Panama Cost of Living in 2020

Diversity, quality variety, affordability, luxury, Panama has enough good and services to satisfy all kinds of people at reasonable prices, and in many occasions, at better prices than other countries. The cost of living in Panama has been changing considerably in the last years, but it is still one of the reasons why foreigners are still interested to live and invest the country, since when it is compared with United States cost of living, you can still see a considerable difference.

Is it expensive to live in Panama?

Not necessarily, since it depends of your lifestyle. For example, if we take as reference Panama City, in general, you can live comfortable with $1,500 to $2,500 a month, but that depends on your way of living and the expenses it generates, since these can go way higher if you have more costly taste on dining, entertaiment and so on.

Monthly costs

There are several resources online explaining the costs of living in Panama, however many of them are not entirely updated for 2020.

Rent

Over the last couple of years, rent prices have slightly decreased compared to the ones in 2010-2016, you can get a two-bedroom apartment in the city on an average price of $1000, variation in the price can be depending on the area, and the quality of the building, there are also choices for one bedroom or studio that can be less expensive. It really depends on your lifestyle, high rise new and luxury buildings with all amenities can go way higher (from $1500 to $3000 for a two-bedroom).

Food and household items, how much is the food in Panama?

The monthly expense of food and household items can vary, for one adult it can be around $250 per month considering eating out once a week, to $500 if you are eating out multiple times. In Panama City, you will encounter a lot of different types of restaurants, depending on what kind of food you like, prices can vary of $10 to $20 per person.

Utilities and other household expenses

The monthly expense of utilities varies significantly depending on the use of electricity, for a two-bedroom apartment, utilities expenses can go from $100 to $200 a month depending on the use of air conditioner and other appliances. Cable TV and Internet can come as a package ranging from $50 to $100 for a high definition TV with high speed Internet. Cellphone services can go for around $15 to $30 dollars a month for a package plan with 4G. For household maintenance, in Panama City people often hire a maid. For a full-time maid it can vary from $300 to $450 a month, or you can hire her for a cleaning per visit for an average of $25 per time.

Transportation

By using public transport daily, monthly transportation expenses can be around $50. If you choose to have a car, car maintenance plus gas can go for around $200 per month. Taxi fares usually starts at $1.50 if the trip you are taking is near, but it can go way higher depending on how far you go. To move between areas around the city center you will spend about $4 to $8 per trip. Apps such as Uber and Cabify are popular among the expats in Panama, where the trips to get around the city are also fair priced.

Healthcare

Compared to United States, health care costs in Panama are much lower even in private institutions. A health insurance plan can go for an average of $100 a month, since prices for procedures and doctor’s visits are lower than in first-world countries. This budget really varies depending on the lifestyle, but it is safe to say Panama City can be fit for many kinds of lifestyles, one thing for sure is life outside of Panama City can be less expensive, but taking in consideration the fact that there are less choices in terms of shopping, entertainment, healthcare and dining.