Bay County today
| Typical value | |
|---|---|
| Single family house | $330,000 |
| Condo or townhome | $387,000 |
What this means
Bay County prices barely moved in the past year (+0.5%), now 4% below the Apr 2024 peak.
A specific house can rent above or below these figures, so pull rental comps for the address. Sources and method: how these figures are built.
Quick facts
| Bay County | Compared with Florida | |
|---|---|---|
| Population, 2025 estimate | 204,479 | 0.9% of Florida |
| Growth since 2020 | 16.7% | +7.8 pts |
| Median home value | $310,500 | 14% lower |
| Median gross rent | $1,484 | 11% lower |
| Median household income | $73,533 | 1% lower |
| Owner occupied homes | 66.8% | -0.8 pts |
| Residents 65 and older | 18.3% | -3.0 pts |
| Average commute | 24 min | 15% lower |
| Homes built 2010 or later | 17% | +2.8 pts |
| Housing units permitted in 2025 per 1,000 residents | 10.1 | 33% higher |
| Veterans, share of adults | 13.6% | +6.2 pts |
| Median property tax paid | $1,807 | 34% lower |
| Average homeowners insurance with wind | $3,465 |
Census figures are 2020 to 2024 averages; see sources and methods.
Living in Bay County
Compared with the rest of Florida, Bay County has many seasonal and vacation homes (19.4% of housing); a large veteran community (13.6% of adults); and population growth of 16.7% since 2020 versus 8.9% for Florida.
Emerald Coast county in Northwest Florida where water covers about a quarter of its area. The county was formed in 1913 and is governed from Panama City.
Largest communities: Panama City, Lynn Haven and Panama City Beach. Panama City alone has about 34,979 residents.
What anchors the area
- Colleges: Gulf Coast State College (Panama City)
- Commercial airports: Northwest Florida Beaches International Airport (ECP)
- Military: Naval Support Activity Panama City; Tyndall Air Force Base
Smaller households (2.33 people on average) favor smaller homes and condos. Most people work close to home (average commute 24 minutes). Newcomers are common: 5.7% of residents arrived from another state in the past year.
Growth and where it is heading
Population went from 175,226 in April 2020 to 204,479 in July 2025 (16.7%; Florida 8.9%). In the latest year it gained 2.17%.
| 2025 building permits | Units |
|---|---|
| Single family | 1,685 |
| 2 to 4 units | 43 |
| 5 or more units | 344 |
| Total | 2,072 |
| Per 1,000 residents | 10.1 (well above Florida, 7.6) |
What the regional research shows
Panama City Beach vacation rentals earned a median of about $33,361 a year for a 3 bedroom and $22,245 for a 2 bedroom in the 12 months to May 2026, with about 3,357 active listings; occupancy runs near 82% in summer and 25% to 35% in winter (AirDNA data via The Short Term Shop). Tyndall Air Force Base was rebuilt after Hurricane Michael in 2018.
More on corridors and rents: Panhandle and Big Bend investor guide.
Risks to price in
| Year | Hurricane | Category at landfall |
|---|---|---|
| 2018 | Michael | 5 |
Landfalls and named damage since 2000, from the state record.
Bay County homeowners paid $3,465 a year on average for coverage that includes wind (state insurance regulator, March 2026).
Flood zone and elevation drive coastal insurance costs; check them per address.
18.8% of homes are in buildings of 20 or more units. Condo reserve and inspection rules can raise dues and limit financing. Condo financing
Flood, storms and jobs
| Bay County | Florida | |
|---|---|---|
| Homes in a FEMA high risk flood zone | 9,900 (13.2%) | 13.3% |
| Homes with federal flood insurance | 13,382 (17.9%) | 13.7% |
| Insured share inside high risk zones | 67.5% | |
| Flood insurance claims since 2000 | 4,615, $184,876,301 paid | |
| Costliest flood events for insured homes | Hurricane Michael ($124,970,773); Other or unnamed flooding ($25,550,716); Hurricane Dennis ($14,955,289) | |
| Major federal disasters declared since 2000 | 21 (13 hurricane, 5 severe storm, 2 tropical storm) |
Good news for flood premiums: the county (unincorporated areas) earned CRS class 5, so policies in high risk zones get 25% off. Flood map date: 10/24/24.
Private employers in Bay County: 62,282 jobs (2023), led by hotels and restaurants (19%), retail (19%), health care and social assistance (14%). Tourism signal: 19% work in hotels and restaurants, well above the state's 13%.
Buying a home in Bay County
| 2026 loan limit, one unit | Amount |
|---|---|
| FHA | $541,287 |
| Conforming (above this is jumbo) | $832,750 |
FHA works at the median price here. FHA limits
Price to income: 4.2x locally, 4.8x for Florida. Monthly payments are more manageable relative to local incomes.
Loans made here in 2025
| Loan type | Loans | Share | Florida share | Average loan |
|---|---|---|---|---|
| Conventional | 3,820 | 63.6% | 72.2% | $293,322 |
| FHA | 905 | 15.1% | 17.8% | $306,204 |
| VA | 1,254 | 20.9% | 9.9% | $363,174 |
| USDA | 27 | 0.4% | 0.2% | $266,852 |
| Purpose | Share of 2025 loans |
|---|---|
| Home purchase | 67% |
| Cash out refinance | 9.6% |
| Rate and term refinance | 10.2% |
| Home improvement | 5.6% |
Lending volume grew 6.7% versus 2024, when lenders made 5,630 loans. VA lending is strong (20.9% of loans). 27 USDA loans show that parts of the county qualify.
