Latin America
Cost of Living in Panama
Everything you need to know about living expenses, salaries, and affordability in Panama.
Monthly Expenses in Panama
Rent (1BR, city center)
64%$600
Food & Groceries
27%$250
Transportation
3%$30
Utilities
6%$55
Total Monthly Cost$935
Affordable— Cost Index: 0.40 (US = 1.0)
Recommended monthly salary: $1,800 (before tax)
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Frequently Asked Questions
What is the cost of living in Panama?
The average monthly cost of living for a single person in Panama is approximately $935, including rent ($600), food ($250), transport ($30), and utilities ($55).
Is Panama expensive to live in?
With a cost index of 0.40 (compared to the US at 1.0), Panama is more affordable than average for international standards.
What salary do I need to live in Panama?
To live comfortably in Panama, we recommend a monthly salary of at least $1,800 before tax. This covers all basic expenses with about 20% left for savings.
What is the tax rate in Panama?
The estimated average income tax rate in Panama is approximately 15%. Actual rates vary based on income level and personal circumstances.