Cost of Living in Panama City

Housing

Rent

The rental prices in Panama City differ quite a lot depending on the neighbourhood and the type of housing. In areas such as Punta Pacifica or Costa del Este, an apartment with one bedroom costs from $1000 to $1.600 per month. For the business heart of the City, neighbourhoods such as Cangrejo, Obarrio, and Marbella, a one-bedroom apartment can cost between $700 to $1,300 per month. In other affordable areas, it can range from $500 to $800.

Check the guide in How find an apartment in Panama

Utilities

Utilities in an 85-square-meter standard apartment, which covers electricity, internet connection, water, cooling, and garbage, can range from $70 to $200.

Food

Groceries

The price of buying groceries in Panama is fair. An individual’s monthly grocery bill can fluctuate from $200 to $350 depending on shopping habits and routines.

Dining Out

It is usually cost-effective to eat out. For eating at a cheap restaurant, consider a cost of $20, while the cost for a three-course meal at a mid-range restaurant might be within the range of $30-$70 per person. Dinner in a posh place can amount to around $80 per person.

Transportation

Public Transportation

Panama City has an effective metro system and buses. A one-way ticket on public transport is about $0.35 and a monthly metro pass is around $30.

Taxis

Taxis are easily gotten. On average, a short trip within the city is about $3 to $5, while to the airport is around $25.

Uber

Uber is relatively cheap with a 15-minute ride costing you around $4.

Gasoline

Gasoline prices are relatively low, averaging around $0.9 - $1 per liter.

Healthcare

Health Insurance

Private insurance policies in Panama can be acquired from both local and international insurance companies. It is advisable to take private health insurance, the cost is about $50 - $200 a month, in general, but cost is a function of factors such as age, coverage, and pre-existing conditions.

Check the guide on Health Insurance

Medical Services

Consultations with doctors and medical services are cheap compared to most Western countries. The cost of a visit to a doctor is somewhere between $50 and $100.

Entertainment

Cinema

A ticket for a movie in Panama City is approximately 10 dollars.

Gym Membership

The cost of monthly gym memberships varies between $20 and $50.

Cultural Activities

There are many cultural activities in Panama City, and most of them are free or low-priced.

Nightlife

The cost of clubbing in Panam City is fairly cheap as most of the clubs charge an entry ticket that can range from $10 to $20 and cocktails are priced at about $12.

Education

International Schools

If you have children, the amount of tuition fees for international schools depends from school to school but typically is from $5,000 to $15,000 per year.

Miscellaneous

Mobile

The costs of mobile phone plans are cheap, with monthly costs of about $20.

Clothing

The clothing prices in the city are different; you can find cheap as well as luxury brands.

You should take in mind the fact that living costs in Panama City can vary depending on the type of accommodation you occupy, lifestyle, and personal interests. In some aspects of life, even imported items might be cheaper than in Western countries, but other items can be quite affordable. Proper research and budgeting will enable you to know the exact amount you will need to live in Panama City.

A budget of $2000 can afford you a standard or good quality of life in the area.

Sources & Foot Notes

[1] Numbeo - Cost of Living in Panama City
[2] Relocation Services Firm - Panama Cost of Living
[3] International Living - Panama City Lifestyle and Cost of Living
[4] Panama Relocation Tours - Living Costs in Panama City
[5] Living in Panama - Cost of Life in Panama Overview