Below Average CostVery SafePANAMA CENTRAL SCHOOL DISTRICT
Median Income
$53,889
household / year
Median Home Value
$93,500
owner-occupied
Median Rent
$743
gross / month
Cost of Living
92
national avg = 100
Is Panama, NY a Good Place to Live?
Panama is a small town of 484 in New York, with a median household income of $53,889
and a 0.8% 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, solid school ratings (A-), short average commutes.
Trade-offs:
No major red flags stand out in the available data. 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: 92.4
Panama's overall cost of living index is 92.4,
where 100 represents the US national average.
Living in Panama costs roughly 8% less than the average American city.
Metric
Panama, NY
National Avg
Median Home Value
$93,500
$244,900
Median Monthly Rent
$743
$1,163
Homeownership Rate
60.1%
65.9%
Median Household Income
$53,889
$74,755
Crime & Safety
Very Safe
Panama's violent crime rate is 195.4 per 100,000 residents
— 49% lower than the national average of ~380 per 100,000.
Violent Crime
195.4 /100k
Property Crime
992.9 /100k
Vertical marker = national average. Source: FBI UCR Program.
Schools & Education
Panama is served primarily by PANAMA CENTRAL SCHOOL DISTRICT.
The student-to-teacher ratio is 8.0:1
(better than the national average of ~16:1).
Metric
Panama, NY
National Avg
School District
PANAMA CENTRAL SCHOOL DISTRICT
—
Elementary Schools
1
—
Middle Schools
N/A
—
High Schools
1
—
Student/Teacher Ratio
8.0:1
16:1
Bachelor's Degree or Higher
18.8%
35.4%
High School Diploma or Higher
92.1%
91.1%
Weather & Climate
Panama sees average highs of 30.7°F in January
and 80.4°F in July,
with 48.2 inches of annual precipitation
and 224.5 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 $93,500 and median rent is $743/month.
Panama's violent crime rate is 195.4 per 100,000 residents — the national average is ~380 per 100,000. Property crime is 992.9 per 100,000 (national avg ~2,100). Data from the FBI Uniform Crime Reporting Program.
Public schools in Panama are operated by PANAMA CENTRAL SCHOOL DISTRICT.
The district has 1 elementary, several middle, and 1 high schools.
The student-to-teacher ratio is 8.0:1. 18.8% of adults 25+ hold a bachelor's degree or higher.
Panama, NY has a population of 484, a median household income of $53,889, and an unemployment rate of 0.8%.
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 30.7°F in January and 80.4°F in July. Annual rainfall is 48.2 inches
with about 224.5 inches of snow per year.
Based on NOAA 30-year climate normals (1991–2020).
Panama, NY is covered by 2 ZIP codes: 14767, 14710.
The population of Panama, New York is 484 with a median age of 44.6. Source: US Census ACS 5-Year Estimates.
Key numbers for living in Panama: cost of living index 92 (100 = US average), median home $93,500, median household income $53,889, crime index 50 (100 = US average, lower is safer), schools rated A-. 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.