Panama City vs Waco
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Waco is 14% cheaper for renters. A 2-bedroom rents for $770/mo vs $879/mo in Panama City — saving $1,308/year.
Rent by Unit Size
| Unit Size | Panama City | Waco | Difference |
|---|---|---|---|
| Studio | $571 | $530 | $41 |
| 1 Bedroom | $706 | $629 | $77 |
| 2 Bedrooms | $879 | $770 | $109 |
| 3 Bedrooms | $1,032 | $988 | $44 |
| 4 Bedrooms | $1,302 | $1,119 | $183 |
| Median Income | $44,385 | $40,886 | $3,499 |
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
Waco
- Studio
- $530/mo
- 1 BR
- $629/mo
- 2 BR
- $770/mo
- 3 BR
- $988/mo
- 4 BR
- $1,119/mo
- Median Income
- $40,886/yr
Frequently Asked Questions
Is Panama City or Waco cheaper to rent in?
Waco is cheaper — a 2-bedroom Fair Market Rent is $770/mo vs $879/mo in Panama City. That's $109/mo or $1,308/year more expensive in Panama City (14% higher).
What is the 2-bedroom rent in Panama City vs Waco?
The HUD Fair Market Rent for a 2-bedroom in Panama City is $879/month. In Waco, a 2-bedroom FMR is $770/month.
How do incomes compare between Panama City and Waco?
The median household income in Panama City is $44,385/year. In Waco it is $40,886/year. Panama City has the higher median income.
What is the studio rent in Panama City vs Waco?
A studio apartment Fair Market Rent in Panama City is $571/mo. In Waco it is $530/mo.