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Panama City > Cost of Living in Panama City, Panama

Cost of Living in Panama City, Panama

By Betsy Burlingame

Last updated on: Oct 29, 2019

University of Birmingham Online MBA

Summary: Should you move to Panama City for a lower cost of living? The answer may surprise you.

Living in Panama - Cost of Living in Panama City, Panama

Panama's Cost of Living has Risen

"Panama is no longer cheap, though not expensive. In most places you can live without a car if you want. Utilities are cheap, except electricity-keep this in mind if you want to live at low elevation. Real estate is slow now and deals can be had on rentals and purchases (but rent to try out before buying) A couple can rent and live comfortably, but not extravagantly, on $2000 a month," wrote one expat.

"It's not as cheap as I thought it would be. Food is the same or more. Restaurants are cheaper. Transport much cheaper. Clothing and appliances are probably cheaper in US. We have better sales in US," wrote one American who decided to retire in Panama City.

Expats living in Panama interested in expat health insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA. Get a Quote

Expats living in Panama interested in expat health insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.

Rental Housing Prices

"A 2-bedroom, 2 bath in a new-build building would run about USD 1500-1700/month, furnished. Apartments in older buildings cost less. Many apartments, such as mine, are much larger - 3 or more bedrooms, family room/den, service quarters, etc. My apartment here is as big as a small house would be in Montreal. Let's compare amenities with Montreal: staffing levels are higher here, so service, cleanliness and maintenance are better than in places where salaries are higher. For example, here there are 2 janitors on duty 8 hours/day, 6 days/week. In Montreal my building had 1 janitor on duty 7 hours/day, 5 days/week. There is security/doorman 24/7, Common areas, gym, pool, party rooms are better. Just nicer for your money. You'd have to come check it out yourself. Suggest you look at the website Encuentra24 to get an idea of what is on the market in your chosen areas. PC is a big city," said one expat.

Cost of Typical Monthly Expenses

"[The cost of a] Used car depends on model, type, age, miles, you can always find a expat ready to sale one cheap because they are moving back. 5k to 10k ins. well that is cheap, about 200 dollars per year on a used car. Power bill 100 to 200 per month. Water 6 dollars. Gas a large 100 lb tank should last you a year at about 75 dollars. Cable and wifi the more you buy from them, like tv internet, phone - cheaper the bill. I get their fastest package for around 65 dollars per month. House rental is 500 and up. Food, again depends on your taste," explained one expat.

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Moving to Panama soon? AGS Worldwide Movers is a leader in the international moving industry. Their experience and expertise allows them to guarantee their clients the best quality moving services. Get a moving quote today.

Low Cost of Living Doesn't Always Equal Happiness

"In my experience economic migrants who move to Panama ONLY to reduce their cost of living wind up bitter and disappointed because life in a developing country with a different culture and language has challenges that aren't erased by lower costs," commented one expat.

Deciding Where to Live in Panama

If you're thinking about moving to Panama and haven't narrowed down where you would like to live, consider taking a tour with our partner, Panama Relocation Tours.

Cigna Expat Health InsuranceExpatriate Health Insurance

Get a quote for expat health insurance in Panama from our partner, Cigna Global Health.
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About the Author

Betsy Burlingame Betsy Burlingame is the Founder of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Some of Betsy's more popular articles include 6 Best Places to Live in Costa Rica, 12 Things to Know Before Moving to The Dominican Republic and 7 Tips for Obtaining Residence in Italy. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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Cigna International Health Insurance

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Updated On: Oct 29, 2019

First Published: Oct 29, 2019

Cigna Expat Health InsuranceExpatriate Health Insurance

Get a quote for expat health insurance in Panama from our partner, Cigna Global Health.
Get a Quote

Guide to Living in Panama CityGuide to Living in Panama City

Global nomads, retirees and expats are attracted to Panama City for many reasons. Our Guide to Living in Panama City, Panama covers the Best Places to Live, Schools, Healthcare, Cost of Living, Transportation and more.

Healthcare in PanamaHealthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Best Places to Live in Panama CityBest Places to Live in Panama City

Learn which neighborhoods rank as the best places to live in Panama City according to expats. Plus, learn which two neighborhoods may not fit the bill despite one of them being one of the most popular tourist destinations in Panama City.

Cost of Living in Panama CityCost of Living in Panama City

Should you move to Panama City for a lower cost of living? The answer may surprise you.

Schools in Panama CityInternational Schools in Panama City

If you're moving to Panama City with school-aged children, living near your children's school will make life easier. There are schools in central Panama City, Clayton and elsewhere. Below you'll find information about the most popular schools for expats in Panama City.

Restaurants in Panama CityRestaurants in Panama City

Support your favorite restaurants in Panama City as they recover from the pandemic. Submit a free listing for them on Expat Exchange to help spread the word about them to the expat community.

Living in Panama City

A resident of Panama city for 60 years provides a brief glimpse of life in Panama for expats. Job opportunities and the modern amenities are a few of the features described.

Retirement in Panama City

An expat retiree in Panama advises others not to move there to save money, because the cost of living is probably less in rural, small cities in the US. But, he says that you can save a lot on healthcare in Panama.

Culture Shock in Panama City

An expat in Panama City, Panama shares her experience with settling into a new culture and how the experience has been a surprise for her given her present stage of life.

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