Cost of living in Panama City
Panama City, the vibrant capital of Panama, is known for its modern skyline, rich history, and cultural diversity. Understanding the cost of living in this bustling metropolis is crucial for anyone considering relocating or planning an extended stay.
This guide provides a detailed breakdown of the expenses you can expect, from dining and groceries to housing and transportation, helping you make informed financial decisions.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $12.75 on average, with a range between $5 and $20.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $60, with prices ranging from $40 to $86.87.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $8, with a range between $7 and $9.5.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $1.5 to $4, imported beer $3 to $6, cappuccino $2 to $5, and Coke/Pepsi $1 to $3.
Grocery Prices
- Milk - Milk is priced between $1.49 and $2 per liter, averaging $1.8.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $1.1 and $3.97, with an average price of $2.51.
- Eggs (Dozen) - A dozen eggs range from $1.2 to $3.6, averaging $2.65.
- Fruits (e.g., Apples, Oranges) - Apples cost $1.5 to $5 per kg, while oranges range from $1 to $6.5 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $1 and $3 per kg, and lettuce costs $1.25 to $3.49 per head.
Transportation
- Public Transport (One-Way Ticket) - A one-way local transport ticket costs between $0.35 and $0.5, with a monthly pass priced between $20 and $40.
- Fuel (Gasoline) - Gasoline is priced between $0.88 and $1.2 per liter.
- Taxi Fares - Taxi fares start at $2, with a cost of $1 to $4 per km and $14 to $25 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre ranges from $600 to $1500, averaging $995.24.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $400 to $1300, averaging $720.59.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $1300 to $3500, averaging $2090.64.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $900 to $2500, averaging $1506.25.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre ranges from $2050 to $3000, averaging $2472.22.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter ranges from $1000 to $2000, averaging $1533.33.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $80 and $212.5, averaging $123.04.
- Internet - Internet services range from $40 to $78, with an average cost of $50.86.
Cost of Living Rankings
Panama City ranks 1st on the Cost of Living rankings in Panama. The cost of living indices for Panama are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in Panama, covering factors like consumer goods, rent, and purchasing power.
Cost of Living Data
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Transportation
Transportation
Rent Per Month
Rent Per Month
Utilities (Monthly)
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Sports And Leisure
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Clothing And Shoes
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Buy Apartment Price
Buy Apartment Price
Salaries And Financing
Salaries And Financing
Childcare
Childcare
"Key Takeaways"
Panama City offers a relatively affordable cost of living compared to many other major cities. Dining out can be economical, especially at local eateries.
Housing costs vary significantly depending on location, with city centre apartments being more expensive.
Public transportation is very affordable, making it a cost-effective option for getting around the city.
Conclusion
In conclusion, Panama City provides a diverse range of living costs, catering to both budget-conscious individuals and those seeking more luxurious accommodations.
With affordable dining and transportation options, it is possible to maintain a comfortable lifestyle without overspending. However, potential residents should consider housing costs carefully, as they can vary widely based on location.