Living in Panama, Oklahoma
Cost of living, income, home prices, rent and demographics of Panama · Census data 2020–2024
Panama has 1,415 residents with a median age of 31.5. The median household income is $47,136 (28% lower than the Oklahoma median), the median home value is $124,800, the median rent is $776/month.
Panama is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Panama at a glance
- Population
- 1,415
- Median age
- 31.5State: 37
- Median household income
- $47,136State: $65,039
- Median home value
- $124,800State: $199,800
- Median rent
- $776/moState: $1,014
- Homeowners
- 65.4%
- Bachelor's degree or higher
- 7%
- Average commute
- 26 min
Is Panama a good place to live?
Pros: Home values 38% lower than the state median.
Cons: Median household income 28% lower than the Oklahoma median; an average commute of 26 minutes; unemployment of 6.2%; a poverty rate of 29%.
The weather is best in April–May and September–October.
Cost of living in Panama
Housing is the biggest part of the cost of living. In Panama the median home value is $124,800, 62% lower than the U.S. median. Renters pay a median of $776 per month, which is 36.5% of household income. Homeowners with a mortgage pay $896 a month in housing costs.
Panama median household income
The median household income in Panama is $47,136 and the income per person is $21,572. 29% of residents live below the poverty line (Oklahoma: 15.3%).
Housing in Panama: homes for sale and rent
- Housing units
- 707
- Owner-occupied
- 65.4%
- Renter-occupied
- 34.6%
- Vacant
- 16.3%Includes seasonal homes
- Median year built
- 1982
- Average household size
- 2.39
Panama demographics
- Population
- 1,415
- Median age
- 31.5
- Under 18
- 29%
- 65 and older
- 20.6%
- Households
- 592
- Foreign-born
- 1.5%
- Veterans
- 9.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Panama ›
Education in Panama
7% of adults 25 and older in Panama have a bachelor's degree or higher (Oklahoma: 28.3%), and 1.9% have a graduate or professional degree.
Jobs and commute in Panama
- Unemployment rate
- 6.2%State: 5%
- Average commute
- 26 minState: 22 min
- Work from home
- 7.8%
- Drive alone
- 84.4%
- Public transit
- 0%
- Walk to work
- 0.9%
- Homes with broadband
- 92.7%
Panama vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Panama | 1,415 | $47,136 | $124,800 | $776 |
| Shady Point | 900 | $52,375 | $104,700 | $618 |
| Spiro | 2,269 | $41,848 | $100,700 | $830 |
| Bokoshe | 388 | $33,646 | $80,800 | $592 |
| Cameron | 292 | $53,125 | $75,000 | $717 |
| Poteau | 8,959 | $50,511 | $157,400 | $853 |
| Fort Coffee | 292 | $35,000 | $83,700 | $758 |
| Rock Island | 684 | $45,114 | $134,700 | $772 |
| Pocola | 4,423 | $50,545 | $151,100 | $826 |
More for people moving to Panama
Panama ZIP code ›Weather and climate ›Living in Panama: FAQ
What is the median household income in Panama, OK?
The median household income in Panama is $47,136, 28% lower than the Oklahoma median of $65,039 (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 $124,800, compared with $199,800 in Oklahoma.
How much is rent in Panama?
The median gross rent in Panama is $776 per month, about 36.5% of household income.
Is Panama, OK a good place to live?
Pluses: home values 38% lower than the state median. Minuses: median household income 28% lower than the Oklahoma median; an average commute of 26 minutes; unemployment of 6.2%; a poverty rate of 29%.
What is the median age in Panama?
The median age in Panama is 31.5 years (Oklahoma: 37).
How long is the commute in Panama?
The average commute to work in Panama is 26 minutes; 7.8% of workers work from home.
What is the unemployment rate in Panama?
The unemployment rate in Panama is 6.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Panama?
7% 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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