The Costs of Living in Panama

What is the cost of living in Panama?

The cost of living in Panama can range from 900 USD per month to 2,900 USD. Costs estimated in August 2022.

Basic Expenses

You can find rent to be affordable, especially homes in the rural areas of the country. A house in the city will average almost $1,500 for rent in fully furnished apartment units, but costs will vary depending on different factors like location.

Other utilities or amenities depend on the individual’s usage or consumption of the goods. Usually, electricity and water will also be included in rent fees, but if otherwise, they will average around $100 and $50 respectively. Other bills like phone service and internet will cost approximately $35 each.

Groceries

In Panama, much of the agriculture production contributes to the produce sold across the country and exports to other countries. The country is known for being the main producer of the renowned Geisha coffee, as well as banana, flour, shrimp, poultry, beans, among others.

Because imported goods are pricey, local supermarkets will usually sell local produce as well as local brands that manufacture the country’s supplies. Although it is not comparable to Walmart, you will be able to find daily products. As they are local goods, grocery costs can range from $75 per week to $300 a month.

Transportation

Costs to navigate around the city range from $1 to $20, depending on whether you decide to use public transportation or transportation services like local taxi or Uber. There is a lot to explore in Panama as it is surrounded by mountains, forests, and oceans, so there is a variety of environments to enjoy. They are accessible to everyone and some even have tourism services that you can get the most out of!

Healthcare

Other additional expenses include healthcare. Health in Panama is affordable; you can find appointments for around $20, blood tests for $10, check-ups for $20, etc. It is expected to have a budget of around $100-$200 per person, without including health insurance.

To summarize, the total cost of living in Panama is cheap compared to other candidate countries. The overall costs are much lower than what you may find in North America and Europe but does not sacrifice quality. The total cost averages around $2,000 per person per month, but this may vary as it depends on the person and their lifestyle.