Are you considering a move to Panama City, Panama, and wondering about the cost of living? Panama City is a diverse city with a lot to offer, but like any city, it comes with its own set of expenses. In this page, we'll break down the cost of living in Panama City and help you understand whether $2250 per month is moderately priced, given the average monthly salary of $876.58.
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Restaurants |
Price |
World Range |
|---|---|---|
|
Meal, Inexpensive Restaurant |
10.0 $ |
|
|
Meal for 2 People, Mid-range Restaurant, Three-course |
60.0 $ |
|
|
McMeal at McDonalds (or Equivalent Combo Meal) |
8.0 $ |
|
|
Domestic Beer (1 pint draught) |
2.75 $ |
|
|
Imported Beer (12 oz small bottle) |
4.0 $ |
|
|
Cappuccino (regular) |
3.77 $ |
|
|
Coke/Pepsi (12 oz small bottle) |
1.75 $ |
|
|
Water (12 oz small bottle) |
1.36 $ |
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|
Markets |
Price |
World Range |
|---|---|---|
|
Milk (regular), (1 gallon) |
1.71 $ |
|
|
Loaf of Fresh White Bread (1 lb) |
2.38 $ |
|
|
Rice (white), (1 lb) |
1.91 $ |
|
|
Eggs (regular) (12) |
2.34 $ |
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|
Local Cheese (1 lb) |
10.72 $ |
|
|
Chicken Fillets (1 lb) |
7.48 $ |
|
|
Beef Round (1 lb) (or Equivalent Back Leg Red Meat) |
8.36 $ |
|
|
Apples (1 lb) |
2.88 $ |
|
|
Banana (1 lb) |
1.36 $ |
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|
Oranges (1 lb) |
2.64 $ |
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|
Tomato (1 lb) |
3.2 $ |
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|
Potato (1 lb) |
2.08 $ |
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|
Onion (1 lb) |
1.88 $ |
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|
Lettuce (1 head) |
2.02 $ |
|
|
Water (1.5 liter bottle) |
1.46 $ |
|
|
Bottle of Wine (Mid-Range) |
8.5 $ |
|
|
Domestic Beer (0.5 liter bottle) |
1.25 $ |
|
|
Imported Beer (12 oz small bottle) |
1.89 $ |
|
|
Cigarettes 20 Pack (Marlboro) |
6.0 $ |
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Transportation |
Price |
World Range |
|---|---|---|
|
One-way Ticket (Local Transport) |
0.35 $ |
|
|
Monthly Pass (Regular Price) |
25.0 $ |
|
|
Taxi Start (Normal Tariff) |
2.25 $ |
|
|
Taxi 1 mile (Normal Tariff) |
1.5 $ |
|
|
Taxi 1hour Waiting (Normal Tariff) |
21.0 $ |
|
|
Gasoline (1 gallon) |
1.19 $ |
|
|
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) |
22250.0 $ |
|
|
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) |
21056.25 $ |
|
|
Utilities (Monthly) |
Price |
World Range |
|---|---|---|
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment |
114.9 $ |
|
|
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) |
-- |
|
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
52.2 $ |
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|
Sports And Leisure |
Price |
World Range |
|---|---|---|
|
Fitness Club, Monthly Fee for 1 Adult |
52.08 $ |
|
|
Tennis Court Rent (1 Hour on Weekend) |
25.0 $ |
|
|
Cinema, International Release, 1 Seat |
7.0 $ |
|
|
Childcare |
Price |
World Range |
|---|---|---|
|
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child |
423.57 $ |
|
|
International Primary School, Yearly for 1 Child |
9343.71 $ |
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Clothing And Shoes |
Price |
World Range |
|---|---|---|
|
1 Pair of Jeans (Levis 501 Or Similar) |
56.38 $ |
|
|
1 Summer Dress in a Chain Store (Zara, H&M, ...) |
44.25 $ |
|
|
1 Pair of Nike Running Shoes (Mid-Range) |
85.25 $ |
|
|
1 Pair of Men Leather Business Shoes |
92.5 $ |
|
|
Rent Per Month |
Price |
World Range |
|---|---|---|
|
Apartment (1 bedroom) in City Centre |
965.24 $ |
|
|
Apartment (1 bedroom) Outside of Centre |
603.95 $ |
|
|
Apartment (3 bedrooms) in City Centre |
2108.7 $ |
|
|
Apartment (3 bedrooms) Outside of Centre |
1217.65 $ |
|
|
Buy Apartment Price |
Price |
World Range |
|---|---|---|
|
Price per Square Feet to Buy Apartment in City Centre |
2426.92 $ |
|
|
Price per Square Feet to Buy Apartment Outside of Centre |
1312.5 $ |
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|
Salaries And Financing |
Price |
World Range |
|---|---|---|
|
Average Monthly Net Salary (After Tax) |
876.58 $ |
|
|
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate |
5.87 % |
|
The monthly expenses for living in Panama City come to a total of approximately $2250. This includes an average monthly rent of around $965 for a one-bedroom apartment in the city center, along with utilities costing about $141 per month. Additionally, other expenses such as groceries, transportation, dining out, and leisure activities for one person amount to approximately $627 per month.
