Cost Of Living For a Student in Panama 2025
Average Monthly Expenditure
Currency: PAB
Average monthly spending for students in Panama
How much money does a student need in a month to survive in Panama?
Students in Panama spend around 1,000 PAB per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 150 PAB or as high as 6,700 PAB. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Panama
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
| 0.43 PAB | 0.57 PAB | 1.1 PAB |
Bag of apples
| 0.76 PAB | 0.99 PAB | 1.6 PAB |
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 5,300 PAB | 11,000 PAB | 14,000 PAB |
Bus ticket one way
| 0.36 PAB | 0.53 PAB | 1.1 PAB |
Car Service
Utility cost (monthly)
Utility Bill - Student
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt
Housing costs / monthly rent
Studio apartment
1-bedroom apartment
| 270 PAB | 430 PAB | 1,100 PAB |
2-bedroom apartment
| 350 PAB | 530 PAB | 1,400 PAB |
Housing costs / Buying
Studio apartment
| 35,000 PAB | 53,000 PAB | 110,000 PAB |
1-bedroom apartment
| 43,000 PAB | 71,000 PAB | 270,000 PAB |
2-bedroom apartment
| 71,000 PAB | 210,000 PAB | 430,000 PAB |
| $71,000 | $210,000 | $430,000 |
Furniture Costs
King Size Bed
Double Bed
Single Bed
Living Room
| 240 PAB | 300 PAB | 1,100 PAB |
Dining Table
Sofa or Couch
Electronics and House Appliance Costs
TV Set
Fridge or Freezer
Washing Machine
Stove or Cooker
Mobile Phone
Laptop or Computer
Emergency Funds For Students
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students whether they have an emergency fund and the answers were as follows.
Yes63%
No37%
Based on the survey, 37% of the students living in Panama said that they don't have an emergency fund while 63% said that they do.
How do students spend their money in Panama?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost20%
20% of total expenses on average (15% to 26%)
| LOW | $37 37 PAB |
| AVERAGE | $240 240 PAB |
| HIGH | $1,600 1,600 PAB |
| Per Month |
Students in Panama typically spend from 15% to 26% of their total monthly expenditure on housing with 20% being the average. The average monthly spend on housing is 240 PAB with expenditure ranging from 37 PAB to 1,600 PAB. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities6%
6% of total expenses on average (4% to 10%)
| LOW | $6.2 6.2 PAB |
| AVERAGE | $40 40 PAB |
| HIGH | $270 270 PAB |
| Per Month |
Utility expenditure like electricity, water, and gas in Panama ranges from 4% to 10% of total expenses with 6% being the average for most students. The average monthly cost of utilities is 40 PAB with 6.2 PAB and 270 PAB being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel5%
5% of total expenses on average (5% to 11%)
| LOW | $11 11 PAB |
| AVERAGE | $71 71 PAB |
| HIGH | $470 470 PAB |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 11 PAB to 470 PAB in a month on commuting with 71 PAB being the norm for most students. This means that money spent on transport constitutes about 5% of total spending on average but can go as low as 5% or as high as 11%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost22%
22% of total expenses on average (16% to 26%)
| LOW | $31 31 PAB |
| AVERAGE | $200 200 PAB |
| HIGH | $1,300 1,300 PAB |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Panama is 200 PAB. The cost of groceries can range between 31 PAB to 1,300 PAB. Students spend on average about 22% on food and groceries with upper and lower bounds of 16% and 26% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare8%
8% of total expenses on average (5% to 11%)
| LOW | $9.3 9.3 PAB |
| AVERAGE | $61 61 PAB |
| HIGH | $400 400 PAB |
| Per Month |
Students in Panama allocate 5% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 8%. The range of medical expenses range from 9.3 PAB to 400 PAB with 61 PAB being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping3%
3% of total expenses on average (2% to 7%)
| LOW | $7.7 7.7 PAB |
| AVERAGE | $50 50 PAB |
| HIGH | $340 340 PAB |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 7.7 PAB to 340 PAB with 50 PAB being the average. Speaking of percentages, that equates to 2% to 7% of total expenses with an average of 3% for most students.
Education and schooling expenditure for students
Cost of education and schooling19%
19% of total expenses on average (12% to 24%)
| LOW | $29 29 PAB |
| AVERAGE | $190 190 PAB |
| HIGH | $1,300 1,300 PAB |
| Per Month |
Spending on education can vary drastically between different students. On average, education constitutes 19% of the monthly expenditure of students with 12% and 24% being the lower and upper bounds respectively. The average reported education cost is 190 PAB per month with 29 PAB being the minimum spent amount and 1,300 PAB being the maximum.
