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
12.5%
247% 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
Unemployment12.5%
Poverty4.1%
County GDP$2,021M
Commute35 min
Housing
A+
Home Value$60,800
Rent$833
Ownership85.9%
Zillow$134,830
Housing Units150
Rent Burden24.3%
Health
Obesity39.5%
Uninsured8.3%
Smoking18.0%
Depression25.6%
Heart Disease5.8%
Climate
Avg Temp56°F (13°C)
Rain42.1 in/yr
Elevation593 ft (181 m)
Education
D
Bachelor's+7.5%
High School+82.2%
Graduate+2.8%
School Score5.28
Community
2024 VoteR 71% / D 27%
Commute35 min
Broadband67.8%
EV Stations1
Libraries6
Is Panama a Good Place to Live?
Based on current data, Panama receives an overall livability score of 3.2 out of 5.0, earning a grade of B. Key strengths include affordable housing, 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. At 12.5%, unemployment is notably high. 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 enjoys a moderate climate with an average annual temperature of 56°F. Winters average 30°F in January while summers reach 78°F in July. Annual precipitation totals 42.1 inches, including 13.9 inches of snow.
Panama has a population of 327 with a density of 884 people per square mile, spread across 0.1 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 97.4% of residents. 12.6% of the population are veterans, above the national rate of 6.0%. 19.0% of residents have a disability (above the 13.0% national average). 91.7% have health insurance coverage.
Population
327
Total Population
2023 Census
48.5yrs
Median Age
25% above US avg
Language Spoken at Home
English Only
97.4%
24% above US avg
Spanish
1.0%
93% below US avg
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 12.5% (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
| Median HH Income | $60,096 |
| 20% below US avg |
| Per Capita Income | $27,332 |
| Avg Weekly Wage | $1,603 |
| IRS Avg AGI | $66,701 |
| Gini Index | 0.447 (0=equal, 1=unequal) |
Employment & Poverty
| Unemployment | 12.5% |
| 247% 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% |
The median home value in Panama is $60,800, 78% below the national median of $281,900. Zillow estimates the typical home value at $134,830, higher than the Census estimate. 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. 85.9% of housing units are owner-occupied (above the 65.4% national rate). 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 Values
| Census Median | $60,800 |
| 78% below US avg |
| Zillow ZHVI | $134,830 |
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
| Homeownership | 85.9% |
| 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. 8.3% 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 | 91.7% |
| Uninsured | 8.3% |
| 3% below 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 enjoys a temperate climate with an average annual temperature of 56°F (13°C). Winters average 30°F in January while summers reach 78°F in July. Annual precipitation totals 42.1 inches. The area receives 13.9 inches of snow annually. The city sits at an elevation of 593 feet.
Temperature
30°F Jan (-1°C)
78°F Jul (25°C)
| Annual Average | 55.5°F |
| 3% above US avg |
| January Average | 30°F (-1°C) |
| July Average | 78°F (25°C) |
Geography
| Elevation | 593 ft (181 m) |
| Area | 0.1 sq mi (0.4 km²) |
| Population Density | 884/sq mi |
| Coordinates | 39.0293°N, 89.5244°W |
| Timezone | America/Chicago |
| County | Montgomery County County |
| Nearest Airport | St Louis Regional (ALN)
30 miles away |
Precipitation & Snow
Annual Rainfall
42.1"
11% above US avg
Wettest Month (May)
5.06"
Natural Hazard Risk
| Overall Risk | Relatively Low |
| Risk Score | 65.4 / 100 |
| Social Vulnerability | 55.4 / 100 |
| Community Resilience | 76.2 / 100 |
Hazard Breakdown
| Tornado |
Relatively Moderate |
| Hurricane |
Very Low |
| Earthquake |
Relatively Moderate |
| Wildfire |
Very Low |
| Flood |
Relatively Low |
| Hail |
Relatively Moderate |
| Strong Wind |
Relatively High |
| Heat Wave |
Relatively Moderate |
| Winter Weather |
Relatively Low |
| Lightning |
Relatively Moderate |
| Ice Storm |
Relatively Low |
| Drought |
Relatively Moderate |
| Cold Wave |
Relatively Moderate |
| Landslide |
Relatively Low |
Source: FEMA National Risk Index v1.20 (Dec 2025)
Earthquake History
35 earthquakes (M2.5+) within 150 km since 1990.
