Expensive
Affordable
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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 $88,237, lower than the Illinois average of $300,242.
The average cost of rent is $762/mo in Panama, primarily driven by the current value of real estate in the Panama area. In Panama, 15.19% of households rent, and 53.96% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Panama is $5,693 per month. Households that rent pay about 13.38% of their income on rent here. Panama’s most expensive areas are in the southern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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