Home Price Key
Affordable
Average
Expensive
These days, finding an affordable place to live in the Panama area can be challenging. Home prices in Panama are now at a median cost of $79,618, lower than the Illinois average of $242,002.
The average cost of rent is $919/mo in Panama, primarily driven by the current value of real estate in the Panama area. While nearly 50.79% of residents own their homes outright in Panama, 21.27% rent.
Housing affordability isn’t just about home prices, though. The average household income in Panama is $5,378 per month. Households that rent pay about 17.08% of their income on rent here. Panama's most expensive areas are in the northeastern regions, while the cheapest areas are in the western parts of the city.
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