Panama City Named the Best Place to Retire in America

Panama City has been named as the best place to retire in Florida by editors of the Florida Retirement Buzz blog (http://www.floridaretirementbuzz.com/). The editors based their findings on a recent study by Moody’s Business 2.0 magazine and Economy.com that identifies the US housing markets that will experience the strongest growth in the next five years. Panama City is number one, with the strongest projected growth of any city in the country.

Three Florida Cities in the Top Five

The Business 2.0/Economy.com study reviewed current forecasting data and identified the cities that will see the highest appreciation through 2011. Florida is home to three of the top 5 cities on the list. Joining Panama City in the top five is Vero Beach at number 2 and Lakeland, Florida at number 4.

According to the study, growth in the Panama City area will be a direct result of the relocation of the Panama City - Bay County Airport to West Bay. The new airport will host larger jets, bringing more people to the area and potentially more homebuyers. Demand from more homebuyers will result in a strong housing market, with projected growth of about 72% over the next 5 years.

Panama City's Economy "Waiting to Break Out"

Experts expect the growth to be similar to Fort Myers’ boom in the 80s when the Southwest Florida International Airport opened and the area experienced a major housing market surge as a result. According to Moody’s Economy.com’s chief regional economist Steven Cochrane, Panama City’s economy is “waiting to break out” (http://money.cnn.com/popups/2006/biz2/newrules_bestinvest/index.html). Property prices remain low compared to the rest of Florida and prices have recovered to a normal level, after reaching a high last year. The area is primed for growth.

The study projects the median home prices in 2011 will be $383,00, up from $223,000 in 2006. The area’s population is projected to grow to 187,000 people over the next 5 years. Per capita income is projected to grow to be $40,200, up from 2006’s per capita income of $31,000.

Excellent Opportunity to Find a Good Buy

Since home prices remain low in Panama City, there is a fantastic opportunity to find a great buy now. The editors at the Florida Retirement Buzz blog recommend retirees or people planning for retirement consider the area for its lower housing prices, projected growth of the area, and even for the weather. Prices for retirement condos are reported to be down more than $100,000 with some going for as little as $300,000. For retirees who say they will miss the “seasons,” Panama City experiences some frost and colorful foliage. Plus, with the new airport, family members and friends from up North should experience no problems coming for a visit!