Prior to being drained, filled, and leveled by the United States Army Corps of Engineers, the hilly area north of Panama City was home to a few subsistence ranches and unused marshlands.

The town was also home to two private banks, a credit union, a Jewish Welfare Board, several Christian denomination churches, civic clubs (such as the Elks Club and the Knights of Columbus), a Masonic Lodge, a YMCA, several historic monuments, and a miniature Statue of Liberty donated by the Boy Scouts of America.

A United States Navy very-low-frequency transmitting station (callsign NBA) near Balboa began service around 1915.

The rapid growth of the West-side population of Panama's province has resulted in increased car traffic because one of the only two ways available to cross towards the west side of the country is the Bridge of the Americas, which is an issue being solved by the construction of new streets.

Sightseeing highlights for anyone visiting Balboa during the 2020s include the Administration Building, Mi Pueblito Afroantillano, scenic overlook of Ancon Hill (from which a set of locks of the Canal can be seen), monument Homenaje a la Democracia, the Goethals Memorial, the Prado, two handicraft markets, three bed-and-breakfast hotels, and a country store and café near the Administration Building.