Panama, IL
Population 327 · Illinois
About Panama, IL
Panama is a small community located in Illinois with a population of 327 residents according to the latest US Census Bureau American Community Survey data. The median household income is $60,096 per year, which is 20% below the national median of $75,149. The median age of 48.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Panama features a median home value of $60,800, which is 75% below the national median of $244,900. This makes Panama one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $833, 28% below the national average of $1,163/month. Of the 164 total housing units, 86% are owner-occupied (128 units) and 14% are renter-occupied (21 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Panama shows an unemployment rate of 12.5%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 9.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Panama have an average one-way commute time of 34.8 minutes.
Education & Demographics
7.5% of Panama residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.3% of the population being foreign-born.
Cost of Living in Panama, IL
Compared to national averages, Panama has a median household income of $60,096 (20% below the national median of $75,149). Home values average $60,800, which is 75% below the national median. Monthly rent at $833 is 28% below the US average of $1,163. Within Illinois, Panama's income is 20% below the state average of $75,072, and home values are 63% below the state median of $165,779.
Why Live in Panama, IL?
Panama offers affordable housing with a median home value of $60,800, below the US average of $244,900, and rent that’s lower than the national average at $833/month, and a low poverty rate of 9.5%, better than the national average.
Potential considerations include median household income ($60,096) that falls below the national average. However, Panama’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Panama has a population of 327 with a median age of 48.5 years. Compare Panama with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Panama
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hanaford | 327 | $59,500 | $56,100 | Compare |
| Belgium | 326 | $61,591 | $75,900 | Compare |
| Campbell Hill | 329 | $65,667 | $107,600 | Compare |
| East Gillespie | 325 | $64,167 | $125,000 | Compare |
| Ellis Grove | 330 | $68,750 | $79,500 | Compare |
| Nebo | 324 | $45,000 | $42,500 | Compare |
| Weldon | 323 | $60,083 | $89,300 | Compare |
| Kings | 322 | $71,250 | $122,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Panama With Other Cities
Frequently Asked Questions about Panama
What is the population of Panama, IL?
The population of Panama, IL is 327 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Panama?
The median household income in Panama, IL is $60,096 per year, which is 20% below the national median of $75,149.
What is the median home value in Panama?
The median home value in Panama, IL is $60,800, which is 75% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Panama?
The median monthly rent in Panama, IL is $833, which is 28% below the national average of $1,163/month.
What is the unemployment rate in Panama?
The unemployment rate in Panama, IL is 12.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Panama, IL a good place to live?
Panama offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 327 and a median age of 48.5, the city appeals to established professionals and retirees.
How educated is Panama, IL?
7.5% of residents in Panama aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Panama?
Key cost-of-living indicators for Panama, IL: median home value is $60,800 (75% below national), median rent is $833/month, and median household income is $60,096. The home-value-to-income ratio is 1.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Panama?
The poverty rate in Panama, IL is 9.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Panama, IL?
Panama's population is 0.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.3% of residents are foreign-born.