The typical owner-occupied home in Panama is worth about $124,800, 38% below the Oklahoma median of $199,800 and 62% below the national median of $332,700. Owners pay a median $667 a year in property taxes, about 0.53% of their home's value, lower than the Oklahoma rate of 0.80%. The median household earns $47,136 a year, so the median home costs 2.6 times the median income (3.1 times for Oklahoma). 65% of occupied homes here are lived in by their owners, and 28% of those owners still have a mortgage.
Panama at a glance
| Panama | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $124,800 | $199,800 | $332,700 |
| Median property tax paid per year | $667 | $1,599 | $3,119 |
| Property tax as a share of value | 0.53% | 0.80% | 0.94% |
| Median household income | $47,136 | $65,039 | $80,734 |
| Homes lived in by their owners | 65% | 66% | 65% |
| Owner homes with a mortgage | 28% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $896 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 17.1% | 19.6% | 21.0% |
| Median rent | $776 | $1,014 | $1,413 |
| Rent as a share of renters' income | 36.5% | 28.4% | 30.6% |
| Median year homes were built | 1982 | 1980 | 1980 |
| Vacant homes | 16.3% | 12.0% | 10.1% |
| Population | 1,415 | 4,028,634 | 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 $124,800 with 20% down costs about $779 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $987, 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 $33,375 for the 20%-down payment. That payment is 20% of the median Panama household income of $47,136; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $776 a month, so owning the median home costs about $3 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,960 |
|---|---|
| Loan amount | $99,840 |
| Principal and interest | $672 |
| Property taxes (0.53% a year) | $55 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| PMI | $0 |
| Total per month | $779 |
Change the numbers in the calculator
| Down payment | $4,368 |
|---|---|
| Loan amount | $122,540 |
| Principal and interest | $824 |
| Property taxes (0.53% a year) | $55 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| FHA mortgage insurance | $55 |
| Total per month | $987 |
Change the numbers in the calculator
Questions about home buying in Panama
What is the median home value in Panama?
About $124,800 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 $667 a year, which is about 0.53% 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 $779 a month. Keeping that under 28% of gross income takes about $33,375 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