Memphis vs Panama City
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Memphis is 7% cheaper for renters. A 2-bedroom rents for $819/mo vs $879/mo in Panama City — saving $720/year.
Rent by Unit Size
| Unit Size | Memphis | Panama City | Difference |
|---|---|---|---|
| Studio | $560 | $571 | $11 |
| 1 Bedroom | $682 | $706 | $24 |
| 2 Bedrooms | $819 | $879 | $60 |
| 3 Bedrooms | $1,011 | $1,032 | $21 |
| 4 Bedrooms | $1,184 | $1,302 | $118 |
| Median Income | $44,652 | $44,385 | $267 |
Memphis
- Studio
- $560/mo
- 1 BR
- $682/mo
- 2 BR
- $819/mo
- 3 BR
- $1,011/mo
- 4 BR
- $1,184/mo
- Median Income
- $44,652/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 Memphis or Panama City cheaper to rent in?
Memphis is cheaper — a 2-bedroom Fair Market Rent is $819/mo vs $879/mo in Panama City. That's $60/mo or $720/year more expensive in Panama City (7% higher).
What is the 2-bedroom rent in Memphis vs Panama City?
The HUD Fair Market Rent for a 2-bedroom in Memphis is $819/month. In Panama City, a 2-bedroom FMR is $879/month.
How do incomes compare between Memphis and Panama City?
The median household income in Memphis is $44,652/year. In Panama City it is $44,385/year. Memphis has the higher median income.
What is the studio rent in Memphis vs Panama City?
A studio apartment Fair Market Rent in Memphis is $560/mo. In Panama City it is $571/mo.