Panama City vs Rapid City
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Rapid City is 5% cheaper for renters. A 2-bedroom rents for $835/mo vs $879/mo in Panama City — saving $528/year.
Rent by Unit Size
| Unit Size | Panama City | Rapid City | Difference |
|---|---|---|---|
| Studio | $571 | $574 | $3 |
| 1 Bedroom | $706 | $702 | $4 |
| 2 Bedrooms | $879 | $835 | $44 |
| 3 Bedrooms | $1,032 | $1,106 | $74 |
| 4 Bedrooms | $1,302 | $1,277 | $25 |
| Median Income | $44,385 | $44,904 | $519 |
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
Rapid City
- Studio
- $574/mo
- 1 BR
- $702/mo
- 2 BR
- $835/mo
- 3 BR
- $1,106/mo
- 4 BR
- $1,277/mo
- Median Income
- $44,904/yr
Frequently Asked Questions
Is Panama City or Rapid City cheaper to rent in?
Rapid City is cheaper — a 2-bedroom Fair Market Rent is $835/mo vs $879/mo in Panama City. That's $44/mo or $528/year more expensive in Panama City (5% higher).
What is the 2-bedroom rent in Panama City vs Rapid City?
The HUD Fair Market Rent for a 2-bedroom in Panama City is $879/month. In Rapid City, a 2-bedroom FMR is $835/month.
How do incomes compare between Panama City and Rapid City?
The median household income in Panama City is $44,385/year. In Rapid City it is $44,904/year. Rapid City has the higher median income.
What is the studio rent in Panama City vs Rapid City?
A studio apartment Fair Market Rent in Panama City is $571/mo. In Rapid City it is $574/mo.