1st Advantage MortgageBay County households have a median income of $73,533 and median rent of $1,484 a month (ACS 2020 to 2024). A loan makes sense only if its total cost beats your alternatives and the payment fits your budget. Check the lender's Florida license first.
On this page
- A quick profile of Bay County
- Bay County housing compared with Florida
- What Bay County households earn
- The Bay County job picture
- Places inside Bay County
- Regional comparison for Bay County
- What a median Bay County budget can carry
- People and households in Bay County
- What the numbers mean for Bay County borrowers
- Who licenses lenders for Bay County residents
- Steps before you apply in Bay County
- Nearby and statewide guides
- Frequently asked questions
A quick profile of Bay County
Bay County is home to about 186,393 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 30th most populous of 67 county-level areas in Florida. Land area is 759 square miles (2024 Gazetteer), so density runs near 246 per square mile. The federal metro definitions (OMB, July 2023) place it in the Panama City-Panama City Beach, FL metropolitan area. The Census Bureau counts 13 places in the county (7 incorporated, 6 census-designated); the largest is Panama City, with about 34,979 residents, or 19% of the county.
Bay County housing compared with Florida
A typical Bay County rental runs $1,484 a month including utilities, which is 11% below Florida. By the Census definition, 60% of Bay County renters are cost-burdened. The median owner-occupied home is valued at $310,500, about 4.2 times the median household income. 67% of Bay County households own their home and 33% rent. The median year built is 1993.
| Bay County | Florida | U.S. county median | |
|---|---|---|---|
| Median gross rent | $1,484/mo | $1,669/mo | $877/mo |
| Median home value | $310,500 | $359,000 | $185,300 |
| Owners | 67% | 68% | 75% |
| Rent-burdened renters | 60% | 60% | 45% |
| Burdened owners | 31% | 35% | n/a |
| Mobile homes | 10.0% | 8.0% | n/a |
| Vacant units | 27% | 15% | n/a |
Rent pressure is real here, so run any payment through the debt-to-income calculator before you apply.
What Bay County households earn
Bay County households have a median income of $73,533 (ACS 2020 to 2024), which ranks 23rd of 67 in Florida.
| Households earning | Bay County | +/- vs Florida |
|---|---|---|
| Under $35,000 | 20.1% | -2.2 pts |
| $35,000 to $99,999 | 45.8% | +4.7 pts |
| $100,000 to $199,999 | 24.9% | -0.7 pts |
| $200,000 or more | 9.2% | -1.8 pts |
About 20% of households earn under $35,000, while 34% clear $100,000. 11.9% of residents fall below the federal poverty line (statewide: 12.6%). The Gini index of income inequality is 0.441 (0 is perfect equality). None of these numbers decides a Bay County application. Lenders weigh your own documented income against your own debts.
The Bay County job picture
The biggest employer of Bay County residents, by industry, is education and health care at 18% of workers, followed by retail trade (13%). Compared with Florida, the county leans toward public administration (9% against 4%). ACS puts five-year average unemployment at 3.9% in Bay County. Long commutes are the exception here: 12% of workers spend 45 minutes or longer getting to work. Only 4.3% of homes here go without a vehicle.
| Sector | Bay County | Compared with Florida |
|---|---|---|
| Education and health care | 17.5% | -3.4 pts |
| Retail trade | 13.0% | +1.0 pts |
| Arts, lodging and food service | 12.9% | +2.0 pts |
| Professional and administrative services | 11.8% | -2.3 pts |
| Construction | 9.2% | +1.0 pts |
| Public administration | 8.9% | +4.6 pts |
Shorter commutes usually mean lower vehicle costs, which can leave more room for a payment, or for paying a loan off early.
Places inside Bay County
Here are the 13 most populous of the county's 13 Census places, with income and rent from the same 2020 to 2024 survey. About 72% of Bay County residents live in one of the 13. Among places of 500 or more people, median income runs from $54,462 in Springfield to $85,208 in Pretty Bayou. Rent is cheapest in Laguna Beach ($1,266) and steepest in Mexico Beach ($1,951). This guide covers each of the 13 places and the rural areas around them.
