2026 · BLS & Census data current as of latest releases
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Frequently Asked Questions
What is the median salary in Panama City, FL?
The median salary in Panama City, FL is $48,003 per year, or $23 per hour. The average salary is $53,763. This is $11,381 below the national median of $59,384.
What is the cost of living in Panama City, FL?
Panama City's cost of living index is 93.3 (national average = 100), meaning it is 6.700000000000003% less expensive compared to the national average. The median home price is $344,000 and the median monthly rent is $1,395.
What are the best industries in Panama City?
The top industries in Panama City, FL include Tourism, Agriculture, Aerospace. The city has a job growth rate of 2.8% and an unemployment rate of 2.9%. Workers in these industries often earn above the city's median salary of $48,003.
How does Panama City's salary compare to other cities?
Panama City's median salary of $48,003 is 19.2% below the national median of $59,384. However, when adjusted for cost of living (index: 93.3), the real purchasing power is approximately $51,450.
What is the minimum wage in Panama City, FL?
The minimum wage in Panama City, FL is $13.00 per hour. This equals approximately $27,040 per year for a full-time worker (40 hours/week). This is $5.75 above the federal minimum wage of $7.25/hour.