Panama, IL — City Data & Statistics

Median Income $60,096

20% lower than US avg

Home Value $60,800

78% lower than US avg

Bachelor's+ 7.5%

78% lower than US avg

Median Rent $833

28% lower than US avg

Obesity Rate 39.5%

23% higher than US avg

Unemployment 6.8%

89% higher than US avg

Poverty Rate 4.1%

67% lower than US avg

How Panama Compares to the U.S. Average (100% = U.S. avg)

People

Population327

Median Age48.5 yrs

Density884/mi²

Male / Female41% / 59%

Largest GroupWhite 99%

Veterans12.6%

Economy

B+

Median Income$60,096

Per Capita$27,332

Unemployment6.8%

Poverty4.1%

County GDP$2,021M

Commute35 min

Housing

A+

Home Value$60,800

Rent$833

OwnershipN/A

Housing Units150

Rent Burden24.3%

Health

Obesity39.5%

Uninsured9.9%

Smoking18.0%

Depression25.6%

Heart Disease5.8%

Climate

Avg Temp53°F (12°C)

AQI43 (Good)

Rain40.0 in/yr

Sunny Days293/yr

Elevation593 ft (181 m)

Education

Bachelor's+7.5%

High School+82.2%

Graduate+2.8%

School Score5.28

Community

2024 VoteR 71% / D 27%

Commute35 min

Broadband67.8%

Libraries6

Is Panama a Good Place to Live?

Based on current data, Panama receives an overall livability score of 3.4 out of 5.0, earning a grade of B. Key strengths include affordable housing, abundant sunshine, a low poverty rate. Areas to be aware of include above-average unemployment, high obesity rates. Panama offers a solid quality of life with a good balance of affordability, safety, and opportunity.

Economy & Jobs

The median household income in Panama is $60,096, 20% below the national average of $75,149. The unemployment rate of 6.8% is somewhat elevated compared to the national rate of 3.6%. Only 4.1% of residents live below the poverty line, well below the national rate of 12.4%. Workers commute an average of 35 minutes.

Cost of Living & Housing

The median home value in Panama is $60,800, 78% below the national median — offering relatively affordable homeownership. Renters pay a median of $833 per month, below the national average — a plus for affordability. At just 1x median income, home prices are very affordable relative to local earnings.

Education

7.5% of residents hold a bachelor's degree, below the national average of 33.7%. 82.2% have completed high school. Area schools have an average test score of 5.3/10.

Climate & Weather

Panama experiences four distinct seasons with an average temperature of 53°F. Winters average 28°F in January while summers reach 76°F in July. With 293 sunny days per year, residents enjoy well above the national average of sunshine. Annual precipitation totals 40.0 inches, including 16.5 inches of snow. Air quality is rated Good with a median AQI of 43.

Panama has a population of 327 with a density of 884 people per square mile, spread across 0.4 square miles. The median age is 48.5 years, 25% older than the national median of 38.9. The gender split is 58.7% female and 41.3% male. The city is predominantly White (99.1%). English is the primary language spoken at home by 99% of residents. 12.6% of the population are veterans, above the national rate of 6.0%. 17.7% of residents have a disability (above the 13.0% national average). 91.2% have health insurance coverage.

Population

327

Total Population

884

People / sq mi

48.5yrs

Median Age

25% above US avg

0.4mi²

Land Area

Gender Distribution

Male 41.3%

Female 58.7%

Race & Ethnicity

Panama vs U.S. Average

Language Spoken at Home

English Only	99.0%
	26% above US avg
Spanish	1.0%
	93% below US avg

Social Characteristics

Panama vs U.S. Average

The median household income in Panama is $60,096, which is 20% below the national average of $75,149. Per capita income is $27,332 (below the $39,052 national figure). The average weekly wage is $1,603, 12% higher than the U.S. average. The unemployment rate is 6.8% (above the 3.6% US average). 4.1% of residents live below the poverty line, lower than the national rate of 12.4%. The area has 697 business establishments, including 77 restaurants. The cost of living index is 100, roughly in line with the national average. Workers commute an average of 35 minutes (longer than the 28-minute US average). 2.4% of workers work from home (below the 15.2% national rate).

Income: Panama vs U.S.

