Cost Of Living in Panama, IL

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Panama	Illinois	National
Cost of living	79	96	100
Goods & Services	92	97	100
Groceries	97	98	100
Health care	89	95	100
Housing	45	95	100
Transportation	94	103	100
Utilities	102	89	100

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Cost Of Living Quick Facts

The cost of living in Panama is 18% lower than the Illinois average
The cost of living in Panama is 21% lower than the national average
Panama housing is 55% lower than the national average
Illinois general sales tax is 22% higher than the national average
Illinois state income tax is 91% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$56,364	$4,697	$1,315	$1,691
Renters	$0	$0	$0	$0

Illinois Sales Tax

State	General Sales Tax	With Max Surtax
Illinois	6.25%	10.25%

Illinois Income Tax

State	Income Tax (Low)	Income Tax (High)
Illinois	4.95%	4.95%

Goods & Services

Item	Panama	National avg.	Difference
Haircut	$21.19	$24.26	12.7%
Beauty Salon	$40.57	$45.56	11.0%
Toothpaste	$3.75	$3.70	1.3%
Shampoo	$1.11	$1.28	13.3%
Movie	$11.28	$12.13	7.1%
Bowling	$16.92	$18.00	6.0%

Groceries

Item	Panama	National avg.	Difference
Ground Beef	$6.40	$5.84	9.7%
Fried Chicken	$1.36	$1.57	13.3%
Milk	$4.50	$4.67	3.7%
Potatoes	$5.28	$4.93	6.9%
Pizza	$10.84	$12.09	10.3%
Beer	$9.47	$10.41	9.1%

Health Care

Item	Panama	National avg.	Difference
Optometrist	$125.72	$125.68	0.0%
Doctor	$124.51	$135.78	8.3%
Dentist	$100.78	$113.29	11.0%
Ibuprofen	$10.14	$10.65	4.8%
Lipitor	$520.16	$468.60	11.0%

Housing

Item	Panama	National avg.	Difference
Home Price	$62,900.00	$184,700.00	65.9%
Avg. Mortgage Payment	$1,737.43	$2,346.69	26.0%
Apartment Rent	$667.00	$949.00	29.7%

Transportation

Item	Panama	National avg.	Difference
Gasoline	$3.20	$3.46	7.6%
Tire Balancing	$50.00	$59.92	16.6%

Utilities

Item	Panama	National avg.	Difference
All Electricity	$133.84	$193.99	31.0%
Phone	$188.69	$192.25	1.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Old Ripley, IL	79	94	5.9%
Walshville, IL	241	94	5.9%
Irving, IL	340	74	26.3%
Eagarville, IL	170	75	25.0%
Smithboro, IL	215	76	24.4%
Panama, IL	221	79	20.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Newbern, AL	221	76	24.2%
Widener, AR	221	74	26.1%
Jeddito, AZ	221	93	7.1%
Conroy, IA	221	99	0.9%
Moorhead, IA	221	79	21.3%
Panama, IL	221	79	20.7%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Panama, IL