Panama City, FL is a city located in Bay County. It is home to 36,417 people. The median income is $31,572, which is lower than the average of all communities in Florida. Towns which are close by include Callaway, FL and Lynn Haven, FL. Panama City, FL is 103 miles from Pensacola. Nearby shopping includes Panama City Mall. 37.9% of the residents rent apartments or rental homes in Panama City, FL.