Panama

County:: Montgomery County
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.

Demographics

The racial composition of Panama includes 99.08% White, and smaller percentages for Two or more races, other race, Black or African American, Native American, Asian, Native Hawaiian or Pacific Islander and multiracial populations.

Population by Race

White

Two or more races

Other race

Black or African American

Native American

Asian

Native Hawaiian or Pacific Islander

Race	Population	Percentage (of total)
White	324	99.08%
Two or more races	2	0.61%
Other race	1	0.31%
Black or African American	0	0%
Native American	0	0%
Asian	0	0%
Native Hawaiian or Pacific Islander	0	0%

Panama Marital Status

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