Panama, Iowa Demographics & Population 2026
During the 2020–2024 ACS period, Panama, Iowa had a total population of 245, the 660th largest city in Iowa, with a median household income of $63,125, which is 16% lower than the state average. The poverty rate is 7.4%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Housing is very affordable with a home-value-to-income ratio of just 2.3x.
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 | 283 | 245 | -13.4% |
| Median household income | $61,250 | $63,125 | +3.1% |
| Median home value | $121,600 | $142,200 | +16.9% |
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
A less diverse community where one racial or ethnic group represents a large majority.
State average: 31 | National average: 61
Education
Educational Attainment (Adults 25+)
Panama Rankings in Iowa
Explore Iowa Rankings
Other Cities in Shelby County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Harlan | 4,891 | $57,488 | 9.0% | $152,500 |
| Shelby | 752 | $63,654 | 10.2% | $162,500 |
| Elk Horn | 728 | $64,250 | 12.0% | $133,200 |
| Earling | 478 | $43,750 | 9.3% | $125,000 |
| Irwin | 352 | $40,417 | 15.5% | $72,900 |
| Defiance | 251 | $53,542 | 11.6% | $101,600 |
| Portsmouth | 204 | $80,781 | 4.9% | $125,000 |
| Westphalia | 117 | $77,083 | 3.4% | $97,400 |
| Tennant | 84 | $62,885 | 0.0% | $210,000 |
| Kirkman | 58 | $77,917 | 10.3% | $118,800 |
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 |
|---|---|---|---|---|---|
| Douds | 243 | N/A | $96,700 | 27.5% | 41.6% |
| Cushing | 243 | $66,875 | $66,000 | 15.4% | 24.3% |
| Ladora | 240 | $60,625 | $78,200 | 12.9% | 9.6% |
| Keswick | 255 | $63,750 | $89,200 | 21.3% | 6.7% |
| Fertile | 255 | $65,000 | $143,800 | 13.5% | 7.1% |
A note before these figures: with a population of 245, 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 Iowa, within Shelby County. The total population is 245. It ranks as the 660th most populous out of 1,017 Census-designated places in Iowa.
Age Demographics
The median age in Panama is 36.7 years. This is 5% lower than the state median of 38.6 years. With 28.6% 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 $63,125. This is 16% lower than the state median of $75,059. It is also 22% lower than the national median of $80,734. The poverty rate stands at 7.4%. This is 33% lower than the state poverty rate of 11.1%. The unemployment rate is 2.7%. This is 24% lower than the state rate of 3.6%. The median home value is $142,200. Housing costs are 32% lower than the state median of $208,000. With a home-value-to-income ratio of just 2.3x, Panama is one of the most affordable housing markets in the area. 77.0% of occupied housing units are owner-occupied. This homeownership rate is 7% higher than the state average of 71.7%.
Race & Ethnicity
Panama has a predominantly White (non-Hispanic) population, comprising 88.6% of all residents. Hispanic or Latino residents account for 8.2%.
Education
13.8% of residents aged 25 and older hold a bachelor's degree or higher. This is 56% lower than the state rate of 31.4%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 98.1%.
Data Sources & Methodology
All demographic data for Panama, Iowa 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 Iowa state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,017 Census-designated places in Iowa. 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, Iowa?
Panama, Iowa has a population of 245 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Panama, IA?
The median household income in Panama is $63,125, which is 22% lower than the national median of $80,734.
What is the poverty rate in Panama, IA?
The poverty rate in Panama is 7.4%. This means approximately 18 residents live below the federal poverty line.
What is the racial makeup of Panama, Iowa?
Panama's population is 88.6% White, 0.0% Black, 8.2% Hispanic/Latino, and 0.0% Asian.
What is the median home value in Panama, IA?
The median home value in Panama is $142,200. The home-value-to-income ratio is 2.3x.
How educated is Panama, Iowa?
13.8% of adults (25+) in Panama hold a bachelor's degree or higher, and 4.4% hold a graduate or professional degree.