The Most Affordable Neighborhoods in Panama, NY by Home Value

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 $134,418, lower than the New York average of $610,895.

The average cost of rent is $768/mo in Panama, primarily driven by the current value of real estate in the Panama area. In Panama, 12.05% of households rent, and 65.11% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Panama is $5,101 per month. Households that rent pay about 15.06% of their income on rent here. Panama’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northern 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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