Metro area · Florida

Panama City-Panama City Beach, FL metro: mortgages and home buyers

2025 home-purchase and refinance statistics for the 2-county Panama City-Panama City Beach, FL area (OMB code 37460), from official HMDA records.

In 2025, lenders reported 2,958 home-purchase mortgages for owner-occupied, single-family homes in the Panama City-Panama City Beach, FL metro area. The median buyer borrowed $315,000 on a home valued at $345,000 and reported a household income of $102,000.

Buyers financed a median 95.1% of the home's value (roughly 4.9% down), paid a median 6.546% on 30-year fixed conventional loans and faced median conventional loan costs of $5,880.

Lenders denied 11.2% of completed home-purchase applications.

Purchase loans

2,958

2 counties

Buyer income

$102,000

U.S. $116,000

Loan amount

$315,000

U.S. $335,000

Down payment

4.9%

U.S. 10%

30-yr fixed rate

6.546%

U.S. 6.625%

Denial rate

11.2%

Purchase · U.S. 8.5%

Key facts

Home buyers' median income ($102,000) is 12% lower than the U.S. median ($116,000).
The median 30-year fixed conventional rate here was 8 basis points below the U.S. median (6.625%).
Median conventional loan costs ($5,880) were 6% higher than the U.S. median ($5,570).
VA loans were unusually common: 32.6% of purchase mortgages.
29.1% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
Second homes accounted for 9.8% of first-lien purchase mortgages — a vacation-home market.
The most common age bracket among borrowers was 25–34 (27.8% of purchase loans).
57.8% of purchase mortgages had a single borrower with no co-applicant.
The most-cited reason for denial was debt-to-income ratio (46.9% of denials with a stated reason).

Counties in the metro area

County	Purchase loans	Median loan	Buyer income	30-yr rate	Loan costs	Conforming limit	FHA limit
Bay County, FL	2,743	$315,000	$104,000	6.575%	$5,920	$832,750	$541,287
Washington County, FL	215	$225,000	$77,000	6.500%	$5,160	$832,750	$541,287

Who bought homes in Panama City

Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.

Purchase loans

2,958

of 3,433 applications

Buyer income

$102,000

Middle half $75,000–$151,000

Home value

$345,000

Middle half $275,000–$455,000

Loan amount

$315,000

Middle half $245,000–$395,000

Down payment

4.9%

29.1% put 20%+ down

Single borrower

57.8%

No co-applicant

Values are medians; "middle half" is the 25th to 75th percentile.

Loan type

Conventional 40.5% 1,199

FHA 25.7% 760

VA 32.6% 963

USDA 1.2% 36

What the homes were for

Primary residence 85.9% 3,233

Second home 9.8% 369

Investment property 4.3% 160

All first-lien, closed-end purchase mortgages, including second homes and investors.

Borrower age

Under 25 7.6%

25–34 27.8%

35–44 21.7%

45–54 14.8%

55–64 16.4%

65–74 9.2%

75 and over 2.5%

Debt-to-income ratio

Under 20% 2.3%

20–29% 11.4%

30–35% 13.2%

36–42% 23.9%

43–49% 30.4%

50–60% 17.3%

Over 60% 1.6%

Monthly debts (including the new payment) as a share of income, as used in underwriting.

What borrowing cost in Panama City

Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.

Measure	Panama City	U.S.
30-year fixed rate · conventional	6.546%	6.625%
30-year fixed rate · FHA	5.990%	6.250%
30-year fixed rate · VA	5.875%	6.125%
15-year fixed rate · conventional	5.750%	5.875%
Rate spread vs. APOR · conventional	+0.14 pts	+0.13 pts
Total loan costs · conventional	$5,880	$5,570
Total loan costs · FHA	$9,840	$11,310
Total loan costs · VA	$7,920	$6,490
Origination charges (all loan types)	$1,470	$1,860
Borrowers paying discount points	53.3%	51.3%
Points paid, when paid (% of loan)	0.80%	0.87%
Borrowers receiving lender credits	33.0%	33.1%
Adjustable-rate mortgages	4.9%	7.4%
Jumbo loans (above conforming limit)	1.5%	3.8%

Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.

Approvals and denials

Panama City: 386 of 3,433 completed home-purchase applications were denied (11.2%).

Denial rate

Application	Panama City	U.S.
Home purchase	11.2%	8.5%
Conventional	10.0%	7.1%
FHA	17.2%	12.5%
VA	6.7%	8.0%
USDA	27.3%	12.5%
Refinance	25.6%	17.9%
Cash-out refinance	42.2%	33.6%

Main reason for purchase denials

Debt-to-income ratio 46.9%

Other 11.2%

Credit history 10.9%

Collateral (appraisal/property) 9.4%

Insufficient cash (down payment/closing costs) 7.6%

Unverifiable information 5.5%

Credit application incomplete 4.7%

Employment history 3.9%

First reason the lender reported.

Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.

Refinancing in Panama City

Refinances

374

Median loan $305,000

Refi rate

6.375%

30-yr fixed, conv.

Refi loan costs

$5,360

Conventional

Cash-out refis

336

Median loan $255,000

Cash-out rate

6.875%

30-yr fixed, conv.

Cash-out income

$93,000

Median borrower

Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology