51562 Panama, IA is an ideal place to call home for those looking for a small town lifestyle. Located in the rolling hills of central Iowa, 51562 Panama boasts affordable living with 2 bedroom rent averaging $860 compared to the US average of $1,430. Grocery costs are also lower in 51562 Panama with a grocery cost index of 98 versus 100 in the US. Local businesses include Jody's Tire & Auto Repair, Country Gardens Florist & Greenhouse, and M-K Designs Jewelry & Gifts. In addition to its economic advantages, 51562 Panama offers many recreational activities such as fishing at nearby Lakeside Lake or visiting Big Grove Brewery and Tap Room. With these amenities and more, it's easy to see why 51562 Panama is an attractive place to live.
Panama (zip 51562) has an unemployment rate of 3.5%. The US average is 6.0%.
Panama (zip 51562) has seen the job market decrease by -0.9% over the last year. Future job growth over the next ten years is predicted to be 16.4%, which is lower than the US average of 33.5%.
Tax Rates for Panama (zip 51562)
- The Sales Tax Rate for Panama (zip 51562) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Panama (zip 51562) is 9.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Panama (zip 51562)
- The average income of a Panama (zip 51562) resident is $23,026 a year. The US average is $28,555 a year.
- The Median household income of a Panama (zip 51562) resident is $73,958 a year. The US average is $69,021 a year.