This is a small community in a single neighborhood.
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What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Panama is a tiny village located in the state of New York. With a population of 462 people and just one neighborhood, Panama is the 893rd largest community in New York. Much of the housing stock in Panama was built prior to World War II, making it one of the older and more historic villages in the country.
Occupations and Workforce
Panama is a blue-collar town, with 37.96% of people working in blue-collar occupations, while the average in America is just 27.7%. Overall, Panama is a village of sales and office workers, production and manufacturing workers, and managers. There are especially a lot of people living in Panama who work in management occupations (12.24%), office and administrative support (11.43%), and sales jobs (6.94%).
Setting & Lifestyle
The overall crime rate in Panama is one of the lowest in the US. This makes it one of the safer places to live in the country in terms of crime.
It is a fairly quiet village because there are relatively few of those groups of people who have a tendency to be noisy. (Children, for example, often can't help themselves from being noisy, and being parents ourselves, we know!) Panama has relatively few families with children living at home, and is quieter because of it. Renters and college students, for their own reasons, can also be noisy. Panama has few renters and college students. But the biggest reason it is quieter in Panama than in most places in America, is that there are just simply fewer people living here. If you think trees make good neighbors, Panama may be for you.
Panama is a small village, and as such doesn't have a public transit system that people use to get to and from their jobs every day.
Demographics
In terms of college education, Panama is nearly on par with the US average for all cities of 21.84%: 18.82% of adults 25 and older in Panama have a bachelor's degree or advanced degree.
The per capita income in Panama in 2022 was $28,558, which is low income relative to New York, and lower middle income relative to the rest of the US. This equates to an annual income of $114,232 for a family of four. However, Panama contains both very wealthy and poor people as well.
The people who call Panama home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Panama residents report their race to be White, followed by Asian. Important ancestries of people in Panama include English, German, Swedish, Irish, and Dutch.
The most common language spoken in Panama is English. Other important languages spoken here include Italian and Polish.
Notable & Unique Neighborhood Characteristics
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
Uncrowded roads, rural America and space to be the individual you are. If you like these characteristics, this neighborhood may fit you. With just 35 residents per square mile, is less crowded than 91.9% of all U.S. neighborhoods.
Diversity
Did you know that the neighborhood has more Swedish and Dutch ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 15.0% of this neighborhood's residents have Swedish ancestry and 4.1% have Dutch ancestry.
is also pretty special linguistically. Significantly, 10.8% of its residents five years old and above primarily speak German/Yiddish at home. While this may seem like a small percentage, it is higher than 99.6% of the neighborhoods in America.
The Neighbors
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the neighborhood in Panama are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 71.8% of U.S. neighborhoods. With 10.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 50.3% of U.S. neighborhoods.
What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the neighborhood, 35.1% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 30.1% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (20.8%), and 12.5% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the neighborhood is English, spoken by 88.2% of households. Some people also speak German/Yiddish (10.8%).
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the neighborhood in Panama, NY, residents most commonly identify their ethnicity or ancestry as German (25.7%). There are also a number of people of English ancestry (20.9%), and residents who report Swedish roots (15.0%), and some of the residents are also of Irish ancestry (13.2%), along with some Italian ancestry residents (4.5%), among others.
Getting to Work
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in neighborhood spend between 15 and 30 minutes commuting one-way to work (42.3% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (79.3%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (17.2%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
