The Most Expensive ZIP Codes in Panama City
Ranked from observed Zillow data as of June 2026 — not a forecast. 11 ZIP codes in the Panama City, FL area. See the Panama City forecast →
10 most expensive ZIP codes in Panama City, FL are ringed on the map; all 21 ZIPs shown, colored by typical home value and sized by population. Hover any dot for its ZIP and value.
Which are the best ZIP codes to buy in Panama City?
There is no single answer, because "best" depends on what a buyer is optimizing for. The three tables below rank the same 11 ZIP codes three different ways: by typical home value, by how much prices have actually moved over the past year, and by how far a home's price stretches against observed rent. A ZIP code that leads one list rarely leads all three.
Most expensive — June 2026
Ranked by typical home value (Zillow ZHVI), highest first.
| # | ZIP | City | Population | Typical value | |
|---|---|---|---|---|---|
| 1 | 32456 | Port Saint Joe | 7.3K | $485,441 | |
| 2 | 32413 | Panama City Beach | 15.2K | $471,415 | |
| 3 | 32407 | Panama City Beach | 15.5K | $396,749 | |
| 4 | 32409 | Southport | 10.9K | $375,994 | |
| 5 | 32408 | Panama City Beach | 18.3K | $371,472 | |
| 6 | 32444 | Lynn Haven | 20.1K | $328,762 | |
| 7 | 32405 | Panama City | 29.3K | $297,826 | |
| 8 | 32404 | Panama City | 42.1K | $288,494 | |
| 9 | 32466 | Youngstown | 5.8K | $275,674 | |
| 10 | 32401 | Panama City | 18.4K | $218,862 |
Fastest-appreciating — past 12 months
Ranked by observed price change over the trailing year, not a forecast.
| # | ZIP | City | Population | Typical value | 1-yr change |
|---|---|---|---|---|---|
| 1 | 32438 | Fountain | 4.8K | $164,271 | +6.7% |
| 2 | 32466 | Youngstown | 5.8K | $275,674 | +1.9% |
| 3 | 32409 | Southport | 10.9K | $375,994 | +1.7% |
| 4 | 32405 | Panama City | 29.3K | $297,826 | +0.9% |
| 5 | 32404 | Panama City | 42.1K | $288,494 | +0.6% |
| 6 | 32444 | Lynn Haven | 20.1K | $328,762 | +0.2% |
| 7 | 32401 | Panama City | 18.4K | $218,862 | 0% |
| 8 | 32413 | Panama City Beach | 15.2K | $471,415 | -2.5% |
| 9 | 32456 | Port Saint Joe | 7.3K | $485,441 | -3.7% |
| 10 | 32408 | Panama City Beach | 18.3K | $371,472 | -3.8% |
Best rental value — past 12 months
Ranked by price-to-rent (typical value ÷ observed annual rent), lowest first — the ZIP codes where buying looks cheapest relative to renting.
| # | ZIP | City | Population | Typical value | Price ÷ annual rent |
|---|---|---|---|---|---|
| 1 | 32401 | Panama City | 18.4K | $218,862 | 11.6× |
| 2 | 32404 | Panama City | 42.1K | $288,494 | 13.3× |
| 3 | 32444 | Lynn Haven | 20.1K | $328,762 | 13.9× |
| 4 | 32405 | Panama City | 29.3K | $297,826 | 14.7× |
| 5 | 32408 | Panama City Beach | 18.3K | $371,472 | 18× |
| 6 | 32407 | Panama City Beach | 15.5K | $396,749 | 20× |
| 7 | 32456 | Port Saint Joe | 7.3K | $485,441 | 20.5× |
| 8 | 32413 | Panama City Beach | 15.2K | $471,415 | 23.5× |
Frequently asked questions
What is the most expensive ZIP code in the Panama City area?
32456 (Port Saint Joe), with a typical home value of $485,441 as of June 2026, the latest month Zillow has published.
Which are the best ZIP codes to buy in Panama City?
It depends on the goal. This page ranks three separately: the most expensive ZIP codes (highest typical value), the fastest-appreciating (largest observed price gain over the past year), and the best rental value (lowest price relative to observed rent). The three lists often name different ZIP codes.
Is this page showing forecasts?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasts, at the metro level, are on the linked metro forecast page.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.