Panama, NY
Population 476 · New York
About Panama, NY
Panama is a small community in New York with a population of 476 residents. The median household income is $57,250 per year, which is near the national average. The median age in Panama is 48.8 years.
Housing in Panama has a median home value of $96,600 and median monthly rent of $742. Of the 228 total housing units, the majority are owner-occupied, with 131 owner-occupied and 75 renter-occupied units.
The unemployment rate in Panama is 1.8% and the poverty rate is 10.9%. 19.4% of residents hold a bachelor's degree or higher. The average commute time is 23.7 minutes.
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
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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, NY?
The population of Panama, NY is 476 according to the latest Census data.
What is the median household income in Panama?
The median household income in Panama, NY is $57,250 per year.
What is the median home value in Panama?
The median home value in Panama, NY is $96,600.
What is the average rent in Panama?
The median monthly rent in Panama, NY is $742.
What is the unemployment rate in Panama?
The unemployment rate in Panama, NY is 1.8%.