Back in 2014, spending $500,000 on a house was generally reserved for high earners. The typical U.S. home sold for $159,000, while starter homes averaged just $101,000. Fast-forward to today, and prices have more than doubled: A standard home now sells for $440,000, with starter homes approaching $300,000.
These current prices have put homeownership out of reach for many – and things don't look to be improving. Prices are still rising, affordability keeps dropping, and starter homes are becoming harder to find as home values climb. This has created a very sluggish and difficult housing market. In fact, even the usual busy spring and summer buying seasons were unusually slow this year.
While $500,000 once stretched much further, in many cities today, it's not nearly enough. But what about Panama City?
To find out, Redfin Real Estate found listings near the $500,000 mark to see what types of homes you can actually afford in Panama City right now. Listings below $500,000 were included if necessary.
885 Walsonham Dr, Panama City Beach, FL 32407
- Price: $499,900
- 5 bedrooms, 3.5 bathrooms
- Square feet: 2,383
- See 885 Walsonham Dr, Panama City Beach, FL 32407 on Redfin.com
1026 Harvard Blvd, Lynn Haven, FL 32444
- Price: $499,900
- 5 bedrooms, 3 bathrooms
- Square feet: 3,100
- See 1026 Harvard Blvd, Lynn Haven, FL 32444 on Redfin.com
4134 Cobalt Cir, Panama City, FL 32408
- Price: $499,999
- 4 bedrooms, 5.5 bathrooms
- Square feet: 2,860
- See 4134 Cobalt Cir, Panama City, FL 32408 on Redfin.com
323 Robinson Bluff Rd, Panama City, FL 32407
- Price: $499,900
- 4 bedrooms, 3.5 bathrooms
- Square feet: 2,245
- See 323 Robinson Bluff Rd, Panama City, FL 32407 on Redfin.com
1938 Quail Run, Lynn Haven, FL 32444
- Price: $499,900
- 4 bedrooms, 3 bathrooms
- Square feet: 2,604
- See 1938 Quail Run, Lynn Haven, FL 32444 on Redfin.com
3204 Airport Rd, Panama City, FL 32405
- Price: $500,000
- 4 bedrooms, 2.5 bathrooms
- Square feet: 2,482
- See 3204 Airport Rd, Panama City, FL 32405 on Redfin.com
253 N Wells St, Panama City Beach, FL 32413
- Price: $499,900
- 4 bedrooms, 2 bathrooms
- Square feet: 1,909
- See 253 N Wells St, Panama City Beach, FL 32413 on Redfin.com
228 Kim Kove, Mexico Beach, FL 32456
- Price: $499,900
- 4 bedrooms, 2 bathrooms
- Square feet: 1,380
- See 228 Kim Kove, Mexico Beach, FL 32456 on Redfin.com
20235 Bain Rd, Fountain, FL 32438
- Price: $499,900
- 4 bedrooms, 1.5 bathrooms
- Square feet: 2,500
- See 20235 Bain Rd, Fountain, FL 32438 on Redfin.com
100 Cherry St, Panama City, FL 32401
- Price: $500,000
- 3 bedrooms, 3 bathrooms
- Square feet: 2,701
- See 100 Cherry St, Panama City, FL 32401 on Redfin.com
7734 Shadow Bay Dr, Panama City, FL 32404
- Price: $499,900
- 3 bedrooms, 2.5 bathrooms
- Square feet: 2,421
- See 7734 Shadow Bay Dr, Panama City, FL 32404 on Redfin.com
333 Moonlight Bay Dr, Panama City Beach, FL 32407
- Price: $499,900
- 3 bedrooms, 2 bathrooms
- Square feet: 2,506
- See 333 Moonlight Bay Dr, Panama City Beach, FL 32407 on Redfin.com
1600 Inverness Rd, Lynn Haven, FL 32444
- Price: $499,999
- 3 bedrooms, 2 bathrooms
- Square feet: 2,007
