A+
Overall 29%
Goods & Services 20%
Housing 61%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.
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.
IndexPanamaOklahomaNational
Cost of living7186100
Goods & Services8092100
Groceries8995100
Health care8393100
Housing3969100
Transportation8391100
Utilities9996100

Key findings

  • The cost of living in Panama is 17% lower than the Oklahoma average
  • The cost of living in Panama is 29% lower than the national average
  • Panama housing is 61% lower than the national average
  • Oklahoma general sales tax is 12% lower than the national average
  • Oklahoma state income tax is 78% lower than the national average

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Compare Panama, OK Cost of Living

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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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$33,092$2,758$772$993
      Renters$15,662$1,305$365$470

      Oklahoma Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Oklahoma4.5%11%

      Oklahoma Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Oklahoma0.5%5%

      Goods & Services

      ItemPanamaNational avg.Difference
      Haircut $16.50$17.495.7%
      Beauty Salon $31.67$38.1717.0%
      Toothpaste $1.96$2.3215.6%
      Shampoo $1.12$1.0110.7%
      Movie $9.00$10.7216.1%
      Bowling $5.00$13.8663.9%

      Groceries

      ItemPanamaNational avg.Difference
      Ground Beef $3.35$3.9014.1%
      Fried Chicken $1.13$1.4019.0%
      Milk $2.04$1.964.0%
      Potatoes $2.25$3.1829.3%
      Pizza $10.49$10.390.9%
      Beer $7.87$9.2314.7%

      Health Care

      ItemPanamaNational avg.Difference
      Optometrist $92.25$106.3413.2%
      Doctor $95.00$115.2517.6%
      Dentist $77.50$98.3821.2%
      Ibuprofen $7.49$9.2619.1%
      Lipitor $423.00$466.479.3%

      Housing

      ItemPanamaNational avg.Difference
      Home Price $51,700.00$184,700.0072.0%
      Avg. Mortgage Payment $884.28$1,273.3230.6%
      Apartment Rent $618.00$949.0034.9%

      Transportation

      ItemPanamaNational avg.Difference
      Gasoline $2.27$2.5912.6%
      Tire Balancing $37.50$48.9023.3%

      Utilities

      ItemPanamaNational avg.Difference
      All Electricity$164.68$167.601.7%
      Phone $181.69$163.4211.2%
      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, StatePopulationCost of Living IndexNational Avg.
      Cowlington, OK12069-31%
      Bokoshe, OK42269-31%
      Keota, OK60770-30%
      Cameron, OK34771-29%
      Wister, OK1,02572-28%
      Panama, OK1,24171-29%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Camillus, NY1,24190-10%
      The Galena Territory, IL1,24111313%
      Teviston, CA1,24111313%
      Bergen, NY1,24290-10%
      Harristown, IL1,24082-18%
      Panama, OK1,24171-29%
      Source: The Panama, OK cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.