This report contains findings from a housing survey conducted in Panama during the fall of 1995. The objective of the survey was to learn more about the demand for housing among the low- and middle-income urban population that is not well served by public sector housing programs. Focusing on the underserved population provides insights into the behavior of households engaging in market transactions that are relatively uninfluenced by public assistance. The information in this report provides a valuable resource for those who wish to design policies to assist low- and middle-income households in Panama and elsewhere.