Panama, IL
Population 327 · Illinois
About Panama, IL
Panama is a small community in Illinois with a population of 327 residents. The median household income is $60,096 per year, which is near the national average. The median age in Panama is 48.5 years.
Housing in Panama has a median home value of $60,800 and median monthly rent of $833. Of the 164 total housing units, the majority are owner-occupied, with 128 owner-occupied and 21 renter-occupied units.
The unemployment rate in Panama is 12.5% and the poverty rate is 9.5%. 7.5% of residents hold a bachelor's degree or higher. The average commute time is 34.8 minutes.
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.
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Frequently Asked Questions about Panama
What is the population of Panama, IL?
The population of Panama, IL is 327 according to the latest Census data.
What is the median household income in Panama?
The median household income in Panama, IL is $60,096 per year.
What is the median home value in Panama?
The median home value in Panama, IL is $60,800.
What is the average rent in Panama?
The median monthly rent in Panama, IL is $833.
What is the unemployment rate in Panama?
The unemployment rate in Panama, IL is 12.5%.