In 2017, Panama, IL had a population of 279 people with a median age of 35.9 and a median household income of $42,500. Between 2016 and 2017 the population of Panama, IL declined from 287 to 279, a -2.79% decrease and its median household income grew from $41,250 to $42,500, a 3.03% increase.
The population of Panama, IL is 97.5% White Alone, 1.43% Hispanic or Latino, and 1.08% Two or More Races. 1.68% of the people in Panama, IL speak a non-English language, and 100% are U.S. citizens.
The median property value in Panama, IL is $49,800, and the homeownership rate is 88.1%. Most people in Panama, IL commute by Drove Alone, and the average commute time is 35.4 minutes. The average car ownership in Panama, IL is 2 cars per household.