Panama is a small town of 317 in Illinois, with a median household income of $59,643
and a 8.6% unemployment rate.
Its cost of living index is 92 (US average = 100), which is
8% below the national average.
Strengths:
Panama stands out for an affordable cost of living, below-average home prices.
Trade-offs:
Potential downsides include longer commutes, an elevated unemployment rate. Whether Panama is right for you depends on your priorities — the full breakdown is below.
All Panama city data on this page comes from official government sources —
the US Census Bureau, FBI, NCES, BEA, and NOAA — updated annually.
Cost of Living
Index: 91.9
Panama's overall cost of living index is 91.9,
where 100 represents the US national average.
Living in Panama costs roughly 8% less than the average American city.
Metric
Panama, IL
National Avg
Median Home Value
$68,600
$244,900
Median Monthly Rent
$1,067
$1,163
Homeownership Rate
85.3%
65.9%
Median Household Income
$59,643
$74,755
Crime & Safety
Very Safe
Panama's violent crime rate is 109.1 per 100,000 residents
— 71% lower than the national average of ~380 per 100,000.
Violent Crime
109.1 /100k
Property Crime
953.8 /100k
Vertical marker = national average. Source: FBI UCR Program.
Schools & Education
Metric
Panama, IL
National Avg
School District
N/A
—
Elementary Schools
N/A
—
Middle Schools
N/A
—
High Schools
N/A
—
Student/Teacher Ratio
N/A
16:1
Bachelor's Degree or Higher
6.9%
35.4%
High School Diploma or Higher
82.9%
91.1%
Weather & Climate
Panama sees average highs of 38.4°F in January
and 88.7°F in July,
with 42.1 inches of annual precipitation
and 13.9 inches of snow per year.
Panama's cost of living index is 92, where 100 is the national average.
That makes Panama roughly 8% less expensive than a typical US city — a meaningful affordability advantage.
The median home price is $68,600 and median rent is $1,067/month.
Panama's violent crime rate is 109.1 per 100,000 residents — the national average is ~380 per 100,000. Property crime is 953.8 per 100,000 (national avg ~2,100). Data from the FBI Uniform Crime Reporting Program.
School district information is sourced from NCES Common Core of Data.
Panama, IL has a population of 317, a median household income of $59,643, and an unemployment rate of 8.6%.
It offers below-average costs of living, which stretches take-home pay further than in most American cities. Whether it's right for you depends on your priorities — use the compare tool above to stack it against another city you're considering.
Panama averages 38.4°F in January and 88.7°F in July. Annual rainfall is 42.1 inches
with about 13.9 inches of snow per year.
Based on NOAA 30-year climate normals (1991–2020).
Panama, IL is covered by 1 ZIP code: 62077.
The population of Panama, Illinois is 317 with a median age of 48.2. Source: US Census ACS 5-Year Estimates.
Key numbers for living in Panama: cost of living index 92 (100 = US average), median home $68,600, median household income $59,643, crime index 35 (100 = US average, lower is safer). Whether these are benefits or drawbacks depends on where you're coming from — compare Panama side by side with your current city to see the trade-offs.