Panama, IL, with a population of 62077, has an average 2 bedroom rent of $870 which is much lower than the US average of $1,430. Living costs in Panama are generally lower than most other places in the US. The local Grocery Cost Index is 90 versus 100 in the US. This means that grocery items are generally 10% cheaper than they would be elsewhere. Some local companies in Panama include Midwest Carpet Cleaners, Bluestem Prairie Bistro & Wine Bar, and River Valley Solar Solutions. The cost of living in Panama is quite reasonable compared to other areas in the country making it attractive for those looking for a place to call home at an affordable rate.
Panama (zip 62077) has an unemployment rate of 6.4%. The US average is 6.0%.
Panama (zip 62077) has seen the job market decrease by -6.6% 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 (zip 62077)
- The Sales Tax Rate for Panama (zip 62077) is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Panama (zip 62077) 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 (zip 62077)
- The average income of a Panama (zip 62077) resident is $27,961 a year. The US average is $37,638 a year.
- The Median household income of a Panama (zip 62077) resident is $56,875 a year. The US average is $69,021 a year.