Panama village, Illinois Demographics & Population 2026
As of 2026, Panama village, Illinois has a total population of 327, the 1060th largest city in Illinois, with a median household income of $60,096, which is 26% lower than the state average. The poverty rate is 9.5%.
Key Takeaways
- Only 7.5% of adults have a bachelor's degree, well below the national average of 35.0%.
- Housing is very affordable with a home-value-to-income ratio of just 1.0x.
- Unemployment rate of 12.5% is notably above the national average.
Panama village Quick Facts
How Panama village Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 60 | National average: 60
Education
Educational Attainment (Adults 25+)
Panama village Rankings in Illinois
Explore Illinois Rankings
Cities Similar to Panama village
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Hanaford village | 327 | $59,500 | $56,100 | 3.7% | 9.5% |
| Weldon village | 323 | $60,083 | $89,300 | 9.5% | 13.0% |
| Belgium village | 326 | $61,591 | $75,900 | 7.4% | 12.9% |
| Seymour CDP | 333 | N/A | $135,500 | 11.7% | 15.3% |
| Royal Lakes village | 318 | N/A | $54,400 | 3.9% | 30.5% |
Population Overview
Panama village is a small community located in Illinois. The total population is 327. It ranks as the 1060th most populous out of 1,445 cities and towns in Illinois.
Age Demographics
The median age in Panama village is 48.5 years. This is 25% higher than the state median of 38.9 years.
Economy, Income & Housing
The median household income in Panama village is $60,096. This is 26% lower than the state median of $81,702. Compared to the national median of $78,538, household income here is 23% lower. The poverty rate stands at 9.5%. This is 19% lower than the state poverty rate of 11.7%. The unemployment rate is 12.5%. This is 116% higher than the state rate of 5.8%. The median home value is $60,800. Housing costs are 76% lower than the state median of $250,500. With a home-value-to-income ratio of just 1.0x, Panama village is one of the most affordable housing markets in the area. 85.9% of occupied housing units are owner-occupied. This homeownership rate is 29% higher than the state average of 66.8%.
Race & Ethnicity
Panama village has a predominantly White (non-Hispanic) population, comprising 99.1% of all residents. Hispanic or Latino residents account for 0.3%. The White (non-Hispanic) population is significantly higher than the state average (99.1% vs 58.8%). The Hispanic or Latino population (0.3%) is well below the state average of 18.5%.
Education
7.5% of residents aged 25 and older hold a bachelor's degree or higher. This is 80% lower than the state rate of 37.2%. Nationally, 35.0% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 82.2%.
Data Sources & Methodology
All demographic data for Panama village, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 5-Year Estimates (2019-2023). The ACS collects data from approximately 3.5 million households annually, providing reliable estimates for communities of all sizes. Comparisons are made against Illinois state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,445 Census-designated places in Illinois. For official data, visit data.census.gov.
Free data download: Get all Illinois city and county demographics as CSV. Download Cities CSV | Download Counties CSV
Frequently Asked Questions
What is the population of Panama village, Illinois?
Panama village, Illinois has a population of 327 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Panama village, IL?
The median household income in Panama village is $60,096, which is 23% lower the national median of $78,538.
What is the poverty rate in Panama village, IL?
The poverty rate in Panama village is 9.5%. This means approximately 31 residents live below the federal poverty line.
What is the racial makeup of Panama village, Illinois?
Panama village's population is 99.1% White, 0.0% Black, 0.3% Hispanic/Latino, and 0.0% Asian.
What is the median home value in Panama village, IL?
The median home value in Panama village is $60,800. The home-value-to-income ratio is 1.0x.
How educated is Panama village, Illinois?
7.5% of adults (25+) in Panama village hold a bachelor's degree or higher, and 1.6% hold a graduate or professional degree.