Panama City vs Richmond
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Panama City is 16% cheaper for renters. A 2-bedroom rents for $879/mo vs $1,021/mo in Richmond — saving $1,704/year.
Rent by Unit Size
| Unit Size | Panama City | Richmond | Difference |
|---|---|---|---|
| Studio | $571 | $669 | $98 |
| 1 Bedroom | $706 | $842 | $136 |
| 2 Bedrooms | $879 | $1,021 | $142 |
| 3 Bedrooms | $1,032 | $1,317 | $285 |
| 4 Bedrooms | $1,302 | $1,453 | $151 |
| Median Income | $44,385 | $69,914 | $25,529 |
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
Richmond
- Studio
- $669/mo
- 1 BR
- $842/mo
- 2 BR
- $1,021/mo
- 3 BR
- $1,317/mo
- 4 BR
- $1,453/mo
- Median Income
- $69,914/yr
Frequently Asked Questions
Is Panama City or Richmond cheaper to rent in?
Panama City is cheaper — a 2-bedroom Fair Market Rent is $879/mo vs $1,021/mo in Richmond. That's $142/mo or $1,704/year more expensive in Richmond (16% higher).
What is the 2-bedroom rent in Panama City vs Richmond?
The HUD Fair Market Rent for a 2-bedroom in Panama City is $879/month. In Richmond, a 2-bedroom FMR is $1,021/month.
How do incomes compare between Panama City and Richmond?
The median household income in Panama City is $44,385/year. In Richmond it is $69,914/year. Richmond has the higher median income.
What is the studio rent in Panama City vs Richmond?
A studio apartment Fair Market Rent in Panama City is $571/mo. In Richmond it is $669/mo.