Other Expenses18%
18% of total expenses on average (12% to 24%)
| LOW | $23 23 PAB |
| AVERAGE | $150 150 PAB |
| HIGH | $1,000 1,000 PAB |
| Per Month |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Housing costs, accommodation, and housing affordability in Panama
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Panama
Monthly Rent Prices
Studio apartment monthly rent cost
1-bedroom apartment monthly rent cost
| 270 PAB | 430 PAB | 1,100 PAB |
2-bedroom apartment monthly rent cost
| 350 PAB | 530 PAB | 1,400 PAB |
3-bedroom apartment monthly rent cost
| 430 PAB | 710 PAB | 1,900 PAB |
Furnished apartment monthly rent cost
| 850 PAB | 2,100 PAB | 4,300 PAB |
Townhouse monthly rent cost
| 710 PAB | 1,100 PAB | 3,000 PAB |
House monthly rent cost
| 850 PAB | 2,100 PAB | 4,300 PAB |
Villa monthly rent cost
| 1,100 PAB | 2,700 PAB | 4,300 PAB |
The monthly rental cost of a studio apartment in Panama ranges between 180 PAB and 710 PAB, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 270 PAB to 1,100 PAB. Two-bedroom rentals rate ranges between 350 PAB and 1,400 PAB per month. The monthly rental for a three-bedroom apartment ranges from 430 PAB to 1,900 PAB. The average rent of a townhouse in Panama is around 1,100 PAB while house rental costs can be as high as 2,100 PAB per month. Finally, if you want to rent a villa, expect to pay anywhere from 1,100 PAB to 4,300 PAB per month.
Apartment and house prices in Panama
Cost of buying a property
Studio apartment price
| 35,000 PAB | 53,000 PAB | 110,000 PAB |
1-bedroom apartment price
| 43,000 PAB | 71,000 PAB | 270,000 PAB |
2-bedroom apartment price
| 71,000 PAB | 210,000 PAB | 430,000 PAB |
| $71,000 | $210,000 | $430,000 |
3-bedroom apartment price
| 240,000 PAB | 350,000 PAB | 1.1M PAB |
Townhouse price
| 300,000 PAB | 710,000 PAB | 2.7M PAB |
House price
| 350,000 PAB | 2.1M PAB | 3M PAB |
Villa price
| 430,000 PAB | 2.4M PAB | 3.5M PAB |
The average price of a studio apartment in Panama can range from 35,000 PAB to 110,000 PAB depending on location. One bedroom cost can be anywhere from 43,000 PAB to 270,000 PAB. A villa can cost you 2.4M PAB on average with prices ranging from 430,000 PAB to 3.5M PAB.
If you're leasing or purchasing, housing costs in Panama will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 37 | x107 monthly income | 204 |
Property prices in Panama can be x107 to x204 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x107 multiples of the average monthly salary in Panama.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Panama is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 21% to 41% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
29% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Low-cost alternatives in Panama
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options57%
Few low-cost options43%
Based on the survey, 57% of the students living in Panama have no problem finding low-cost alternatives to support a frugal lifestyle while 43% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Affordable living in Panama
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Panama?
Around 67% of surveyed students think that living in Panama is affordable with proper budgeting while 33% reported that it is just too expensive and not affordable even with frugality and thriftness.
Monthly costs and expenses of energy and basic utilities in Panama
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Panama
Utility Bill Cost / Electricity + Water + Gas / Student
Internet and cable cost
Mobile phone bill and charges
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 40 PAB. The cost of internet and WiFi ranges from 11 PAB to 28 PAB with 21 PAB being the average internet bill. Finally, the average monthly mobile charges is around 14 PAB but can range between 8.5 PAB and 43 PAB depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Panama is around 6%. This means that people pay 6% of their income for energy, water, internet, and mobile charges. Those figures can range from 3% to 10% depending on salary and location.
Financial Literacy in
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy62%
We asked student guardians and parents in Panama whether they acquired any adequate personal financial training in their lives. Approximately 38% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 62% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether students of have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 41% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 59% said that they have everything under control.
Struggles with finance41%
Easily manages finances59%
Food Prices, Dining Expenses, and Grocery Costs in Panama
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Panama
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Panama is approximatly 4.3 PAB with meal cost ranging from 2.1 PAB to 7.1 PAB. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 7.1 PAB and 21 PAB with 11 PAB being the average price of a plate for one person at a regular restaurant in Panama.
Fine dining meal for one price
The price range of a meal at fine-dining restaurant is 14 PAB to 85 PAB with the average cost being 21 PAB for one person. This is what you would expect to pay a top-tier diner in Panama.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Panama is around 2.8 PAB. Price ranges between 1.8 PAB and 4.3 PAB depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Panama is 1.7 PAB. The maximum what you would pay for milk is 2.1 PAB and the minimum being 1.4 PAB depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 1.4 PAB on average with 1.1 PAB and 2.1 PAB being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Panama is between 2.4 PAB and 4.4 PAB depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 3.1 PAB.
Pack of beef price
The price of a regular pack of beef or meat is around 4.3 PAB. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Panama costs around 1.6 PAB on average with prices rangeing between 1.1 PAB and 2.2 PAB depending on the brand and quality.
Bag of tomatos price
| 0.43 PAB | 0.57 PAB | 1.1 PAB |
A bag of tomatoes costs anywhere from 0.43 PAB to 1.1 PAB. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
| 0.76 PAB | 0.99 PAB | 1.6 PAB |
A bag of apples costs 0.99 PAB on average. A bag of apples denotes 1Kg or 1lb depending on location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 31 PAB to 1,300 PAB with the location, income, and size of the student being the most determinite factors.
