Panama Flag

Panama

County Seat:
No
Area (mi²):
0.365
State:
Illinois

Panama is a village located in Montgomery County, Illinois. Panama has a 2025 population of 323. Panama is currently declining at a rate of -0.62% annually and its population has decreased by -2.71% since the most recent census, which recorded a population of 332 in 2020.

The average household income in Panama is $58,548 with a poverty rate of 9.48%.The median age in Panama is 48.5 years: 52.3 years for males, and 48 years for females.

323
Total Population
886
Density (mi²)
-2 -0.62%
Growth

Panama Population

Panama Population

Data after 2023 is projected based on recent change

Demographics

The racial composition of Panama includes 99.08% White, and smaller percentages for Two or more races, other race and multiracial populations.

Population by Race

Race
Population
Percentage (of total)
White32499.08%
Two or more races20.61%
Other race10.31%

Panama Marital Status

OverallMalesFemales0%10%20%30%40%50%60%70%80%90%100%

Married

Widowed

Divorced

Separated

Never Married

Economics and Income Statistics

Panama's average per capita income is $47,583. Household income levels show a median of $60,096. The poverty rate stands at 9.48%.

Families: A family includes the owner or renter of the home along with everyone related to them - whether through birth, marriage, or adoption. This includes relatives like spouses, children, parents, siblings, grandparents, and any other family members.
Households: A household includes all the people who occupy a housing unit (such as a house or apartment) as their usual place of residence.
Non Families: A nonfamily household is either someone living alone or when the owner/renter lives with people they aren't related to, like roommates.
Name
Median
Mean
Married Families$61,346-
Families$60,962$67,240
Households$60,096$58,548
Non Families$29,375$39,241

$47,583

Average Income

$60,096

Median Household Income

9.48%

Poverty Rate

Nearby Cities

Sources

  1. US Census State Population Estimates - Most recent state estimates from the Census Bureau's Population Estimates Program
  2. US Census County Population Estimates - Most recent county estimates from the Census Bureau's Population Estimates Program
  3. American Community Survey (2009 - 2013)
  4. Census QuickFacts
  5. Historical Populations of States and Counties (1790 - 1990)