Cost of Living in Panama

Last updated on Mar 04, 2024

Summary: The cost of living in Panama is generally considered to be quite affordable. A nice one bedroom apartment in Panama can cost anywhere from $500 to $1,000 per month, while a nice two bedroom apartment can cost from $700 to $1,500 per month. The cost of dinner at a moderately priced restaurant in Panama is usually around $15 to $20 per person.

Is the cost of living in Panama high?

We asked people how much they someone comfortably live on in Panama, they wrote:

"Our situation on isla Solarte in Bocas is such that we can live comfortable spending $1500 a month. Renting an apartment in town and riding a bicycle can produce a similar situation. I have older, single friends who live in town who spend much less than we do," explained one expat.

"A couple (renting) can live in a condo and a very comfortable lifestyle, eating out a time or two a week, for $2-2.5K/ month in this area or less depending on where you live. We are pretty spoiled," said one person in Nueva Gorgona.

"We do fine with $2000/monthly for everything. But, no mortgage, car payment, credit card bills..," remarked one expat in Taboga Island.

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About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.