500 Bainbridge St, Panama City Beach
Bay County Real Estate - Panama City Beach
Panama City Beach, positioned along Florida's gulf coast, has been called the "spring break capital of the world," attracting tens of thousands of college and high school students every year. In the early 2000s, high-rise condominiums and larger homes replaced small houses and run down motels, boosting the city's real estate market at the time. The City's white sand beaches, shopping, and numerous tourist attractions attract more than just spring breakers. Visitors of all ages frequent the city year round.
Panama City Beach is in North West Florida. It's population as recorded in the 2010 Census was 12,018. Panama City Beach is approximately 9 miles from Panama City (population 36,484) and around 51 miles from Fort Walton Beach (population 19,507).
The median age for residents of Panama City Beach is 40.9. Around 23.9% of Panama City Beach households include school aged children and 25.4% of households include individuals aged 65 years or over. Census records indicate 89.5% of the Panama City Beach population are White, 2.2% are Black or African American, .5% American Indian, 2.7% Asian and 3% are Two or more Races.
There are 17,141 housing units in Panama City Beach. 11,724 (68.3%) of these were reported as vacant in the 2010 Census. Panama City Beach is a tourist destination, 49% (5,746) of it's vacant housing units were classed as seasonal, recreational or for occasional use. There are 7,028 residential rental units in Panama City Beach. 2,532 of them were occupied in 2010 providing a residential rental vacancy rate of 62.7%.
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Bay County
Bay County is part of the Northwest Florida region, along with Santa Rosa, Escambia, Walton, Holmes, Jackson, Washington, Okaloosa, Calhoun, Liberty, Gulf, Franklin, Gadsden, Leon, Jefferson, and Wakulla counties. The largest industries by employment for Bay County are educational, health and social services; retail trade, and arts, entertainment, recreation, accommodation and food services. Bay County's white sand beaches and clear blue waters attract many visitors year round.
Top private sector employers in Bay County are Bay Medical center, Wal-Mart, Eastern Ship Building, Gulf Coast Medical Center, and Smurfit- Stone Container Corporation. Major public sector employers are Tyndall Air Force Base, Naval Support, Bay District schools, Gulf Coast State College, City of Panama City, Bay County Board, and Bay County Sheriff. Cities and towns in Bay County include Callaway, Lynn Haven, Mexico Beach, Panama City (county seat), Panama City Beach, Parker, and Springfield.
Neighboring Properties
| Address | Type | Sq Ft | Class | |
|---|---|---|---|---|
| 422 Bainbridge St | Single Family | 2,830 | B |
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| 502 Bainbridge St S St | Single Family | 2,535 | B |
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| 504 Bainbridge St | Single Family | 3,047 | B |
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| 420 Bainbridge St | Single Family | 3,032 | B |
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| 506 Bainbridge St | Single Family | 2,459 | B |
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| 418 Bainbridge St | Single Family | 2,647 | B |
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| 110 Kensington Cir | Single Family | 2,732 | B |
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| 501 Bainbridge St | Single Family | 2,553 | B |
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| 108 Kensington Cir | Single Family | 2,167 | B |
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| 413 Bainbridge St | Single Family | 2,032 | B |
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| 112 Kensington Cir | Single Family | 2,634 | B |
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| 508 Bainbridge St | Single Family | 2,605 | B |
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| 416 Bainbridge St | Single Family | 2,612 | B |
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| 106 Kensington Cir | Single Family | 1,798 | B |
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| 503 Bainbridge St | Single Family | 2,450 | B |
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| 411 Bainbridge St | Single Family | 2,012 | B |
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| 104 Kensington Cir | Single Family | 2,135 | B |
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| 414 Bainbridge St | Single Family | 2,789 | B |
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| 114 Kensington Cir | Single Family | 3,108 | B |
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| 510 Bainbridge St | Single Family | 2,534 | B |
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| 505 Bainbridge St | Single Family | 2,194 | B |
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| 102 Kensington Cir | Single Family | 2,002 | B |
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| 409 Bainbridge St | Single Family | 2,628 | B |
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| 412 Bainbridge St | Single Family | 2,100 | B |
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| 109 Kensington Cir | Single Family | 2,771 | B |
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| 116 Kensington Cir | Single Family | 2,600 | B |
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| 107 Kensington Cir | Single Family | 2,719 | B |
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| 507 Bainbridge St | Single Family | 2,010 | B |
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| 100 Kensington Cir | Single Family | 2,757 | B |
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| 407 Bainbridge St | Single Family | 1,961 | B |
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| 410 Bainbridge St | Single Family | 2,156 | B |
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| 105 Kensington Cir | Single Family | 2,860 | B |
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Local Household Income
The median household income in this part of Florida is $57,128. The bottom 10% of the population earn less than $18,447 per year. The top 10% earn more than $136,019 per year. The top 1% earn more than $426,588 per year. Most renters earn between $29,172 (20th percentile) and $54,264 (80th percentile) per year. Someone earning the median household income in this area is likely to qualify for a mortgage between $114,256 and $142,820.
The tax assessed value of this property places it in percentile 93 of all properties in this area. This suggests it would appeal to someone earning around $155,882 per year who should qualify for a mortgage between $311,764 and $389,705.
Source: US Census American Community Survey - 2008-2012 ACS 5-year PUMS estimates
Local Rents
The median monthly rent in this part of Florida is $937. Most renters earn between $2,431 and $4,522 per month. They typically spend 31% of their monthly income on rent. Most rents fall in the $665 (20th percentile) to $1,275 (80th percentile) range. The residential vacancy rate is 18%.
This property falls in percentile 93 of all properties in this area. This corresponds to a rent of $1,615 per month and a monthly household income of $5,769 ($69,228 per year)