Panama, IL demographics:
population, income, and more

Total population
420
28.4% year-over-year change
Median household income
$72,917/yr
21.3% year-over-year change
Housing units
187
14.0% year-over-year change

Panama population

How many people live in Panama

Panama is home to 420 residents, according to the most recent Census data. Gender-wise, 48.6% of Panama locals are male, and 51.4% are female.

Total population
420
28.4% year-over-year change
Gender ratio
Male
48.6%
204
Female
51.4%
216
Value Percent YoY change
Male 204 48.6% 51.1%
Female 216 51.4% 12.5%
A higher population often means more rental variety and livelier areas. The gender balance—how many men live here compared to women—can reveal a lot about the community and the lifestyles of its residents. Use this info to get a sense of the area's pace and personality.

Age demographics

The median age in Panama is 40, with the population distributed as follows: about 23.3% are children under 15, then 8.6% are in the 15 to 24 age group. Adults between 25 and 44 make up 21.9% of the population, while another 31.2% fall into the 45 to 64 bracket. Finally, around 15% are 65 or older.

Median age
40.3
Age breakdown
Under 15
23.3%
15 to 24
8.6%
25 to 44
21.9%
45 to 64
31.2%
Over 65
15%
Value Percent YoY change
Under 15 98 23.3% 69.0%
15 to 24 36 8.6% 125.0%
25 to 44 92 21.9% 24.3%
45 to 64 131 31.2% 10.1%
Over 65 63 15% 5.0%
The age composition helps you get insight into who lives in the area. A younger population might mean a more active, fast-paced vibe, while an older one could suggest a quieter, slower lifestyle. If there's a balanced makeup, you’re likely to find a variety of services, housing types, and community spaces that cater to different life stages.

Racial makeup

In Panama, 99.3% of the population are US-born citizens, while 0.5% have gained naturalized citizenship. At the same time, 0.2% of residents are non-citizens. There’s also a share of 24% that includes residents with two or more races.

Citizenship
U.S.-born citizens
99.3%
Non-U.S.-born citizens
0.5%
Non-citizens
0.2%
Value Percent YoY change
U.S.-born citizens 417 99.3% 27.9%
Non-U.S.-born citizens 2 0.5% N/A
Non-citizens 1 0.2% 0.0%
Racial breakdown
White
73.8%
Black or African American
0%
American Indian and Alaska Native
1.9%
Asian
0%
Native Hawaiian and other Pacific Islander
0%
Two or more races
24%
Other
0.2%
Value Percent
White 310 73.8%
American Indian and Alaska Native 8 1.9%
Two or more races 101 24%
Other 1 0.2%

Households in Panama

A peek inside Panama households

Panama has 172 households, with an average of 2 members in each. Of these, 72.7% are families, while the remaining 27.3% are made up of individuals living alone or with non-relatives, such as roommates.

Households stats

Total households
172
15.4% year-over-year change
Average people per household
2
Non-family households
47
Family households
125
Value Percent YoY change
Non-family households 47 27.3% -7.8%
Family households 125 72.7% 27.6%
The mix between family and non-family households gives a glimpse into daily life. A higher percentage of families might mean more parks and schools, while more non-family setups can mean flexible housing and diverse living styles. For renters, this can signal what kinds of homes are common and can help you figure out if the area matches your lifestyle.

Housing in Panama

The housing landscape of Panama

Panama's housing consists of 187 units, with 85% being detached single-family homes ideal for those wanting space. Then there are the multifamily buildings in the area, and for those seeking flexibility, non-traditional options like mobile homes account for 15% of the housing landscape.

Housing units
187
14.0% year-over-year change
Housing types
Value Percent
1 unit, detached 159 85%
Mobile home 28 15%
Homes built since 2020
0
% year-over-year change

The age of buildings in Panama

In Panama, the median construction year is 1943. About 48.7% of homes were built before the 1940s, with another 5.4% going up by 1949. Most development happened in the second half of the 20th century.

