Cost of Living in Panama

David Panama City Boquete Santiago Bocastown, Isla Colon Aguadulce Vista Alegre Bugaba Coronado El Coco El Valle de Anton La Chorrera Las Cumbres Las Tablas Puerto Armuelles San Miguelito Veracruz

If you've ever considered moving to Panama, one of the first questions that likely crossed your mind is, "What is the cost of living in Panama?" After all, it's essential to have a clear picture of your potential expenses before making such a life-changing decision. At this page, we'll dive into the nitty-gritty of the cost of living in Panama and whether the reported $1897 per month figure aligns with the average monthly salary of $713.04.

Restaurants
Markets
Transportation
Childcare
Clothing
Rent Per Month
Buy Apartment
Salaries
Panama
restaurant

Restaurants

Price

World Range

Meal, Inexpensive Restaurant

7.0 $

Meal for 2 People, Mid-range Restaurant, Three-course

47.5 $

McMeal at McDonalds (or Equivalent Combo Meal)

7.0 $

Domestic Beer (1 pint draught)

2.0 $

Imported Beer (12 oz small bottle)

3.5 $

Cappuccino (regular)

3.05 $

Coke/Pepsi (12 oz small bottle)

1.5 $

Water (12 oz small bottle)

1.17 $

store

Markets

Price

World Range

Milk (regular), (1 gallon)

1.57 $

Loaf of Fresh White Bread (1 lb)

2.05 $

Rice (white), (1 lb)

1.9 $

Eggs (regular) (12)

2.08 $

Local Cheese (1 lb)

8.81 $

Chicken Fillets (1 lb)

6.48 $

Beef Round (1 lb) (or Equivalent Back Leg Red Meat)

7.66 $

Apples (1 lb)

2.79 $

Banana (1 lb)

1.26 $

Oranges (1 lb)

2.41 $

Tomato (1 lb)

2.76 $

Potato (1 lb)

1.89 $

Onion (1 lb)

1.92 $

Lettuce (1 head)

1.62 $

Water (1.5 liter bottle)

1.48 $

Bottle of Wine (Mid-Range)

9.0 $

Domestic Beer (0.5 liter bottle)

1.1 $

Imported Beer (12 oz small bottle)

1.79 $

Cigarettes 20 Pack (Marlboro)

5.75 $

commute

Transportation

Price

World Range

One-way Ticket (Local Transport)

0.35 $

Monthly Pass (Regular Price)

30.0 $

Taxi Start (Normal Tariff)

2.0 $

Taxi 1 mile (Normal Tariff)

2.0 $

Taxi 1hour Waiting (Normal Tariff)

15.0 $

Gasoline (1 gallon)

1.03 $

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)

24000.0 $

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)

19163.33 $

mark_as_unread

Utilities (Monthly)

Price

World Range

Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment

84.12 $

1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans)

0.17 $

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)

43.73 $

kitesurfing

Sports And Leisure

Price

World Range

Fitness Club, Monthly Fee for 1 Adult

36.03 $

Tennis Court Rent (1 Hour on Weekend)

29.55 $

Cinema, International Release, 1 Seat

5.5 $

child_friendly

Childcare

Price

World Range

Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child

332.27 $

International Primary School, Yearly for 1 Child

9555.56 $

checkroom

Clothing And Shoes

Price

World Range

1 Pair of Jeans (Levis 501 Or Similar)

45.72 $

1 Summer Dress in a Chain Store (Zara, H&M, ...)

40.0 $

1 Pair of Nike Running Shoes (Mid-Range)

69.65 $

1 Pair of Men Leather Business Shoes

82.5 $

night_shelter

Rent Per Month

Price

World Range

Apartment (1 bedroom) in City Centre

738.09 $

Apartment (1 bedroom) Outside of Centre

428.33 $

Apartment (3 bedrooms) in City Centre

1291.94 $

Apartment (3 bedrooms) Outside of Centre

825.79 $

home

Buy Apartment Price

Price

World Range

Price per Square Feet to Buy Apartment in City Centre

1865.81 $

Price per Square Feet to Buy Apartment Outside of Centre

1212.81 $

account_balance_wallet

Salaries And Financing

Price

World Range

Average Monthly Net Salary (After Tax)

713.04 $

Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate

5.81 %

Panama

How Safe Is Panama for Travel?
Warnings & Dangers in Panama

OVERALL RISK: MEDIUM

Panama is generally safe, but you should take precaution on the streets of major cities, and after dark. Be wary of pickpockets and bear in mind that mugging and violent crime are also part of this country's street life.

TRANSPORT & TAXIS RISK: MEDIUM

Public transport is generally safe in Panama, but do be careful on buses and bus stops since that's where pickpockets and petty thieves operate. Bear in mind that bus stations tend to be high crime areas, and whenever possible opt for calling a taxi instead of hailing one on the street.

PICKPOCKETS RISK: HIGH

Pickpockets are a common occurrence on the streets of Panama and tourists are recommended to remain vigilant at all times when on the street. Make sure you don't flash your valuables on the street, be careful when withdrawing money from ATMs and of course, keep all your valuables in a safe place in your accommodation or safely by your side.

NATURAL DISASTERS RISK: MEDIUM

Ocean currents, hurricanes, earthquakes, and floods are only some of the natural disasters that sometimes hit Panama.

MUGGING RISK: MEDIUM

Violent crime exists in Panama and mugging and kidnapping isn't uncommon on the streets of Panama. In such a situation, hand over all your possessions immediately and do not resist. Avoid poorly lit and deserted areas.

TERRORISM RISK: LOW

Although there haven't been any terrorist attacks in Panama's recent history, they shouldn't be ruled out so remain vigilant at all times.

SCAMS RISK: MEDIUM

Scams are very common in Panama, so double check your change, never pay anything upfront and negotiate everything in advance. Watch out for people sending you free drinks and never leave your drink unattended.

WOMEN TRAVELERS RISK: LOW

Traveling to Panama is generally safe for solo women, but bear in mind that you should generally hike and explore in a company, never alone. Stay away from poorly lit and deserted streets and areas and from people that are visibly intoxicated or under the influence

Useful Information & Tips
credit_card

Visas

Many countries need a visa in order to enter Panama, while some, like the U.S and Australian nationals, do not need a visa for stays of up to 180 days. Make sure your passport is valid for at least 3 months beyond the date of arrival. If you are not sure about your visa status, visit www.doyouneedvisa.com which will let you know whether or not you need a visa based on your nationality and the country you want to visit.

currency_exchange

Currency

There are two official currencies in Panama: United States Dollar and Panamanian balboa. ATMs are mostly available throughout the country, except in some isolated areas, while credit cards are accepted in some establishments such as restaurants and upscale hotels, but may not be accepted everywhere.

cloudy_snowing

Weather

The climate in Panama is tropical maritime climate, which is characterized by a hot and humid season with plenty of precipitation (which lasts from May to December) and a short dry season (lasting from January to May).

flight_takeoff

Airports

Tocumen International Airport is the busiest international airport of Panama City, the capital of the country of Panama. It is, also, at the same time the busiest airport in Central America at the moment.

health_and_safety

Travel Insurance

Just like anywhere else, we recommend getting travel insurance when traveling to Panama, since it covers not only the costs of medical problems but also theft and loss of valuables.

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