41.8% were non-families. 34.1% of all households were made up of individuals, and 13.0% were someone living alone who was 65 years of age or older. The average household size was 2.28, and the average family size was 2.91. In the city, the population was 20.7% under the age of 18, 10.2% from 18 to 24, 25.9% from 25 to 44, 26.9% from 45 to 64, and 16.3% who were 65 years of age or older. The median age was 39.7 years. For every 100 females, there were 96.3 males. For every 100 females age 18 and over, there were 95.2 males. Geography Panama City is located at (30.174451, –85.664480) within the Florida Panhandle and along the Emerald Coast. According to the United States Census Bureau, the city limits encompass an area of , of which is land and , or 17.39%, is water. Climate Panama City has a humid subtropical climate, with short, mild winters and long, hot and humid summers. In January, the average low is 42.6 °F (5.9 °C), and in July the average high is 91.1 °F (32.8 °C). Due to its location on the Gulf Coast, the city is susceptible to tropical cyclones. In 2018, Panama City was directly hit by Hurricane Michael, which caused catastrophic damage to the city and surrounding communities, with winds of 160 mph (260 km/h) at landfall. The city previously suffered significant indirect impacts from Hurricane Ivan (2004) and Hurricane Opal (1995). The city was also heavily damaged by an EF2 tornado on March 18, 2022. Time zone Panama City is part of the Central Time Zone, unlike the city of Tallahassee to its east. Economy Personal income As of the 2000 census, the city's median household income was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The city's per capita income was $17,830. About 12.1% of families and 17.2% of the population were below the poverty line, including 24.5% of those under age 18 and 14.9% of those age 65 or over. Industry Two military bases make the federal government the largest employer. Other major industrial employers in the Bay County area include Eastern Shipbuilding Group, Gulf Power, Trane, L-3 Communications, ARINC, and JENSEN-GROUP. Real estate In 2006, Panama City was named the best place to invest in real estate in the US by CNN's Business