Construction year breakdown by decade
Value Percent YoY change
Built in 1939 or earlier 91 48.7% 16.7%
Built between 1940 and 1949 10 5.4% 42.9%
Built between 1950 and 1959 7 3.7% -30.0%
Built between 1960 and 1969 14 7.5% -6.7%
Built between 1970 and 1979 42 22.5% 44.8%
Built between 1980 and 1989 4 2.1% -20.0%
Built between 1990 and 1999 5 2.7% 66.7%
Built between 2000 and 2009 12 6.4% 9.1%
Built between 2010 and 2019 2 1.1% -66.7%
As a renter, knowing when homes were built helps you understand the potential condition and design of rental units. Newer builds may have more contemporary layouts, while older homes can offer character or larger lots, depending on the area.

Panama occupancy rates

Out of the 172 occupied housing units in Panama, 92.4% are owner-occupied, while 7.6% are lived in by tenants. Meanwhile, 8% of all homes on the local market sit vacant.

Occupied housing units
172
15.4% year-over-year change
Occupancy breakdown
Renter occupied
13
Owner occupied
159
Value Percent YoY
change
Renter occupied 13 7.6% -38.1%
Owner occupied 159 92.4% 24.2%
Unoccupied housing units
8.0%
Unoccupied housing units refer to homes that are currently without residents—whether they're waiting for renters or owners, used seasonally, or simply unclaimed. A higher share of empty homes may mean more housing availability, while a low number can reflect a tighter market with more competition. This, along with the renter-vs.-owner mix, helps paint a clearer picture of what types of housing and services are likely to be available in the area.

Panama housing costs

Housing costs in Panama come to a median of $526 per month, while tenants specifically pay a median gross rent of $970.

Median housing costs per month
$526/month
This figure sums up typical monthly housing costs for all households in the area. If you own, it includes mortgage payments in addition to property taxes, insurance and HOA fees. If you rent, it accounts for rent plus extras like utilities. It’s useful for seeing how local living expenses stack up compared to other places.
Median gross rent in Panama
$970/month
Gross rent gives a more complete look at what renters actually pay, including not just base rent, but also utilities and fees. It’s a key number for evaluating rental affordability in your area of interest and understanding how it compares to nearby locations.

Education in Panama

Panama education at a glance

About 57.6% of the population in Panama went to high school, while 28.6% pursued college studies. Another 8.1% earned an associate degree and 4% hold a bachelor’s. Meanwhile, 0.3% went even further, earning a master’s or doctorate.

Education level
Value Percent YoY change
No high school 4 1.4% 33.3%
High school diploma 171 57.6% 0.0%
College diploma 85 28.6% 123.7%
Associate degree 24 8.1% -17.2%
Bachelor's degree 12 4% -25.0%
Graduate degree 1 0.3% -75.0%
A community’s education mix can offer insights into the local economy and housing market. Higher levels of education often align with more job opportunities and stable incomes, which can increase demand for homes and influence both rent prices and rental availability.

Income in Panama

How much people earn in Panama

The average annual household income in Panama was $70,553 in 2024, the most recent annual data available, according to the U.S. Census Bureau. This marked a +20.5% change from the previous year. At the same time, the median income stood at $72,917, reflecting a +21.3% shift over the same period.

Average household income in Panama
$70,553/year
20.5% year-over-year change
Median household income in Panama
$72,917/year
21.3% year-over-year change

Panama income by age

In Panama, households led by residents aged 25 to 44 — usually in the early to mid stages of their careers — have a median income of $84,643. Those with someone between 45 and 64 in charge, often well established professionally, earn $54,792 overall. Overall, 90.4% of the locals in this community live above the poverty line.

Income breakdown by age
Value YoY change
25 - 44 $84,643 32.8%
45 - 64 $54,792 -8.7%
Over 65 $53,750 22.9%
Above poverty level
377
Below poverty level
40
Value Percent YoY
change
Above poverty level 377 90.4% 30.9%
Below poverty level 40 9.6% 29.0%

Employment in Panama

Workforce and job types in Panama

The job market in Panama is powered by 171 working residents, spread across a range of industries and roles. 66.1% of the working population are employed in professional or administrative positions, while 33.9% are in hands-on or service-based jobs. Also, 10.5% run their own businesses, 67.2% are employed by private companies, and 9.4% work in the public sector.

