Panama, Illinois Demographics & Population 2026
During the 2020–2024 ACS period, Panama, Illinois had a total population of 420, the 989th largest village in Illinois, with a median household income of $72,917, which is 13% lower than the state average. The poverty rate is 9.5%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Only 3.9% of adults have a bachelor's degree, well below the national average of 35.7%.
- Housing is very affordable with a home-value-to-income ratio of just 0.8x.
Panama Quick Facts
How Panama Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 327 | 420 | +28.4% |
| Median household income | $60,096 | $72,917 | +21.3% |
| Median home value | $60,800 | $54,700 | -10.0% |
How Panama Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
Moderate diversity with one or two groups making up the majority.
State average: 61 | National average: 61
Education
Educational Attainment (Adults 25+)
Panama Rankings in Illinois
Explore Illinois Rankings
Other Cities in Montgomery County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Litchfield | 6,834 | $53,958 | 16.3% | $104,200 |
| Hillsboro | 5,803 | $50,158 | 11.6% | $111,700 |
| Nokomis | 2,147 | $60,326 | 9.4% | $83,900 |
| Raymond | 1,030 | $66,591 | 23.2% | $108,200 |
| Witt | 875 | $52,500 | 22.3% | $50,700 |
| Farmersville | 763 | $63,750 | 6.9% | $116,900 |
| Taylor Springs | 633 | $45,000 | 19.7% | $67,400 |
| Coffeen | 592 | $72,500 | 21.0% | $60,800 |
| Schram City | 578 | $51,250 | 16.3% | $94,300 |
| Coalton | 357 | $76,875 | 5.9% | $92,300 |
Cities Similar to Panama
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Hartsburg | 415 | $73,529 | $84,300 | 15.5% | 9.2% |
| Benson | 428 | $76,333 | $114,900 | 12.7% | 3.5% |
| Good Hope | 438 | $73,636 | $97,000 | 20.3% | 4.8% |
| Bondville | 404 | $71,250 | $168,200 | 11.5% | 13.6% |
| Pierron | 414 | $66,875 | $105,300 | 8.6% | 26.7% |
A note before these figures: with a population of 420, Panama's ACS estimates come from a small number of survey responses and carry wide margins of error. Individual percentages below — particularly rates that round to 0% or 100% — are approximations, not precise measurements. See data.census.gov for the published margins of error.
Population Overview
Panama is a small community located in Illinois, within Montgomery County. The total population is 420. It ranks as the 989th most populous out of 1,445 Census-designated places in Illinois.
Age Demographics
The median age in Panama is 40.3 years. This is 3% higher than the state median of 39.0 years. With 29.3% of the population under 18, Panama has a notably young demographic profile, suggesting a family-oriented community.
Economy, Income & Housing
The median household income in Panama is $72,917. This is 13% lower than the state median of $83,390. It is also 10% lower than the national median of $80,734. The poverty rate stands at 9.5%. This is 19% lower than the state poverty rate of 11.8%. The unemployment rate is 6.6%. This is 12% higher than the state rate of 5.8%. The median home value is $54,700. Housing costs are 79% lower than the state median of $263,300. With a home-value-to-income ratio of just 0.8x, Panama is one of the most affordable housing markets in the area. 92.4% of occupied housing units are owner-occupied. This homeownership rate is 38% higher than the state average of 67.1%.
Race & Ethnicity
The largest racial or ethnic group in Panama is White (non-Hispanic), making up 73.8% of the population. Hispanic or Latino residents account for 10.0%.
Education
3.9% of residents aged 25 and older hold a bachelor's degree or higher. This is among the lowest rates in the state, which may correlate with employment and income patterns. This is 90% lower than the state rate of 37.9%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 87.4%.
Data Sources & Methodology
All demographic data for Panama, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. 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. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Panama, Illinois?
Panama, Illinois has a population of 420 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Panama, IL?
The median household income in Panama is $72,917, which is 10% lower than the national median of $80,734.
What is the poverty rate in Panama, IL?
The poverty rate in Panama is 9.5%. This means approximately 40 residents live below the federal poverty line.
What is the racial makeup of Panama, Illinois?
Panama's population is 73.8% White, 0.0% Black, 10.0% Hispanic/Latino, and 0.0% Asian.
What is the median home value in Panama, IL?
The median home value in Panama is $54,700. The home-value-to-income ratio is 0.8x.
How educated is Panama, Illinois?
3.9% of adults (25+) in Panama hold a bachelor's degree or higher, and 0.4% hold a graduate or professional degree.