Panama, IL Cost of Living


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Panama cost of living score
70.9
Less expensive
29.1% lower
than the US average
24.3% lower
than the Illinois average
Panama, Illinois gets a BestPlaces Cost of Living score of 70.9, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 29.1% lower than the U.S. average and 24.3% higher than the average for Illinois.

Panama, IL

Housing costs in Panama?
A typical home costs $67,100, which is 80.2% less expensive than the national average of $338,100 and 72.2% less expensive than the average Illinois home, at $241,700. Renting a two-bedroom unit in Panama costs $890 per month, which is 37.8% cheaper than the national average of $1,430 and 41.6% cheaper than the state average of $1,260.

Can I afford Panama?
To live comfortably in Panama, Illinois, a minimum annual income of $12,960 for a family, and $27,200 for a single person is recommended.

What does A.I. say about Panama?
The cost of living in Panama, IL is relatively low compared to other regions in the United States. The overall cost of living index is 84.8, which is lower than the national average of 100. Housing costs are especially attractive - median home prices in Panama are just over $50,000 and rent for a two bedroom apartment is around $650 per month. Food and utility costs are also reasonable at an average of 8% less than the U.S. average. With its reasonable cost of living, Panama, IL makes an ideal location for retirees or those looking to relocate on a budget.
   Cost of living score
     CategoriesPanamaIllinoisUnited States
  70.993.7100.0
  89.794100
  116.796.9100.0
  13.780.2100.0
  $67,100$241,700$338,100
  101.5%97.7%100.0%
  89.2106.2100.0
  87.9107.8100.0

   100=National Average

   Average Rent by Bedroom Size
Crime
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