Loans that fit the local numbers
- Conventional: the default choice here (63.6% of 2025 loans).
- FHA: lower scores and higher debt ratios allowed; limit $541,287.
- VA: veterans are 13.6% of adults (Florida 7.4%).
Down payment help and taxes
For assistance, start with the state programs at the Florida Housing Finance Corporation. Current owners pay a median $1,807 a year in property tax; plan on more after a sale resets the value. Homestead and tax caps
Investing in Bay County
DSCR loans often price above this rate. Method. DSCR loans
Run your own numbers
Long term rentals
| Bay County | vs Florida | |
|---|---|---|
| Renter occupied homes | 33.2% | +0.8 pts |
| Rent as share of renter income | 33.5% | -1.7 pts |
| Rental vacancy | 11.7% | +4.1 pts |
More rentals sit empty than the state average.
Short term rentals
| Item | Here |
|---|---|
| County tourist tax | 5% (varies by district) |
| Plus state sales tax | 6% (plus any county surtax) |
| Homes held for seasonal use | 19.4% (+11.6 pts vs Florida) |
| Commercial airport | Northwest Florida Beaches International Airport (ECP) |
Vacation rental towns with guides: Panama City Beach. A home only works as a vacation rental if zoning and the HOA both allow it. State rules
Property types
| Housing stock | Share |
|---|---|
| Single family detached | 51% |
| Buildings with 5+ units | 26.9% |
| Manufactured homes | 10% |
| 2025 loans on 2 to 4 unit properties | 1.42% |
Largest cities and towns in Bay County
Among places with at least 1,000 residents, Panama City Beach has the highest median value ($441,300) and Cedar Grove the lowest ($176,100); Cedar Grove shows the best rent to price ratio (9.68% gross).
| Place | Population | Median value | Median rent | Median income |
|---|---|---|---|---|
| Panama City | 34,979 | $268,900 | $1,327 | $62,265 |
| Lynn Haven | 20,081 | $320,000 | $1,563 | $80,973 |
| Panama City Beach | 18,971 | $441,300 | $1,791 | $80,941 |
| Upper Grand Lagoon | 17,232 | $373,200 | $1,667 | $82,157 |
| Callaway | 13,496 | $250,300 | $1,322 | $65,609 |
| Springfield | 8,230 | $188,600 | $1,307 | $54,462 |
| Parker | 4,509 | $224,200 | $1,338 | $69,657 |
| Lower Grand Lagoon | 4,287 | $397,200 | $1,323 | $74,044 |
| Laguna Beach | 3,830 | $438,100 | $1,266 | $76,607 |
| Cedar Grove | 3,802 | $176,100 | $1,420 | $74,625 |
Census places, including unincorporated communities. Linked places have their own guide.
Compare with neighboring counties
4 of its 5 neighbors are cheaper by median value.
| County | Median value | Median rent | Growth since 2020 |
|---|---|---|---|
| Bay County | $310,500 | $1,484 | 16.7% |
| Calhoun County | $145,300 | $779 | -2.6% |
| Gulf County | $250,000 | $1,187 | 12.3% |
| Jackson County | $120,800 | $865 | 4.9% |
| Walton County | $425,100 | $1,741 | 23.9% |
| Washington County | $171,000 | $888 | 5.4% |
Other Florida markets
Sources
- U.S. Census Bureau, American Community Survey 2020 to 2024 5 year estimates. 2020 to 2024.
- U.S. Census Bureau, Population Estimates, Vintage 2025. July 1, 2025.
- U.S. Census Bureau, Building Permits Survey, 2025 annual. 2025.
- FFIEC HMDA Data Browser, originated loans. 2025 and 2024.
- LendingTree: 2026 FHA loan limits in Florida by county (HUD figures). 2026.
- Florida Realtors: FHFA sets 2026 conforming loan limits. 2026.
- Florida Office of Economic and Demographic Research: 2026 local option tourist tax rates. 2026.
- Florida Office of Insurance Regulation, July 2026 Insurance Stability Unit report (average homeowners premium with wind, as of March 31, 2026). March 31, 2026.
- Freddie Mac Primary Mortgage Market Survey. week of October 22, 2026.
- Wikipedia: List of counties in Florida. checked October 2026.
- U.S. Census Bureau county adjacency file. 2024.
- Wikipedia county article and statewide lists (colleges, teams, airports); Florida Defense Support Task Force installation map. checked October 2026.
- Zillow Home Value Index (ZHVI), all homes, middle tier, smoothed and seasonally adjusted. September 2026.
- Federal Housing Finance Agency House Price Index (county annual, metro and state quarterly, all transactions). through Q2 2026.
- U.S. Census Bureau, Building Permits Survey, January to September 2026 and 2025. September 2026.
- FEMA OpenFEMA, NFIP Residential Penetration Rates. as of August 2026.
- FEMA OpenFEMA, FIMA NFIP Redacted Claims (2000 to 2026). as of September 2026.
- FEMA OpenFEMA, NFIP Community Status Book (Community Rating System class). August 2026.
- FEMA OpenFEMA, Disaster Declarations Summaries (2000 to 2026). October 2026.
- U.S. Census Bureau, County Business Patterns 2023. 2023.
- U.S. Census Bureau, ACS 2020 to 2024, median gross rent by bedrooms (B25031). 2020 to 2024.
- Hurricane landfalls: Wikipedia, List of Florida hurricanes (2000 to present). checked October 2026.
Estimates from public data; they change over time. General information, not investment, tax or legal advice, and not a loan offer. Methods and assumptions.