Panama, IL median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Panama increased by $30,444 (98.10%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.
Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 8 years and declined for 3 years.
The most significant year-by-year growth occured from 2014 to 2015, when the median household income increased by 9,998 (from $39,557 to $49,555). Similarly the most substantial year-by-year decline occured from 2010 to 2011, when the median household income decreased by 6,312 (from $31,033 to $24,721).
In Illinois, among cities with populations of fewer than 5,000 residents, Panama ranks 361st out of 742 for median household income. This rank indicates that it falls within the middle-income range of small cities within the state of Illinois.
Median household income in Panama, IL by household size
To gain deeper insights into the median household income for Panama, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Panama did not include 5, 6, or 7-person households. Across the different household sizes in Panama the mean income is $79,886, and the standard deviation is $36,574. The coefficient of variation (CV) is 45.78%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households.
In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 1-person households, with an income of $48,641. It then further increased to $131,061 for 4-person households, the largest household size for which the bureau reported a median household income.
Panama median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
| Household Size | Median Household Income |
|---|---|
| 1-person households | 48,641 |
| 2-person households | 59,450 |
| 3-person households | 80,393 |
| 4-person households | 131,061 |
| 5-person households | 0 |
| 6-person households | 0 |
| 7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 4-person households, reaching $131,061 .