Panama, Illinois Population 2024

321

Panama is a city located in Bond County and Montgomery County Illinois. Panama has a 2024 population of 321. Panama is currently declining at a rate of -0.93% annually and its population has decreased by -3.02% since the most recent census, which recorded a population of 331 in 2020.

The average household income in Panama is $62,182 with a poverty rate of 5.99%. The median rental costs in recent years comes to - per month, and the median house value is -. The median age in Panama is 48.2 years, 52.5 years for males, and 45.5 years for females.

Panama Demographics

According to the most recent ACS, the racial composition of Panama was:

  • White: 99.68%
  • Other race: 0.32%
  • Black or African American:
  • Native American:
  • Asian:
  • Native Hawaiian or Pacific Islander:
  • Two or more races:
Land Area (mi²)
0.4 sq mi
Density (mi²)
860.10/sq mi
Growth Since 2020
-3.02% (-10)
The current population of Panama, Illinois is 321 based on our projections of the latest US Census estimates.The last official US Census in 2020 recorded the population at 331.

Panama, Illinois Population 2024

Population by Race

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Race
Population
Percentage (of total)
White31699.68%
Other race10.32%
Black or African American
Native American
Asian
Native Hawaiian or Pacific Islander
Two or more races
showing: 7 rows

White

Other race

Black or African American

Native American

Asian

Native Hawaiian or Pacific Islander

Two or more races

Panama Population by Race

Panama Population Pyramid 2024

Panama Median Age

48.2

Total

52.5

Male

45.5

Female

Panama Adults

There are 257 adults, (60 of whom are seniors) in Panama.

Panama Age Dependency

60.9

Age Dependency Ratio

30.5

Old Age Dependency Ratio

30.5

Child Dependency Ratio

Panama Sex Ratio

Female18959.62%
Male12840.38%

Panama Population by Age

Panama Renter vs Owner Occupied by Household Type

Household Type
Count
Average Size
Owner
Renter
All1362.3385.314.7
Married633.0276.223.8
Non Family451.1695.64.4
Female16393.86.3
Male122.2583.316.7
showing: 5 rows

2.82

Average Family Size

2.33

Average Household Size

85.3%

Rate of Home Ownership

Married

Male

Female

NonFamily

owner

renter

Panama Households and Families

Male

Female

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Less Than 9th Grade

9th to 12th Grade

High School Graduate

Some College

Associates Degree

Bachelors Degree

Graduate Degree

Panama Educational Attainment by Sex (over 25)

Panama Educational Attainment by Race

High School Graduation Rate

Bachelors Rate

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The highest rate of high school graduation is among other race people with a rate of 100%.

The highest rate of bachelors degrees is among white people with a rate of 6.94%.

Panama Educational Attainment by Race

All

Male

Female

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$43,056

Average Earnings

$48,542

Average Male

$23,333

Average Female

Panama Earnings by Educational Attainment

Panama Language by Age

Only English

Spanish

Other Indo-European Languages

Asian and Pacific Island Languages

Other Languages

Panama Language

98.97% of Panama residents speak only English, while 1.03% speak other languages. The non-English language spoken by the largest group is Spanish, which is spoken by 1.03% of the population.

Panama Language

Panama Poverty by Race

rate

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Name
Total
In Poverty
Poverty Rate
White316196.01%
showing: 1 rows

5.99%

Overall Poverty Rate

4.69%

Male Poverty Rate

6.88%

Female Poverty Rate

Poverty in Panama

The race most likely to be in poverty in Panama is White, with 6.01% below the poverty level.

The race least likely to be in poverty in Panama is White, with 6.01% below the poverty level.

The poverty rate among those that worked full-time for the past 12 months was 1.04%. Among those working part-time, it was 1.64%, and for those that did not work, the poverty rate was 15.84%.

Panama Poverty

rate

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Rate
Poverty
Less Than 9th Grade9.52%
High School9.49%
Some College
Bachelors or Greater
showing: 4 rows

Panama Poverty Rate by Education

rate

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Rate
Poverty
Female Employed2.86%
Male Employed
Male Unemployed
Female Unemployed
showing: 4 rows

Panama Poverty Rate by Employment Status and Sex

Panama Income by Household Type

Households

Families

MarriedFamilies

NonFamilies

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mean

median

Income by Household Type

Panama Marital Status

Married

Widowed

Divorced

Separated

NeverMarried

Marriage Rates

52.7%

Overall Marriage Rate

58.8%

Male Marriage Rate

47.9%

Female Marriage Rate

Panama Married by Age and Sex

male

female

Panama Marriage

The age group where males are most likely to be married is 35-44, while the female age group most likely to be married is 35-44.

Panama Marital Status by Race

Married

Widowed

Divorced

Separated

NeverMarried

Panama Marital Status

Second Gulf War

First Gulf War

Vietnam

Korea

World War II

30

Number of Veterans

28

Male Veterans

2

Female Veterans

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Panama Veterans by War

count

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Panama Veterans by Age

count

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Panama Veterans by Race

Panama Veterans by Education

Less Than 9th Grade

High School Graduate

Some College

Bachelors or Greater

6.67%

Veteran Poverty Rate

30%

Veteran Disability Rate

Panama Veterans by Education

LaborForceParticipation

58.9%

Labor Force Participation

53.9%

Employment Rate

8.6%

Unemployment Rate

Panama Employment by Age

LaborForceParticipation

Panama Employment by Race

LaborForceParticipation

Panama Employment by Education

Origin of Non-Citizens

Europe

Asia

Africa

Oceania

Latin America

North America

Non citizens include legal permanent residents (green card holders), international students, temporary workers, humanitarian migrants, and illegal immigrants.

Origin of Naturalized Citizens

Europe

Asia

Africa

Oceania

Latin America

North America

89.27%

Born in Panama

99.68%

Native Born

0.32%

Foreign Born

0.32%

Non Citizen

Naturalized

Place of Birth

99.68% of Panama residents were born in the United States, with 89.27% having been born in Illinois. 0.32% of residents are not US citizens. Of those not born in the United States, the largest percentage are from Latin America.

Panama Place of Birth

Note: data after 2022 is projected based on recent change

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Year
Population
Growth
Growth Rate
2029306-3-0.97%
2028309-3-0.96%
2027312-3-0.95%
2026315-3-0.94%
2025318-3-0.93%
2024321-3-0.93%
2023324-3-0.92%
2022327-3-0.91%
2021330-1-0.3%
2020331165.08%
2019315-4-1.25%
2018319-2-0.62%
2017321-1-0.31%
2016322-3-0.92%
2015325-5-1.52%
2014330-5-1.49%
201333510.3%
2012334-3-0.89%
2011337-2-0.59%
2010339
showing: 20 rows

Panama Population by Year