Panama City Beach offers better rental deals than other Florida cities

Panama City Beach offers better rental deals than other Florida cities

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.

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