Living in Panama, New York
Cost of living, income, home prices, rent and demographics of Panama · Census data 2020–2024
Panama has 451 residents with a median age of 46.6. The median household income is $60,865 (29% lower than the New York median), the median home value is $105,400, the median rent is $785/month.
Panama is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Panama at a glance
- Population
- 451
- Median age
- 46.6State: 39.8
- Median household income
- $60,865State: $85,974
- Median home value
- $105,400State: $423,800
- Median rent
- $785/moState: $1,621
- Homeowners
- 55.3%
- Bachelor's degree or higher
- 19.9%
- Average commute
- 24 min
Is Panama a good place to live?
Pros: Home values 75% lower than the state median; an average commute of 24 minutes; unemployment of 2.1%; a poverty rate of 12.9%.
Cons: Median household income 29% lower than the New York median.
The weather is best in June to September.
Cost of living in Panama
Housing is the biggest part of the cost of living. In Panama the median home value is $105,400, 68% lower than the U.S. median. Renters pay a median of $785 per month, which is 19.9% of household income. Homeowners with a mortgage pay $1,088 a month in housing costs.
Panama median household income
The median household income in Panama is $60,865 and the income per person is $31,300. 12.9% of residents live below the poverty line (New York: 14%).
Housing in Panama: homes for sale and rent
- Housing units
- 236
- Owner-occupied
- 55.3%
- Renter-occupied
- 44.7%
- Vacant
- 8.1%Includes seasonal homes
- Median year built
- 1965
- Average household size
- 2.08
Panama demographics
- Population
- 451
- Median age
- 46.6
- Under 18
- 12.4%
- 65 and older
- 23.3%
- Households
- 217
- Foreign-born
- 0%
- Veterans
- 4.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Panama ›
Education in Panama
19.9% of adults 25 and older in Panama have a bachelor's degree or higher (New York: 40.2%), and 11.7% have a graduate or professional degree.
Jobs and commute in Panama
- Unemployment rate
- 2.1%State: 6.4%
- Average commute
- 24 minState: 33 min
- Work from home
- 4.9%
- Drive alone
- 73.9%
- Public transit
- 0%
- Walk to work
- 0.4%
- Homes with broadband
- 91.2%
Panama vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Panama | 451 | $60,865 | $105,400 | $785 |
| Bear Lake | 132 | $38,750 | $70,000 | — |
| Freehold | 892 | $57,279 | $99,100 | — |
| Bemus Point | 191 | $86,250 | $386,400 | $688 |
| Sherman | 590 | $46,346 | $109,500 | $544 |
| Lakewood | 2,957 | $67,557 | $158,500 | $1,154 |
| Columbus | 1,907 | $73,417 | $155,800 | $694 |
| Sugar Grove | 492 | $71,875 | $141,800 | $925 |
| Jamestown West | 2,424 | $54,250 | $146,000 | $892 |
More for people moving to Panama
Panama ZIP code ›Weather and climate ›Living in Panama: FAQ
What is the median household income in Panama, NY?
The median household income in Panama is $60,865, 29% lower than the New York median of $85,974 (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 $105,400, compared with $423,800 in New York.
How much is rent in Panama?
The median gross rent in Panama is $785 per month, about 19.9% of household income.
Is Panama, NY a good place to live?
Pluses: home values 75% lower than the state median; an average commute of 24 minutes; unemployment of 2.1%; a poverty rate of 12.9%. Minuses: median household income 29% lower than the New York median.
What is the median age in Panama?
The median age in Panama is 46.6 years (New York: 39.8).
How long is the commute in Panama?
The average commute to work in Panama is 24 minutes; 4.9% of workers work from home.
What is the unemployment rate in Panama?
The unemployment rate in Panama is 2.1% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Panama?
19.9% 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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