Panama, Illinois is a vibrant small town with plenty of local attractions and businesses to explore. Notable attractions include the historic Panama Canal, an impressive feat of engineering, as well as the old-fashioned Broad Street Sweet Shop. Local companies such as Potter Plastics and Linar Enterprises are based in Panama, providing jobs for the community. Rent for two bedroom apartments in Panama is usually around $890 per month, far lower than the national average of $1,430. Grocery cost index is also lower than US averages at 90 versus 100. All in all, Panama is an affordable and vibrant place to live with plenty of amenities and opportunities to explore.
Panama has an unemployment rate of 6.4%. The US average is 6.0%.
Panama has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 26.7%, which is lower than the US average of 33.5%.
Tax Rates for Panama
- The Sales Tax Rate for Panama is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Panama is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Panama
- The average income of a Panama resident is $19,311 a year. The US average is $28,555 a year.
- The Median household income of a Panama resident is $56,875 a year. The US average is $69,021 a year.