- See 1600 Inverness Rd, Lynn Haven, FL 32444 on Redfin.com
16401 Castile Ave, Panama City Beach, FL 32413
- Price: $499,900
- 3 bedrooms, 2 bathrooms
- Square feet: 1,867
- See 16401 Castile Ave, Panama City Beach, FL 32413 on Redfin.com
2117 Sedges Ave, Panama City, FL 32405
- Price: $499,999
- 3 bedrooms, 2 bathrooms
- Square feet: 1,864
- See 2117 Sedges Ave, Panama City, FL 32405 on Redfin.com
630 Millbridge Dr, Panama City Beach, FL 32413
- Price: $499,995
- 3 bedrooms, 2 bathrooms
- Square feet: 1,842
- See 630 Millbridge Dr, Panama City Beach, FL 32413 on Redfin.com
634 Millbridge Dr, Panama City Beach, FL 32413
- Price: $499,995
- 3 bedrooms, 2 bathrooms
- Square feet: 1,738
- See 634 Millbridge Dr, Panama City Beach, FL 32413 on Redfin.com
1302 Highway 98, Mexico Beach, FL 32456
- Price: $499,900
- 3 bedrooms, 2 bathrooms
- Square feet: 1,412
- See 1302 Highway 98, Mexico Beach, FL 32456 on Redfin.com
207 S Wells St, Panama City Beach, FL 32413
- Price: $499,900
- 3 bedrooms, 2 bathrooms
- Square feet: 1,148
- See 207 S Wells St, Panama City Beach, FL 32413 on Redfin.com
9900 S Thomas Dr, Panama City, FL 32408
- Price: $499,900
- 2 bedrooms, 3 bathrooms
- Square feet: 1,184
- See 9900 S Thomas Dr, Panama City, FL 32408 on Redfin.com
9900 S Thomas Dr, Panama City, FL 32408
- Price: $499,900
- 2 bedrooms, 2.5 bathrooms
- Square feet: 1,102
- See 9900 S Thomas Dr, Panama City, FL 32408 on Redfin.com
6201 Thomas Dr, Panama City, FL 32408
- Price: $499,999
- 2 bedrooms, 2 bathrooms
- Square feet: 1,404
- See 6201 Thomas Dr, Panama City, FL 32408 on Redfin.com
520 N Richard Jackson Blvd, Panama City Beach, FL 32407
- Price: $500,000
- 2 bedrooms, 2 bathrooms
- Square feet: 1,254
- See 520 N Richard Jackson Blvd, Panama City Beach, FL 32407 on Redfin.com
10519 Front Beach Rd, Panama City Beach, FL 32407
- Price: $500,000
- 2 bedrooms, 2 bathrooms
- Square feet: 1,147
- See 10519 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
10519 Front Beach Rd, Panama City Beach, FL 32407
- Price: $500,000
- 2 bedrooms, 2 bathrooms
- Square feet: 1,147
- See 10519 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
10625 Front Beach Rd, Panama City Beach, FL 32407
- Price: $499,900
- 2 bedrooms, 2 bathrooms
- Square feet: 1,146
- See 10625 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
12011 Front Beach Rd, Panama City Beach, FL 32407
- Price: $499,900
- 2 bedrooms, 2 bathrooms
- Square feet: 1,076
- See 12011 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
17729 Front Beach Rd, Panama City Beach, FL 32413
- Price: $499,999
- 2 bedrooms, 2 bathrooms
- Square feet: 1,074
- See 17729 Front Beach Rd, Panama City Beach, FL 32413 on Redfin.com
10901 Front Beach Rd, Panama City Beach, FL 32407
- Price: $500,000
- 2 bedrooms, 2 bathrooms
- Square feet: 958
- See 10901 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
11347 Front Beach Rd, Panama City Beach, FL 32407
- Price: $500,000
- 1 bedroom, 2 bathrooms
- Square feet: 1,013
- See 11347 Front Beach Rd, Panama City Beach, FL 32407 on Redfin.com
This story was produced by Redfin Real Estate and reviewed and distributed by Stacker.