Living in Panama, Illinois
Cost of living, income, home prices, rent and demographics of Panama · Census data 2020–2024
Panama has 420 residents with a median age of 40.3. The median household income is $72,917 (13% lower than the Illinois median), the median home value is $54,700, the median rent is $970/month.
Panama is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Panama at a glance
- Population
- 420
- Median age
- 40.3State: 39
- Median household income
- $72,917State: $83,390
- Median home value
- $54,700State: $263,300
- Median rent
- $970/moState: $1,274
- Homeowners
- 92.4%
- Bachelor's degree or higher
- 3.8%
- Average commute
- 30 min
Is Panama a good place to live?
Pros: Home values 79% lower than the state median; a poverty rate of 9.5%.
Cons: Median household income 13% lower than the Illinois median; an average commute of 30 minutes; unemployment of 6.6%.
The weather is best in May and August to October.
Cost of living in Panama
Housing is the biggest part of the cost of living. In Panama the median home value is $54,700, 84% lower than the U.S. median. Renters pay a median of $970 per month, which is 21.8% of household income. Homeowners with a mortgage pay $816 a month in housing costs.
Panama median household income
The median household income in Panama is $72,917 and the income per person is $25,747. 9.5% of residents live below the poverty line (Illinois: 11.8%).
Housing in Panama: homes for sale and rent
- Housing units
- 187
- Owner-occupied
- 92.4%
- Renter-occupied
- 7.6%
- Vacant
- 8%Includes seasonal homes
- Median year built
- 1943
- Average household size
- 2.44
Panama demographics
- Population
- 420
- Median age
- 40.3
- Under 18
- 29.3%
- 65 and older
- 15%
- Households
- 172
- Foreign-born
- 0.7%
- Veterans
- 9.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Panama ›
Education in Panama
3.8% of adults 25 and older in Panama have a bachelor's degree or higher (Illinois: 37.8%), and 0.3% have a graduate or professional degree.
Jobs and commute in Panama
- Unemployment rate
- 6.6%State: 5.8%
- Average commute
- 30 minState: 28 min
- Work from home
- 16.5%
- Drive alone
- 67.1%
- Public transit
- 0%
- Walk to work
- 0.6%
- Homes with broadband
- 77.9%
Panama vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Panama | 420 | $72,917 | $54,700 | $970 |
| Donnellson | 129 | $45,875 | $51,700 | $913 |
| Sorento | 472 | $47,679 | $63,200 | $533 |
| Walshville | 158 | $72,917 | — | — |
| Taylor Springs | 633 | $45,000 | $67,400 | $772 |
| Coffeen | 592 | $72,500 | $60,800 | $828 |
| New Douglas | 346 | $50,000 | $77,500 | $744 |
| Schram City | 578 | $51,250 | $94,300 | $743 |
| Old Ripley | 125 | $62,188 | $81,300 | — |
More for people moving to Panama
Panama ZIP code ›Weather and climate ›Living in Panama: FAQ
What is the median household income in Panama, IL?
The median household income in Panama is $72,917, 13% lower than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Panama?
The median home value in Panama is $54,700, compared with $263,300 in Illinois.
How much is rent in Panama?
The median gross rent in Panama is $970 per month, about 21.8% of household income.
Is Panama, IL a good place to live?
Pluses: home values 79% lower than the state median; a poverty rate of 9.5%. Minuses: median household income 13% lower than the Illinois median; an average commute of 30 minutes; unemployment of 6.6%.
What is the median age in Panama?
The median age in Panama is 40.3 years (Illinois: 39).
How long is the commute in Panama?
The average commute to work in Panama is 30 minutes; 16.5% of workers work from home.
What is the unemployment rate in Panama?
The unemployment rate in Panama is 6.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Panama?
3.8% of adults in Panama have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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