Cost Of Living in Panama

Average monthly spending for singles, couples, and families in Panama

Whether you're living in Panama or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the three main population groups.

Average Spending Per Month
All-inclusive

Single
1,700 PAB
average per month
430 PAB
Range
3,600 PAB

Couple
3,200 PAB
average per month
640 PAB
Range
5,100 PAB

Family
5,100 PAB
average per month
1,500 PAB
Range
7,700 PAB

Student
1,300 PAB
average per month
210 PAB
Range
2,800 PAB
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expenses for a single person living in Panama is 1,700 PAB. Expenses can range from 430 PAB at the minimum level to 3,600 PAB at the highest end.

Couples

The average monthly spending of couples in Panama is 3,200 PAB. Expenditure can range from 640 PAB to 5,100 PAB per month.

Families

The average cost of living for families in Panama is 5,100 PAB per month. Families spend anywhere from 1,500 PAB to 7,700 PAB.

Students

The average monthly expenditure for students in Panama is 1,300 PAB. Students spend from 210 PAB to 2,800 PAB per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Panama

Dining, food, and beverages costs


Large bottle
of water

0.43 PAB

0.43 PAB
0.43 PAB

Fast food
combo meal

4.3 PAB

3.0 PAB
7.1 PAB

Restaurant
meal for one

14 PAB

11 PAB
18 PAB

Fine dining
meal for one

35 PAB

24 PAB
43 PAB

Soda
Soft Drink

0.35 PAB

0.35 PAB
0.35 PAB

Cappuccino
or latte

2.8 PAB

1.8 PAB
4.3 PAB

Grocery and market costs


Milk
large bottle

2.1 PAB

1.8 PAB
2.4 PAB

Loaf of
bread

0.30 PAB

0.27 PAB
0.35 PAB

12
eggs

2.1 PAB

1.8 PAB
2.7 PAB

Fresh whole
chicken

5.0 PAB

3.9 PAB
6.1 PAB

Beef
1 kg or 1 lb

5.6 PAB

4.7 PAB
7.1 PAB

Rice
1 kg or 1 lb

3.0 PAB

2.7 PAB
3.6 PAB

Tomato
1 kg or 1 lb

1.4 PAB

1.2 PAB
1.8 PAB

Apples
1 kg or 1 lb

1.5 PAB

1.3 PAB
1.6 PAB

Banana
1 kg or 1 lb

1.5 PAB

1.3 PAB
1.6 PAB

Commute, travel, and transportation costs


20 minutes
taxi ride

2.1 PAB

1.8 PAB
4.3 PAB

Average car
full tank

14 PAB

11 PAB
28 PAB

Average car
1-day rental

14 PAB

11 PAB
21 PAB

Average car
price

11,000 PAB

5,300 PAB
14,000 PAB

Bus ticket
one way

0.53 PAB

0.35 PAB
1.1 PAB

Car
Service

21 PAB

14 PAB
43 PAB

Utility cost (monthly)


Electricity
and water bill
Single

100 PAB

26 PAB
220 PAB

Electricity
and water bill
Couple

130 PAB

32 PAB
260 PAB

Electricity
and water bill
Family

200 PAB

45 PAB
230 PAB

Internet
and cable

21 PAB

11 PAB
28 PAB

Mobile phone
charges

14 PAB

8.5 PAB
43 PAB

Leisure and activities costs


Movie
ticket

7.1 PAB

5.3 PAB
11 PAB

One month gym
membership

21 PAB

17 PAB
43 PAB

Cloths and accessories costs


Pair of jeans
or pants

18 PAB

13 PAB
27 PAB

Woman
dress

16 PAB

12 PAB
53 PAB

Woman
shoes

15 PAB

11 PAB
35 PAB

Men
shoes

12 PAB

9.7 PAB
24 PAB

Men
suit

13 PAB

11 PAB
71 PAB

Regular
t-shirt

7.1 PAB

5.3 PAB
21 PAB

Housing costs / monthly rent


Studio
apartment

270 PAB

180 PAB
710 PAB

1-bedroom
apartment

430 PAB

270 PAB
1,100 PAB

2-bedroom
apartment

530 PAB

350 PAB
1,400 PAB

Housing costs / Buying


Studio
apartment

53,000 PAB

35,000 PAB
110,000 PAB

1-bedroom
apartment

71,000 PAB

43,000 PAB
270,000 PAB

2-bedroom
apartment

210,000 PAB

71,000 PAB
430,000 PAB

Furniture Costs


King Size
Bed

270 PAB

210 PAB
350 PAB

Double
Bed

210 PAB

140 PAB
270 PAB

Single
Bed

160 PAB

130 PAB
210 PAB

Living
Room

300 PAB

240 PAB
1,100 PAB

Dining
Table

140 PAB

110 PAB
270 PAB

Sofa
or Couch

190 PAB

140 PAB
430 PAB

Electronics Costs


TV
Set

210 PAB

140 PAB
430 PAB

Fridge
or Freezer

190 PAB

130 PAB
270 PAB

Washing
Machine

240 PAB

160 PAB
430 PAB

Stove
or Cooker

190 PAB

150 PAB
270 PAB

Mobile
Phone

210 PAB

180 PAB
300 PAB

Laptop
or Computer

240 PAB

190 PAB
430 PAB

How do people spend their money in Panama?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see additional sections below.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Panama

Housing36%

36% of total expenses on average (27% to 42%)

LOW150 PAB
AVERAGE610 PAB
HIGH1,300 PAB
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (2% to 9%)

LOW26 PAB
AVERAGE100 PAB
HIGH220 PAB
Per Month

Transport, Fuel8%

8% of total expenses on average (3% to 11%)

LOW34 PAB
AVERAGE140 PAB
HIGH290 PAB
Per Month

Food and Groceries16%

16% of total expenses on average (9% to 22%)

