At a Glance
Median Income
$57,250
$28,956 per capita
Home Value
$96,600
Zillow: $193,636
Median Rent
$742/mo
30.0% of income on rent
Bachelor's Degree+
19.4%
91.0% high school+
Unemployment
1.8%
3.6% poverty rate
Obesity Rate
34.5%
15.3% smoking rate
How Panama Compares to the U.S. Average
Each bar shows Panama's value as a percentage of the national average (100% = U.S. avg)
Thin vertical line = U.S. national average (100%)
Is Panama a Good Place to Live?
B+
3.9 / 5.0 - Good
Based on economy, affordability, safety, and education metrics compared to national averages.
Economy & Jobs
Panama residents earn a median household income of $57,250 , which is 24% below the national average of $75,149.
Per capita income is $28,956. The unemployment rate stands at 1.8% (50% below the U.S. rate of 3.6%). 3.6% of residents live below the poverty line. The area is home to 3,224 business establishments, including 330 restaurants.
Housing & Cost of Living
The median home value in Panama is $96,600 , 66% below the national median of $281,900.
Zillow estimates the typical home at $193,636. Median rent is $742/month, with 30.0% of renters spending more than 30% of income on housing. The cost of living index is 107.9 (100 = national average). The median home was built in 1944.
Education
19.4% of adults in Panama hold a bachelor's degree or higher
(42% below the national average).
91.0% have completed high school. Local schools score 5.0/10 in standardized testing.
Climate & Weather
Panama has an average annual temperature of 45°F (7°C).
Winters average 22°F in January while summers reach 67°F in July. Annual precipitation totals 48.2 inches. Air quality is rated Good with a median AQI of 36.
Data Overview
People
Population476
Median Age48.8 yrs
Density215/mi²
Male / Female50% / 50%
Foreign Born1.5%
Veterans5.1%
Economy
A
Median Income$57,250
Per Capita$28,956
Unemployment1.8%
Poverty3.6%
County GDP$6,275M
Avg Weekly Wage$1,018
Housing
A+
Home Value$96,600
Rent$742
Ownership63.6%
Zillow$193,636
Housing Units236
Rent Burden30.0%
Health
Obesity34.5%
Diabetes8.9%
Smoking15.3%
Heart Disease5.6%
Premature Death9,667/100K
Climate
Avg Temp45°F
Rain48.2 in/yr
AQI36 (Good)
Elevation1,680 ft
Education
C+
Bachelor's+19.4%
High School+91.0%
Graduate+10.3%
School Score5.0/10
Community
2024 VoteR 61% / D 39%
Commute24 min
Broadband83.0%
Internet Speed179 Mbps
EV Stations1
Libraries24
Did You Know?
Panama was founded in 1861.
The median home in Panama was built in 1944.
The nearest airport is Erie International/Tom Ridge Field (35 miles).
The Gini coefficient (income inequality) is 0.448 (U.S. avg: 0.490).
Natural hazard risk is rated "Relatively Moderate" by FEMA.
21.6% of the population has a disability.
Average internet download speed is 179 Mbps.
There are 330 restaurants in the area.
The county recorded 10 fatal vehicle crashes.