Panama, OK
Population 1,432 · Oklahoma
About Panama, OK
Panama is a small town located in Oklahoma with a population of 1,432 residents according to the latest US Census Bureau American Community Survey data. The median household income is $45,489 per year, which is 39% below the national median of $75,149. The median age of 30.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Panama features a median home value of $121,100, which is 51% 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 680 total housing units, 65% are owner-occupied (379 units) and 35% are renter-occupied (200 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 5.3%, which is near the national rate of 3.7%. The poverty rate stands at 30.3%, above the national average of 12.4%. Workers in Panama have an average one-way commute time of 25.1 minutes.
Education & Demographics
7.4% 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 3.8% White, 27.4% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 1.1% of the population being foreign-born.
Cost of Living in Panama, OK
Compared to national averages, Panama has a median household income of $45,489 (39% below the national median of $75,149). Home values average $121,100, which is 51% below the national median. Monthly rent at $833 is 28% below the US average of $1,163. Within Oklahoma, Panama's income is 19% below the state average of $56,382, and home values are 1% above the state median of $119,992.
Why Live in Panama, OK?
Panama offers affordable housing with a median home value of $121,100, below the US average of $244,900, and rent that’s lower than the national average at $833/month.
Potential considerations include median household income ($45,489) 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 1,432 with a median age of 30.5 years. Compare Panama with other cities to see how it stacks up, or explore all cities in Oklahoma.
Similar Cities Near Panama
Cities in Oklahoma with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Kenwood | 1,431 | $65,714 | $117,600 | Compare |
| Luther | 1,443 | $57,500 | $205,600 | Compare |
| Locust Grove | 1,445 | $44,853 | $103,500 | Compare |
| Cleora | 1,449 | $82,614 | $214,400 | Compare |
| Latta | 1,413 | $76,216 | $165,800 | Compare |
| Copeland | 1,405 | $53,571 | $122,500 | Compare |
| Dickson | 1,379 | $72,143 | $188,000 | Compare |
| Helena | 1,487 | $64,286 | $80,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Oklahoma
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, OK?
The population of Panama, OK is 1,432 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Oklahoma.
What is the median household income in Panama?
The median household income in Panama, OK is $45,489 per year, which is 39% below the national median of $75,149.
What is the median home value in Panama?
The median home value in Panama, OK is $121,100, which is 51% 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, OK 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, OK is 5.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Panama, OK a good place to live?
Panama offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 1,432 and a median age of 30.5, the city appeals to young professionals and families.
How educated is Panama, OK?
7.4% 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, OK: median home value is $121,100 (51% below national), median rent is $833/month, and median household income is $45,489. The home-value-to-income ratio is 2.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Panama?
The poverty rate in Panama, OK is 30.3%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Panama, OK?
Panama's population is 3.8% White, 27.4% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 0.2% two or more races. 1.1% of residents are foreign-born.