Remember that the call this area LA (Lower Alabama) & the Rednect Riveria, so expect accordingly. From west to east you have the following major (loose term) towns: Pensacola, Pensacola Beach (not real close to downtown w/2 bridges to cross), Gulf Breeze, Navarre, Navarre Beach, Ft Walton Beach, Destin, Sand Destin, & Panama City. North of Pensacola/Navarre is Milton & North of Ft Walton Beach is Niceville & Crestview. Gulf Breeze, Destin, & Sand Destin will be your more expensive towns (Beach front aside). Navarre is mid-way between Pensacola & Ft Walton Beach's airports (approx 45 min drive). It is fairly rural north of the coast quickly, but that also gets you away from the tourists & all their issues.

Some of the facts for the area that you may not find on the tourism sites:
1. From Pensacola to Panama City, it is a military town (Navy - NAS Pensacola, Whiting Field in Milton; USAF - Hurlburt Field & Eglin AFB in Ft Walton Beach, Tyndall AFB in Panama City). That said the military ranges dominate the area between highway 98 on the coast & interstate 10 (this causes limited traffic flow north & traffic jams along the coast during peak season/day time).
2. Hurricane season hits late summer/early fall. They didn't have any last year, but you can still see the effects of previous years. Like the rest of Florida, house insurance sky rocketed the past year (if you can get it). On the plus side, housing rates fell.

I spent 11 years living in Navarre, Navarre Beach & Ft Walton Beach and still have realtives living there. The beaches are some of the best I have seen in the world, but the area is somewhat of a cultural void. PM me if you have any specific questions about specific areas/towns.