The typical owner-occupied home in Panama is worth about $142,200, 32% below the Iowa median of $208,000 and 57% below the national median of $332,700. Owners pay a median $1,386 a year in property taxes, about 0.97% of their home's value, lower than the Iowa rate of 1.39%. The median household earns $63,125 a year, so the median home costs 2.3 times the median income (2.8 times for Iowa). 77% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Panama at a glance
| Panama | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $142,200 | $208,000 | $332,700 |
| Median property tax paid per year | $1,386 | $2,897 | $3,119 |
| Property tax as a share of value | 0.97% | 1.39% | 0.94% |
| Median household income | $63,125 | $75,059 | $80,734 |
| Homes lived in by their owners | 77% | 72% | 65% |
| Owner homes with a mortgage | 55% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,625 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 13.3% | 18.7% | 21.0% |
| Median rent | $940 | $972 | $1,413 |
| Rent as a share of renters' income | 32.9% | 27.4% | 30.6% |
| Median year homes were built | 1951 | 1972 | 1980 |
| Vacant homes | 5.8% | 8.5% | 10.1% |
| Population | 245 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Panama
At this week's average 30-year rate of 7.11%, buying the median Panama home of $142,200 with 20% down costs about $939 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,176, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $40,263 for the 20%-down payment. That payment is 18% of the median Panama household income of $63,125; at that income and 20% down, the 28% guideline points to a home of about $223,000.
The median rent here is $940 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $28,440 |
|---|---|
| Loan amount | $113,760 |
| Principal and interest | $765 |
| Property taxes (0.97% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| PMI | $0 |
| Total per month | $939 |
Change the numbers in the calculator
| Down payment | $4,977 |
|---|---|
| Loan amount | $139,624 |
| Principal and interest | $939 |
| Property taxes (0.97% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| FHA mortgage insurance | $63 |
| Total per month | $1,176 |
Change the numbers in the calculator
Questions about home buying in Panama
What is the median home value in Panama?
About $142,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Panama?
Homeowners pay a median $1,386 a year, which is about 0.97% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Panama?
For the median home with 20% down at 7.11%, the payment is about $939 a month. Keeping that under 28% of gross income takes about $40,263 a year.
More about Panama
- Mortgage Refinance in Panama
- Debt Relief in Panama
- Home Equity Loans in Panama
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data