Living in Panama City appears to be relatively budget-friendly when considering the average monthly income of $876.58. However, to enjoy a comfortable standard of living in Panama City, you would likely need an income exceeding $876.58.
In Panama City, the average monthly post-tax salary hovers around $876.58, and it isn't tied to any particular skillset or qualification.
The typical monthly rent for a one-bedroom apartment in the central area of Panama City is approximately $965. If you're open to living in a location outside the city center, you can expect to pay around $603.95 for such an apartment.
The expense for groceries in Panama City can fluctuate based on personal choices and shopping patterns. Typically, an individual can budget around $485 per month for groceries. Nevertheless, the actual costs may change depending on various factors, including the specific items bought, the choice of stores, and the availability of discounts or special offers.
The cost of living in Panama can vary significantly depending on the particular city you have in mind. Using a nationwide average might not provide accurate information. To get a more precise understanding, it's crucial to examine the cost of living in various cities throughout Panama.
Panama City has a high crime rate. Wherever you go, use licensed taxis, be careful in la Vieja ruins area, especially at night and avoid poor neighborhoods like El Chorillo. Avoid Santa Ana, Curundu, and San Miguel. It is advisable to keep an eye on your belongings at all times due to the high levels of criminal activity.
As long as you use the licensed taxis, you will not encounter any problems. But bear in mind the fact that there have been reports of traveler being robbed and assaulted by taxi drivers. Taxis do not have a meter since fares are set by the authorities. During rush hour some buses can get crowded, but it is a safe means of transport in Panama City. If you decide to walk, pay attention when crossing the street since Panamanian drivers are aggressive, they do not slow down on a crosswalk.
Tourists in Panama need to be aware that petty crime, such as pick-pocketing and bag-snatching is common, to watch their possessions at airports, bus terminals, and public transport. There are high-crime areas where you need to be especially attentive such as California, San Miguelito, Rio Bajo, El Chorillo, Ancon, Curundu, Veracruz Beach, Parque Soberania, Tocumen, Panama Viejo, Casco Viejo and shopping areas on Avenida Central.
When it comes to natural hazards, heavy rains may cause flooding and landslides. The hurricane season lasts from June to November. Panama is subject to earthquakes, too.
There have been reports that travelers have been targeted by armed criminals, especially at Madden Dam and that muggings have happened. The usual targets are people walking alone. The best advice is not to resist and hand over your valuables or give them what they are after. Incidents often happen near the ATMs.
Terrorist attacks are not likely to happen in Panama, but you need to avoid protests and demonstrations and pay attention to any suspicious activity since terrorism attacks which cannot be predicted.
Scam risk in Panama exists and it is very developed. Starting from taxi drivers will try to overcharge you, tap on the shoulder or getting something spilled on you to distract you and rob you. Pay special attention when in crowds. Credit card skimming is also frequent, so remain attentive around ATMs or when paying by your credit card.
Women cannot feel completely safe in Panama, especially at night, and they should not walk alone. Even though many female travelers had no problems in Panama City, there have been reports of an assault.
The entry requirements besides the valid passport and a visa for the countries that it is necessary to obtain it before coming to Panama, some airlines may require passengers to have a valid yellow fever vaccination certificate before being allowed to board the flight, since Panama is listed by the World Health Organization as endemic for yellow fever. The countries that need a visa to enter Panama are Australia, Canada, Japan, and the US.
The official currency in Panama is the balboa. ATMs are widely available and credit cards are accepted. Beware the ATMs which might "cancel" transactions at the last moment while still debiting money from your account. Counterfeit currency exists in Panama, so pay attention when getting the change.
Panama City has a tropical savanna climate, which is characterized by the wet season from May through December and the dry season from January through April. Temperatures are constant at around 27 °C.
Tourists who want to come to Panama City can come via Tocumen International Airport in Panama City. Another airport is Gelabert/Albrook Domestic Airport, used only for domestic flights or Panama Pacifico International Airport, located about 20 minutes from the city center.
Travelers are always advised to get travel insurance before starting their journey, no matter where they travel and how dangerous that place is.
| Average | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 63°F | 65°F | 71°F | 76°F | 83°F | 87°F | 89°F | 88°F | 86°F | 79°F | 72°F | 65°F |
| Temp | 54°F | 57°F | 62°F | 68°F | 75°F | 81°F | 82°F | 82°F | 79°F | 71°F | 63°F | 57°F |
| Low | 48°F | 50°F | 55°F | 61°F | 68°F | 74°F | 77°F | 76°F | 72°F | 63°F | 55°F | 50°F |
| Average | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 17°C | 18°C | 21°C | 24°C | 28°C | 30°C | 31°C | 31°C | 30°C | 26°C | 22°C | 18°C |
| Temp | 12°C | 13°C | 16°C | 20°C | 23°C | 27°C | 27°C | 27°C | 26°C | 21°C | 17°C | 13°C |
| Low | 8°C | 10°C | 12°C | 16°C | 20°C | 23°C | 25°C | 24°C | 22°C | 17°C | 12°C | 10°C |