Workforce demographics

Working population
171
35.7% year-over-year change
White collar
113
Blue collar
58
Value Percent YoY change
White collar 113 66.1% 41.2%
Blue collar 58 33.9% 26.1%
Employer type
Self employees
10.5%
Private companies
67.2%
Governmental workers
9.4%
Not for profit companies
12.9%
Value Percent YoY change
Self employees 18 10.5% 260.0%
Private companies 115 67.2% 21.1%
Governmental workers 16 9.4% -11.1%
Not for profit companies 22 12.9% 175.0%
Unemployment rate
6.6%
-33.3% year-over-year change

Available workforce

The unemployment rate in Panama stands at 6.6%, representing the share of the workforce currently without a job and actively looking for one.

For renters, the unemployment rate helps paint a picture of job security and financial stability in the area. Rates around 4% to 5% are considered typical. A lower-than-average rate might suggest strong job prospects and a thriving local economy, while a higher rate could hint at fewer opportunities—both useful to consider when planning a move.

Transportation in Panama

How people get around in Panama

Commuting methods vary: 82.9% of residents travel by personal vehicle and 0.6% prefer to walk, while the remaining share relies on public transit or on two wheelers to get from A to B.

Means of transportation
Value Percent YoY change
Car 141 82.9% 17.5%
Walk 1 0.6% 0.0%
Understanding how locals get to work can help you plan your own routine. High car usage might mean you’ll need a vehicle, while strong public transit or walkability could save you the hassle. Commute times also play a big role in quality of life—shorter trips can give you more time for the things you enjoy.

What is the median and average household income in Panama by zipcode?

Zipcode Population Number of households Median income Average income
62077 420 172 $72,917 $70,553

Explore more communities

FAQs about Panama demographics 

What is the total population of Panama?

Panama has a total population of 420 residents, according to the latest release from the U.S. Census Bureau: the 2019-2023 American Community Survey (ACS) 5-year estimates. This figure changed by +28.4% compared to a year ago.

What is the gender ratio in Panama?

The gender ratio in Panama is as follows:
  • 48.6% males (204 residents)
  • 51.4% females (216 residents)

What is the median age in Panama?

The median age in Panama is 40.3.

What is the age distribution of the population in Panama?

The age distribution in Panama is as follows:
  • Under 15: 23.3% (98 residents)
  • Ages 15-24: 8.6% (36 residents)
  • Ages 25-44: 21.9% (92 residents)
  • Ages 45-64: 31.2% (131 residents)
  • Over 65: 15% (63 residents)

What is the racial and ethnic makeup of Panama?

The racial and ethnic makeup of Panama is as follows:
  • White: 73.8% (310 residents)
  • Black or African American: 0% (0 residents)
  • American Indian and Alaska Native: 1.9% (8 residents)
  • Asian: 0% (0 residents)
  • Native Hawaiian and Other Pacific Islander: 0% (0 residents)
  • Two or More Races: 24% (101 residents)
  • Other: 0.2% (1 residents)

What percentage of the population in Panama are U.S.-born citizens?

U.S.-born citizens represent 99.3% of the population in Panama.

How many housing units are there in Panama?

There are 187 housing units in Panama, reflecting a +14.0% change compared to the previous year, according to the latest data from the U.S. Census Bureau.

How many households are in Panama and what is the average household size?

Panama has a total of 172 households, with an average of 2 people in each.

What is the median household income in Panama?

Panama has a median household income of $72,917, representing a +21.3% shift from the previous year, according to the U.S. Census Bureau.

What is the employment rate and job market overview for Panama?

The employment rate is 93.4% in Panama, with a workforce of 171 residents. Here’s a detailed breakdown of the local job market:

Job types:
  • White-collar workers: 66.1% (113 residents)
  • Blue-collar workers: 33.9% (58 residents)

Places of employment:
  • Self-employed: 10.5% (18 residents)
  • Private companies: 67.2% (115 residents)
  • Governmental workers: 9.4% (16 residents)
  • Not-for-profit companies: 12.9% (22 residents)

Data source & methodology

The demographic data on this page was sourced from the latest U.S. Census Bureau release—the 2019–2023 American Community Survey (ACS) 5-year estimates.

The information, issued annually, is compiled and published by the Point2Homes Research Team as soon as new data becomes available.

No representation, guarantee, or warranty is made concerning the accuracy or completeness of modified or aggregated information for particular areas.

Page last updated: September 2025