Commute Mode

Income

Median HH Income	$60,096
	20% below US avg
Per Capita Income	$27,332
Avg Weekly Wage	$1,603
IRS Avg AGI	$66,701

Employment & Poverty

Unemployment	6.8%
	89% above US avg
Poverty Rate	4.1%
	67% below US avg
Establishments (County)	697
County GDP	$2,021M

Business (County)

Restaurants	77
Healthcare	66
Retail	112
Manufacturing	23

Tax & Cost of Living

Property Tax (IRS)	$4,300
	23% above US avg
Cost of Living	100.00 (100=avg)
Effective Tax Rate	7.07%

Commute & Transportation

Commute Time	34.8 min
Drive Alone	73.4%
Public Transit	0.0%
Work from Home	2.4%

Walkability

The median home value in Panama is $60,800, 78% below the national median of $281,900. Monthly rent averages $833 (28% below the national average of $1,163). Fair market rent ranges from $854 for a one-bedroom to $1,063 for a two-bedroom apartment. There are 150 total housing units in the city. The median year a home was built is 1957. The average annual property tax is $4,300 (higher than the $3,500 national average). 24.3% of renters spend 30% or more of their income on housing. The home price-to-income ratio is 1x, well within the affordable range.

Home Value Sources

Ownership Split

Home Values

Census Median	$60,800
	78% below US avg

Real Estate Market (Redfin)

Rental Costs

Census Median Rent	$833
	28% below US avg
Rent Burden	24.3%

HUD Fair Market Rent

Studio	$774
1 Bedroom	$854
2 Bedrooms	$1,063
3 Bedrooms	$1,370
4 Bedrooms	$1,561

Ownership & Property

Owner-Occupied	85.9%
Renter-Occupied	14.1%
Housing Units	150
Median Year Built	1957

Property Tax

Avg Tax (IRS)	$4,300
	23% above US avg
Effective Rate	7.07%

In Panama, 39.5% of adults are obese, above the national rate of 32.1%. 10.2% have diabetes. Heart disease affects 5.8% of residents. 31.6% have high blood pressure. 18.0% are current smokers (above the 14.0% national rate). 20.0% report binge drinking. 25.8% are physically inactive. 25.6% report depression (above the 20.0% national average). 20.6% experience frequent mental distress. 9.9% of residents lack health insurance. The primary care physician ratio is 1:2,553. The dentist ratio is 1:1,557. 38.3% of residents have access to exercise opportunities. The food environment index is 7.7 out of 10.

Health Metrics: Panama vs U.S. Average (%)

Chronic Conditions

Obesity	39.5%
	23% above US avg
Diabetes	10.2%
Heart Disease	5.8%
High Blood Pressure	31.6%
Asthma	11.2%
COPD	8.1%
Cancer	7.3%
Stroke	3.2%

Behaviors & Mental Health

Smoking	18.0%
	29% above US avg
Binge Drinking	20.0%
Physical Inactivity	25.8%
Depression	25.6%
Mental Distress	20.6%
Physical Distress	14.5%
Short Sleep	37.3%

Healthcare Access

Insurance Rate	91.2%
Uninsured	9.9%
	15% above US avg
Primary Care	1:2,553
Dentists	1:1,557
Mental Health	1:1,203
Checkup Rate	74.7%
Dental Visits	58.5%
Premature Death	11,025/100K

Food & Exercise

Food Environment	7.7/10
Exercise Access	38.3%
Healthcare Facilities	66

Panama experiences four distinct seasons with an average annual temperature of 53°F (12°C). Winters average 28°F in January while summers reach 76°F in July. The area gets 293 sunny days per year, well above the U.S. average of 205 — making it one of the sunnier locations in the country. Annual precipitation totals 40.0 inches. The area receives 16.5 inches of snow annually, a moderate snowfall amount. Air quality is rated Good with a median AQI of 43. The city sits at an elevation of 593 feet.

Temperature

28°F Jan (-2°C) 76°F Jul (25°C)

Annual Average	53.4°F
	1% below US avg
January Average	28°F (-2°C)
July Average	76°F (25°C)
Sunny Days	293 days/yr

Precipitation & Snow

Annual Rainfall	40.0 inches
	5% above US avg
Snowfall	16.5 inches/yr

Air Quality

AQI Median	43.0
Rating	Good

Geography

Elevation	593 ft (181 m)
Area	0.4 sq mi (1.0 km²)
Population Density	884/sq mi
Coordinates	39.0293°N, 89.5244°W
Timezone	America/Chicago
County	Montgomery County County
County FIPS	17135

Monthly Weather

Month	Avg Temperature	Precipitation	Summary
January	28°F (-2°C)	2.0 in	Coldest, Driest
February	32°F (-0°C)	2.1 in
March	43°F (6°C)	3.5 in
April	54°F (12°C)	4.0 in
May	64°F (18°C)	4.3 in	Wettest
June	73°F (23°C)	4.0 in
July	76°F (25°C)	3.5 in	Warmest
August	75°F (24°C)	3.2 in
September	68°F (20°C)	3.2 in
October	56°F (13°C)	2.8 in
November	44°F (7°C)	3.5 in
December	33°F (0°C)	3.0 in

Panama has a seasonal temperature swing of 48°F — from 28°F in January to 76°F in July. Total annual precipitation is 39.0 inches, with May being the wettest month (4.3") and January the driest (2.0").