Strongest: M3.4. Most recent: M3.3 on May 13, 2025.
| Mar 2, 1990 |
9 km NW of Vernon, Illinois |
M3.4 |
37 km |
| May 30, 2015 |
4 km ENE of Geff, Illinois |
M3.4 |
119 km |
| Aug 27, 1993 |
5 km SSE of Olympian Village, Missouri |
M3.3 |
131 km |
| May 13, 2025 |
7 km SSW of Lerna, Illinois |
M3.3 |
110 km |
| May 2, 2003 |
10 km ENE of Thompsonville, Illinois |
M3.2 |
140 km |
| Apr 6, 1994 |
2 km NE of Tamaroa, Illinois |
M3.2 |
101 km |
| Oct 24, 1990 |
5 km ENE of Woodlawn, Illinois |
M3.2 |
90 km |
| Jan 29, 1993 |
7 km WNW of Brownstown, Illinois |
M3.2 |
43 km |
| Jul 1, 2017 |
9 km SSE of Mulberry Grove, Illinois |
M3.1 |
33 km |
| Jan 23, 1991 |
3 km WSW of Logan, Illinois |
M3.1 |
134 km |
| Feb 28, 1994 |
5 km NW of Harrison, Illinois |
M3.0 |
134 km |
| Sep 5, 1995 |
3 km N of Woodlawn, Illinois |
M2.9 |
86 km |
| Sep 5, 2004 |
3 km WNW of Saint Peter, Illinois |
M2.9 |
57 km |
| Apr 24, 1990 |
5 km SW of Newton, Illinois |
M2.9 |
115 km |
| May 18, 2006 |
9 km SSE of De Soto, Missouri |
M2.9 |
139 km |
| Apr 29, 2022 |
1 km SSW of Peerless Park, Missouri |
M2.8 |
101 km |
| Mar 28, 2024 |
1 km NNE of Germantown, Illinois |
M2.8 |
51 km |
| Sep 13, 1997 |
3 km SSE of Darmstadt, Illinois |
M2.8 |
84 km |
| May 5, 2008 |
3 km SSE of Fenton, Missouri |
M2.8 |
98 km |
| Sep 10, 2023 |
9 km E of Parkersburg, Illinois |
M2.7 |
145 km |
Source: USGS (M2.5+, 1990-2025)
Tornado History
657 tornadoes (EF0+) within 100 km since 1950.
Strongest: EF4. Total: 44 fatalities, 862 injuries.
| Date |
Rating |
Distance |
Fatalities |
| Nov 17, 2013 |
EF4 |
68 km |
2 |
| Apr 22, 2011 |
EF4 |
89 km |
0 |
| Apr 3, 1981 |
EF4 |
63 km |
0 |
| Jan 24, 1967 |
EF4 |
97 km |
3 |
| Dec 18, 1957 |
EF4 |
92 km |
1 |
| Jun 14, 1957 |
EF4 |
82 km |
2 |
| Dec 10, 2021 |
EF3 |
55 km |
6 |
| Dec 1, 2018 |
EF3 |
44 km |
0 |
| May 31, 2013 |
EF3 |
60 km |
0 |
| Apr 19, 2011 |
EF3 |
53 km |
0 |
| Jun 1, 1999 |
EF3 |
35 km |
1 |
| Apr 19, 1996 |
EF3 |
93 km |
0 |
| May 9, 1995 |
EF3 |
96 km |
0 |
| Nov 15, 1988 |
EF3 |
61 km |
0 |
| May 1, 1983 |
EF3 |
71 km |
0 |
| May 1, 1983 |
EF3 |
70 km |
0 |
| Dec 2, 1982 |
EF3 |
59 km |
2 |
| Apr 7, 1980 |
EF3 |
75 km |
0 |
| Jul 26, 1978 |
EF3 |
89 km |
0 |
| Aug 21, 1977 |
EF3 |
88 km |
6 |
Source: NOAA SPC (EF0+, 1950-2024)
Monthly Weather
| Month |
Avg Temperature |
Precipitation |
Summary |
| January |
30°F (-1°C) |
2.5 in |
Coldest, Driest |
| February |
35°F (2°C) |
2.6 in |
|
| March |
45°F (7°C) |
3.1 in |
|
| April |
56°F (13°C) |
5.0 in |
|
| May |
66°F (19°C) |
5.1 in |
Wettest |
| June |
75°F (24°C) |
3.8 in |
|
| July |
78°F (25°C) |
3.7 in |
Warmest |
| August |
76°F (24°C) |
3.1 in |
|
| September |
69°F (21°C) |
3.3 in |
|
| October |
58°F (14°C) |
3.4 in |
|
| November |
45°F (7°C) |
3.8 in |
|
| December |
35°F (1°C) |
2.6 in |
|
Panama has a seasonal temperature swing of 48°F / from 30°F in January to 78°F in July. Total annual precipitation is 42.1 inches, with May being the wettest month (5.1") and January the driest (2.5").
Average costs for common services in Panama. Prices are estimated based on regional cost of living data and may vary by provider.
