Chicago-Naperville-Elgin vs Panama City
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Panama City is 39% cheaper for renters. A 2-bedroom rents for $879/mo vs $1,222/mo in Chicago-Naperville-Elgin — saving $4,116/year.
Rent by Unit Size
| Unit Size | Chicago-Naperville-Elgin | Panama City | Difference |
|---|---|---|---|
| Studio | $849 | $571 | $278 |
| 1 Bedroom | $1,023 | $706 | $317 |
| 2 Bedrooms | $1,222 | $879 | $343 |
| 3 Bedrooms | $1,528 | $1,032 | $496 |
| 4 Bedrooms | $1,886 | $1,302 | $584 |
| Median Income | $79,852 | $44,385 | $35,467 |
Chicago-Naperville-Elgin
- Studio
- $849/mo
- 1 BR
- $1,023/mo
- 2 BR
- $1,222/mo
- 3 BR
- $1,528/mo
- 4 BR
- $1,886/mo
- Median Income
- $79,852/yr
Panama City
- Studio
- $571/mo
- 1 BR
- $706/mo
- 2 BR
- $879/mo
- 3 BR
- $1,032/mo
- 4 BR
- $1,302/mo
- Median Income
- $44,385/yr
Frequently Asked Questions
Is Chicago-Naperville-Elgin or Panama City cheaper to rent in?
Panama City is cheaper — a 2-bedroom Fair Market Rent is $879/mo vs $1,222/mo in Chicago-Naperville-Elgin. That's $343/mo or $4,116/year more expensive in Chicago-Naperville-Elgin (39% higher).
What is the 2-bedroom rent in Chicago-Naperville-Elgin vs Panama City?
The HUD Fair Market Rent for a 2-bedroom in Chicago-Naperville-Elgin is $1,222/month. In Panama City, a 2-bedroom FMR is $879/month.
How do incomes compare between Chicago-Naperville-Elgin and Panama City?
The median household income in Chicago-Naperville-Elgin is $79,852/year. In Panama City it is $44,385/year. Chicago-Naperville-Elgin has the higher median income.
What is the studio rent in Chicago-Naperville-Elgin vs Panama City?
A studio apartment Fair Market Rent in Chicago-Naperville-Elgin is $849/mo. In Panama City it is $571/mo.