Panama, NY is a small village located in Chautauqua County in the state of New York. With a population of around 1,500 people, this small community offers affordable rental options including two bedroom apartments for $800 a month. The Grocery Cost Index in Panama is also more economical than the US average with an index rating of 97 versus 100. Panama is home to many local businesses such as Panama Home Center and Shults Auto Group which offer services and products to the local community. The area is well known for its outdoor recreational activities such as fishing, boating, hiking and camping at nearby Bear Lake State Park.
Panama has an unemployment rate of 7.4%. The US average is 6.0%.
Panama has seen the job market decrease by -6.9% over the last year. Future job growth over the next ten years is predicted to be 12.7%, which is lower than the US average of 33.5%.
Tax Rates for Panama
- The Sales Tax Rate for Panama is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Panama is 6.5%. 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 $26,464 a year. The US average is $37,638 a year.
- The Median household income of a Panama resident is $53,125 a year. The US average is $69,021 a year.