| Name | Kind | Pop. | Income | Rent | Miles |
|---|---|---|---|---|---|
| Panama City | city | 34,979 | $62,265 | $1,327 | 8 mi |
| Lynn Haven | city | 20,081 | $80,973 | $1,563 | 8 mi |
| Panama City Beach | city | 18,971 | $80,941 | $1,791 | 21 mi |
| Upper Grand Lagoon | CDP | 17,232 | $82,157 | $1,667 | 13 mi |
| Callaway | city | 13,496 | $65,609 | $1,322 | 2 mi |
| Springfield | city | 8,230 | $54,462 | $1,307 | 4 mi |
| Parker | city | 4,509 | $69,657 | $1,338 | 4 mi |
| Lower Grand Lagoon | CDP | 4,287 | $74,044 | $1,323 | 13 mi |
| Laguna Beach | CDP | 3,830 | $76,607 | $1,266 | 26 mi |
| Cedar Grove | CDP | 3,802 | $74,625 | $1,420 | 6 mi |
| Pretty Bayou | CDP | 2,906 | $85,208 | $1,749 | 10 mi |
| Mexico Beach | city | 1,099 | $63,864 | $1,951 | 16 mi |
| Tyndall AFB | CDP | 447 | $118,594 | $2,422 | 6 mi |
CDP: census-designated place, an unincorporated community mapped for statistics.
Regional comparison for Bay County
Calhoun County is closest, 26 miles from center to center; the sixth, Jackson County, is 48 miles off. Walton County leads the group on income ($81,986), Jackson County trails ($49,149), and Bay County out-earns 5 of the six.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Bay County | - | $73,533 | $1,484/mo | 67% |
| Calhoun County, FL | 26 mi | $50,517 | $779/mo | 79% |
| Gulf County, FL | 26 mi | $61,179 | $1,187/mo | 81% |
| Washington County, FL | 31 mi | $58,210 | $888/mo | 80% |
| Liberty County, FL | 40 mi | $58,671 | $943/mo | 80% |
| Walton County, FL | 47 mi | $81,986 | $1,741/mo | 79% |
| Jackson County, FL | 48 mi | $49,149 | $865/mo | 76% |
What a median Bay County budget can carry
Lenders compare monthly debt payments with gross monthly income, the debt-to-income ratio. For a Bay County household at the medians it works out like this; treat it as an illustration only.
- $73,533 a year is $6,128 of gross monthly income
- 24% goes to median rent ($1,484)
- 40% debt-to-income limit: $967 left for all other debt payments
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Bay County's.
People and households in Bay County
30% of Bay County adults 25 and older hold a bachelor's degree or more. About 14% go without health insurance.
| Measure | Bay County | Florida statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 41.0 | 42.6 | 41.5 |
| Bachelor's or higher | 29.6% | 34.1% | 22.2% |
| No high school diploma | 8.6% | 10.1% | n/a |
| No health insurance | 14.4% | 11.5% | 7.8% |
| No vehicle | 4.3% | 6.0% | 5.4% |
| Work from home | 10.1% | 15.7% | 8.7% |
| Poverty rate | 11.9% | 12.6% | 13.2% |
| Unemployment (ACS) | 3.9% | 4.8% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 28.0% |
| 15 to 29 min | 38.7% |
| 30 to 44 min | 21.4% |
| 45 to 59 min | 6.1% |
| 60+ min | 5.7% |
What the numbers mean for Bay County borrowers
The county's numbers point to a few situations that come up often for Bay County borrowers.
- Health costs. With 14% of the county uninsured, an interest-free hospital payment plan usually beats a loan (medical bills).
- Tight rental budgets. With 60% of Bay County renters cost-burdened, test a new payment against a lean month.
- Know your credit. Review all three bureau reports for free (AnnualCreditReport.com).
Who licenses lenders for Bay County residents
Bay County borrowers fall under statewide rules, enforced by the Florida Office of Financial Regulation. The Consumer Financial Protection Bureau accepts complaints nationwide. More on Florida: Florida personal loans.
Steps before you apply in Bay County
Steps that save money for Bay County residents:
- Get a written quote for whatever you are paying for in Bay County.
- Collect three written offers and compare APR and total repaid.
- Verify the Florida license before giving out your Social Security number.
- Read the final agreement; it must match the offer.
Nearby and statewide guides
For statewide rules and data, see the Florida guide.
Frequently asked questions
Is Bay County a high-income county?
Its $73,533 median ranks 23rd of 67 Florida counties and compares with $65,681 for the median U.S. county.
How does Bay County rent compare with Florida?
$1,484 locally versus $1,669 for the state, 11% below.
Does this page cover Panama City?
Yes, along with the other 12 Census places in Bay County, such as Lynn Haven, Panama City Beach, Upper Grand Lagoon.
Are Bay County applicants treated differently?
No. Everyone answers the same questions and is screened on the same objective points; lending partners set their own criteria under fair-lending laws.
Is there a Bay County office that licenses lenders?
No, licensing is statewide. In Florida it is the Florida Office of Financial Regulation.