Panama is located in Montgomery County. It is classified as Nonmetro — Urban 2.5K–20K, adjacent, a smaller urban community. 7.5% of adults hold a bachelor's degree or higher, 78% below the national average of 33.7%. 82.2% have completed high school. 2.8% hold a graduate or professional degree (below the 13.1% national rate). Area schools have an average test score of 5.3 out of 10. In the 2024 presidential election, the county voted Republican with 71.1% of the vote, a 44-point margin. 67.8% of households have broadband internet access (below the 90.0% national rate). There are 6 public libraries serving the community. 66 healthcare facilities operate in the area. 73.4% of workers drive alone to work.

2024 Presidential Election (County)

R 71.1%

D 27.1%

Winner: Republican by 44 points

Education

Bachelor's Degree+	7.5%
	78% below US avg
High School+	82.2%
Graduate Degree+	2.8%
School Test Score	5.28

D Education Grade (1.6/5.0)

Urban-Rural Classification

RUCC Code 6	Nonmetro — Urban 2.5K–20K, adjacent
Population Density	884/sq mi
Total Area	0.4 sq mi
County	Montgomery County County

Infrastructure & Services

Broadband Access	67.8%
Public Libraries	6
Healthcare Facilities	66
Restaurants	77
Retail Stores	112

Safety & Disasters

Fatal Crashes (County/yr)	7

Commute & Transportation

Avg Commute	34.8 min
Drive Alone	73.4%
Public Transit	0.0%
Work from Home	2.4%

Frequently Asked Questions About Panama

What is the population of Panama?

Panama has a population of 327 residents and is located in Illinois. The population density is 884 people per square mile, spread across 0.4 square miles. The median age of residents is 48.5 years, which is older than the national median of 38.9 years. The population is 58.7% female and 41.3% male.

Is Panama expensive to live in?

Panama has a cost of living roughly in line with the national average, with an index of 100 (baseline: 100). The median household income is $60,096, 20% below the national average of $75,149. The median home value is $60,800 (78% below the U.S. median). Renters pay a median of $833 per month, below the national average of $1,163. The home price-to-income ratio is 1x, indicating housing is reasonably affordable relative to local income levels.

What is the weather like in Panama?

Panama has a four-season climate with an average annual temperature of 53°F (12°C). Winter temperatures average 28°F in January, while summers reach an average of 76°F in July. The area receives 293 sunny days per year, well above the national average of 205. Annual rainfall totals 40.0 inches, with 16.5 inches of snow. Air quality is rated Good with a median Air Quality Index (AQI) of 43.

How is the job market in Panama?

The unemployment rate in Panama is 6.8%, somewhat above the national average of 3.6%. Job seekers may face moderate competition. The average weekly wage is $1,603. There are 697 business establishments in the area, including 77 restaurants and food service locations. The average commute time is 35 minutes, and 2.4% of workers work from home.

How much does housing cost in Panama?

The median home value in Panama is $60,800. For renters, the median monthly rent is $833. Fair market rent is $854 for a 1-bedroom and $1,063 for a 2-bedroom apartment. The average annual property tax is $4,300.

How are the schools in Panama?

Schools in Panama score 5.3 out of 10 on standardized testing, near the national average. 7.5% of adults in Panama hold a bachelor's degree or higher, below the national average of 33.7%. 82.2% have completed high school. 2.8% hold a graduate or professional degree.

How healthy is Panama?

The obesity rate in Panama is 39.5% (above the national rate of 32.1%). 18.0% of adults are smokers. 25.8% are physically inactive. 25.6% of residents report depression. 9.9% lack health insurance. 38.3% of residents have access to exercise opportunities. The primary care physician ratio is 1:2,553.

What is transportation like in Panama?

The average commute in Panama is 35 minutes, longer than the national average of 28 minutes. 73.4% of workers drive alone to work, and 2.4% work from home.

What are the demographics of Panama?

The racial and ethnic makeup of Panama is 99.1% White. 99% of residents speak only English at home. 12.6% of the population are military veterans. 17.7% of residents have a disability. 91.2% have health insurance coverage.

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