The market of rental apartments in Florida has long been the focus of attention for many people coming to this state. However, finding an affordable housing option is often a challenge.
A recent study by RentCafe covered almost 99 Florida cities and compared their rental rates. It turned out that Panama City Beach offers the largest apartments (1,356 square feet) for $1,700 per month. This is almost twice the floor area you can get in other cities.
According to Zumper, the average rent for a one-bedroom apartment in Panama City Beach is slightly over $1,545. In Coral Gables located in the Miami-Dade County you can rent a home of only 506 square feet for $1,700 per month.
It is hardly surprising that moving to the Florida Panhandle becomes an enticing option. This seafront area popular among tourists is a home to over 12,700 people. The median household income slightly surpasses $63,000 (as of 2019), which is a little below the nationwide average. For the sake of comparison, the population of Coral Gables exceeds 47,000 people, while the median income there is over $100,000.
Besides affordable housing, Panama City Beach attracts vacationers and residents with its Caribbean-style resorts, gourmet restaurants, museums, theaters, galleries, and boutiques that become more numerous every day. Combined with great weather, a decent economy, and well-developed job market, this makes the Florida Panhandle a very popular destination and a potentially interesting location for investors in residential property.