Panama, NY
Population 476 · New York
About Panama, NY
Panama is a small community located in New York with a population of 476 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,250 per year, which is 24% below the national median of $75,149. The median age of 48.8 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 $96,600, which is 61% 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 $742, 36% below the national average of $1,163/month. Of the 228 total housing units, 64% are owner-occupied (131 units) and 36% are renter-occupied (75 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Panama shows an unemployment rate of 1.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 10.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Panama have an average one-way commute time of 23.7 minutes.
Education & Demographics
19.4% 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 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, and 1.1% Asian residents, with 1.5% of the population being foreign-born.
Cost of Living in Panama, NY
Compared to national averages, Panama has a median household income of $57,250 (24% below the national median of $75,149). Home values average $96,600, which is 61% below the national median. Monthly rent at $742 is 36% below the US average of $1,163. Within New York, Panama's income is 41% below the state average of $96,987, and home values are 75% below the state median of $387,181.
Why Live in Panama, NY?
Panama offers affordable housing with a median home value of $96,600, below the US average of $244,900, and rent that’s lower than the national average at $742/month, and a strong job market with an unemployment rate of just 1.8%. Additionally, the city features a low poverty rate of 10.9%, better than the national average, and short commute times averaging just 23.7 minutes.
Potential considerations include median household income ($57,250) 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 476 with a median age of 48.8 years. Compare Panama with other cities to see how it stacks up, or explore all cities in New York.
Similar Cities Near Panama
Cities in New York with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Ghent | 478 | $84,650 | $330,900 | Compare |
| Lyons Falls | 478 | $58,906 | $95,300 | Compare |
| Fort Ann | 473 | $93,750 | $169,600 | Compare |
| Rhinecliff | 479 | $0 | $611,500 | Compare |
| East Frankfort | 480 | $55,346 | $88,200 | Compare |
| Narrowsburg | 480 | $53,542 | $223,800 | Compare |
| Newport | 481 | $82,955 | $137,900 | Compare |
| Wellsburg | 471 | $60,694 | $91,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New York
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, NY?
The population of Panama, NY is 476 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in New York.
What is the median household income in Panama?
The median household income in Panama, NY is $57,250 per year, which is 24% below the national median of $75,149.
What is the median home value in Panama?
The median home value in Panama, NY is $96,600, which is 61% 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, NY is $742, which is 36% below the national average of $1,163/month.
What is the unemployment rate in Panama?
The unemployment rate in Panama, NY is 1.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Panama, NY a good place to live?
Panama offers a moderate cost of living, affordable housing, and a strong job market. With a population of 476 and a median age of 48.8, the city appeals to established professionals and retirees.
How educated is Panama, NY?
19.4% 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, NY: median home value is $96,600 (61% below national), median rent is $742/month, and median household income is $57,250. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Panama?
The poverty rate in Panama, NY is 10.9%, 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, NY?
Panama's population is 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, 1.1% Asian, and 0.0% two or more races. 1.5% of residents are foreign-born.