Healthcare
| Doctor Visit (Primary Care) |
$250 ($150-$400) |
| Specialist Visit |
$350 ($200-$550) |
| Urgent Care Visit |
$200 ($100-$350) |
| Emergency Room Visit |
$2,200 ($800-$5,000) |
| Dental Cleaning |
$130 ($75-$200) |
| Dental Filling |
$250 ($150-$400) |
View all 40 services
Auto Repair
| Oil Change (Conventional) |
$45 ($25-$75) |
| Oil Change (Synthetic) |
$75 ($50-$120) |
| Brake Pad Replacement |
$300 ($150-$500) |
| Tire Rotation |
$40 ($20-$75) |
| New Tires (Set of 4) |
$600 ($400-$1,000) |
| Battery Replacement |
$200 ($100-$350) |
View all 18 services
Home Services
| Plumber (Per Hour) |
$100 ($60-$150) |
| Electrician (Per Hour) |
$90 ($50-$140) |
| HVAC Repair |
$400 ($150-$800) |
| HVAC System Install |
$7,000 ($4,000-$12,000) |
| Roof Repair |
$1,000 ($400-$2,000) |
| Roof Replacement |
$9,000 ($5,500-$15,000) |
View all 25 services
Legal
| Divorce (Uncontested) |
$1,500 ($500-$3,500) |
| Divorce (Contested) |
$15,000 ($5,000-$30,000) |
| DUI Defense |
$5,000 ($2,000-$10,000) |
| Bankruptcy (Chapter 7) |
$1,500 ($800-$3,000) |
| Will Preparation |
$500 ($200-$1,000) |
| Trust Preparation |
$2,500 ($1,000-$5,000) |
View all 12 services
Personal Care
| Men's Haircut |
$25 ($15-$45) |
| Women's Haircut |
$55 ($30-$100) |
| Hair Coloring (Full) |
$150 ($75-$250) |
| Manicure |
$25 ($15-$45) |
| Pedicure |
$40 ($25-$65) |
| Massage (1 Hour) |
$80 ($50-$130) |
View all 12 services
Food & Grocery
| Gallon of Milk (per gallon) |
$4.10 ($3.00-$5.50) |
| Dozen Eggs (per dozen) |
$3.50 ($2.50-$5.00) |
| Loaf of Bread |
$3.80 ($2.50-$5.50) |
| Chicken Breast (per lb) |
$4.50 ($3.00-$6.50) |
| Ground Beef (per lb) |
$5.50 ($4.00-$7.50) |
| Rice (per lb) |
$1.00 ($0.60-$1.80) |
View all 20 services
Utilities
| Electricity (Monthly) |
$140 ($80-$250) |
| Natural Gas (Monthly) |
$70 ($30-$150) |
| Water/Sewer (Monthly) |
$70 ($40-$120) |
| Internet (Monthly) |
$70 ($40-$100) |
| Cell Phone Plan (Monthly) |
$65 ($30-$100) |
| Cable TV (Monthly) |
$85 ($50-$150) |
View all 8 services
Transportation
| Monthly Parking (Downtown) |
$200 ($75-$500) |
| Car Insurance (Annual) |
$2,000 ($1,200-$3,500) |
| Bus Pass (Monthly) |
$70 ($30-$130) |
| Taxi/Uber (5-Mile Ride) |
$15 ($8.00-$25) |
| Car Registration (Annual) |
$100 ($30-$250) |
| Driver's License Renewal |
$30 ($15-$75) |
View all 8 services
Education & Childcare
| Daycare (Infant, Monthly) |
$1,200 ($600-$2,500) |
| Daycare (Toddler, Monthly) |
$1,000 ($500-$2,000) |
| After-School Care (Monthly) |
$400 ($200-$700) |
| Tutoring (Per Hour) |
$50 ($25-$100) |
| SAT/ACT Prep Course |
$1,000 ($400-$2,500) |
| Private School (K-12, Annual) |
$12,500 ($5,000-$30,000) |
View all 8 services
Pets
| Vet Visit (Routine Checkup) |
$60 ($30-$100) |
| Dog Vaccination (Annual) |
$100 ($50-$200) |
| Dog Grooming |
$60 ($30-$100) |
| Pet Boarding (Per Night) |
$40 ($20-$75) |
| Dog Spay/Neuter |
$300 ($150-$500) |
| Cat Spay/Neuter |
$200 ($100-$400) |
View all 9 services
Childcare
| Center-Based (monthly) |
| Infant | $826 |
| Toddler | $801 |
| Preschool | $686 |
| Family Childcare (monthly) |
| Infant | $686 |
| Toddler | $686 |
| Preschool | $686 |
Source: DOL Women's Bureau (2022)
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 0.1 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 enjoys a temperate climate with an average annual temperature of 56°F (13°C). Winter temperatures average 30°F in January, while summers reach an average of 78°F in July. Annual rainfall totals 42.1 inches, with 13.9 inches of snow.
How is the job market in Panama?
The job market in Panama faces challenges, with unemployment at 12.5% / significantly above the national rate of 3.6%. 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. Zillow estimates the typical home value at $134,830. 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 homeownership rate is 85.9%. 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. 8.3% 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. 97.4% of residents speak only English at home. 12.6% of the population are military veterans. 19.0% of residents have a disability. 91.7% have health insurance coverage.