LOW68 PAB
AVERAGE270 PAB
HIGH580 PAB
Per Month

Healthcare9%

9% of total expenses on average (5% to 14%)

LOW38 PAB
AVERAGE150 PAB
HIGH330 PAB
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW21 PAB
AVERAGE85 PAB
HIGH180 PAB
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW8.5 PAB
AVERAGE34 PAB
HIGH72 PAB
Per Month

Other Expenses18%

18% of total expenses on average (15% to 21%)

LOW77 PAB
AVERAGE310 PAB
HIGH650 PAB
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Panama

Housing33%

33% of total expenses on average (30% to 43%)

LOW210 PAB
AVERAGE1,100 PAB
HIGH1,700 PAB
Per Month

Utilities, Electricity, Water5%

5% of total expenses on average (2% to 8%)

LOW32 PAB
AVERAGE130 PAB
HIGH260 PAB
Per Month

Transport, Fuel12%

12% of total expenses on average (7% to 15%)

LOW77 PAB
AVERAGE380 PAB
HIGH610 PAB
Per Month

Food and Groceries14%

14% of total expenses on average (7% to 19%)

LOW89 PAB
AVERAGE450 PAB
HIGH710 PAB
Per Month

Healthcare11%

11% of total expenses on average (5% to 14%)

LOW70 PAB
AVERAGE350 PAB
HIGH560 PAB
Per Month

Leisure, Shopping6%

6% of total expenses on average (3% to 10%)

LOW38 PAB
AVERAGE190 PAB
HIGH310 PAB
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW13 PAB
AVERAGE64 PAB
HIGH100 PAB
Per Month

Other Expenses17%

17% of total expenses on average (14% to 20%)

LOW110 PAB
AVERAGE540 PAB
HIGH870 PAB
Per Month


Family
Average monthly expenses and break out of spending for families living in Panama

Housing32%

32% of total expenses on average (27% to 38%)

LOW480 PAB
AVERAGE1,600 PAB
HIGH2,500 PAB
Per Month

Utilities, Electricity, Water3%

3% of total expenses on average (2% to 7%)

LOW45 PAB
AVERAGE200 PAB
HIGH230 PAB
Per Month

Transport, Fuel8%

8% of total expenses on average (5% to 10%)

LOW120 PAB
AVERAGE410 PAB
HIGH610 PAB
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW270 PAB
AVERAGE920 PAB
HIGH1,400 PAB
Per Month

Healthcare8%

8% of total expenses on average (6% to 12%)

LOW120 PAB
AVERAGE410 PAB
HIGH610 PAB
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW74 PAB
AVERAGE260 PAB
HIGH380 PAB
Per Month

Education14%

14% of total expenses on average (11% to 18%)

LOW210 PAB
AVERAGE710 PAB
HIGH1,100 PAB
Per Month

Other Expenses12%

12% of total expenses on average (8% to 15%)

LOW180 PAB
AVERAGE610 PAB
HIGH920 PAB
Per Month


Student
Cost of living and expense breaks for students in Panama

Housing24%

24% of total expenses on average (18% to 31%)

LOW51 PAB
AVERAGE310 PAB
HIGH660 PAB
Per Month

Utilities, Electricity, Water4%

4% of total expenses on average (3% to 7%)

LOW8.5 PAB
AVERAGE51 PAB
HIGH110 PAB
Per Month

Transport, Fuel7%

7% of total expenses on average (5% to 9%)

LOW15 PAB
AVERAGE89 PAB
HIGH190 PAB
Per Month

Food and Groceries20%

20% of total expenses on average (16% to 24%)

LOW43 PAB
AVERAGE260 PAB
HIGH550 PAB
Per Month

Healthcare6%

6% of total expenses on average (3% to 9%)

LOW13 PAB
AVERAGE77 PAB
HIGH170 PAB
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW11 PAB
AVERAGE64 PAB
HIGH140 PAB
Per Month

Education19%

19% of total expenses on average (17% to 24%)

LOW40 PAB
AVERAGE240 PAB
HIGH530 PAB
Per Month

Other Expenses15%

15% of total expenses on average (12% to 17%)

LOW32 PAB
AVERAGE190 PAB
HIGH410 PAB
Per Month
This section breaks down and compares expenses for all population groups: singles, couples, students, and families. If you want to see details for a specific group, please see the previous section. We asked thousands of people about their spending habits and expenditure breaks. Below are the results.

Housing Expenditure

People living in Panama typically spend from 26% to 39% of their total monthly expenditure on housing with 31% being the average. The average spend on housing is 900 PAB with expenditure ranging from 220 PAB and 1,500 PAB. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utility Bills and Payments

On average, utility expenditure like electricity, water, and gas in Panama ranges from 2% to 8% of total expenses with 5% being the the average. The average monthly cost of utilities is 120 PAB with 28 PAB and 200 PAB being the upper and lower limits.

Transportation Cost and Fuel Consumption

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 61 PAB to 430 PAB on commuting with 250 PAB being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 5% or as high as 11%.

Cost of Food and Groceries

The average outlay on groceries in a month in Panama is 470 PAB. The cost of groceries can range between 120 PAB to 810 PAB. People spend on average about 17% on food and groceries with upper and lower bounds of 11% and 17% respectively.

Cost of Healthcare and Medical Services

People in Panama allocate 5% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 60 PAB to 420 PAB with 250 PAB being the norm.

Leisure and Shopping

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 36 PAB to 250 PAB with 150 PAB being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Cost of Education and Schooling

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 9% of the monthly expenditure with 8% and 13% being the lower and upper bounds respectively. The average reported education cost is 260 PAB per month with 68 PAB being the minimum spent amount and 440 PAB being the maximum.

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