32408, Panama City, FL

The 32408 zip code of Panama City, FL is home to a population of over 100,000 people. The median household income in this zip code is $47,000 and the median home value is $157,500. In addition to being one of the most populous zip codes in Florida, 32408 also has a high concentration of wealth. The average home value in this zip code is more than double the statewide average and the median household income is nearly triple the statewide average.

Despite this high concentration of wealth, there are still a number of homeowners in 32408 who are struggling to afford their homes. The homeownership rate in this zip code is just over 60%, which is lower than both the statewide homeownership rate (69%) and the national homeownership rate (77%). This suggests that there are a significant number of homeowners who are struggling to make their mortgage payments or who have lost their homes due to foreclosure.

One reason why many homeowners in 32408 are struggling to afford their homes is because house prices have been increasing at an extremely rapid pace over the past few years. The average home value in 32408 has increased by almost 50% since 2013, which is much faster than either the statewide or national growth rates during that time period. This rapid increase in house prices has made it increasingly difficult for many people to purchase or maintain their homes without resorting to extreme measures such as borrowing money from family and friends or taking out high-interest loans.

Despite these challenges, there are still a number of homeowners who have been able to weather the storm and keep their homes despite rising house prices. It appears that many people who live in 32408 have enough equity in their homes to cover any short-term financial setbacks but may not be able to sustain long-term increases in house prices without some form of financial assistance from outside sources.