Cost of Living in Panama
Bridge of the World; offers a dollarized economy, top retirement visa (Pensionado), and modern city living.
Open a Wise account$2,180
Average cost per month
Distribution of Expenses
Canal transit & indigenous art
Rainforest isthmus between seas
Logistics hub; dollarized economy
Cost of living breakdown for Panama
Living costs in Panama can vary. You can expect to spend around $2,180 per month for 1 person as of 2026, on common living costs such as housing, food, and transport.
Housing
Standard of Living
Food & Drink
Panama average costs for food and drink.
Salary & Services
Panama average salaries and services.
Average living costs in Panama
| Item | Average price | Price range |
|---|---|---|
| 1 Bedroom Apartment in City CentreRent Per Month | $1,019.03 | $600.00 - $1,870.00 |
| 1 Bedroom Apartment Outside of CentreRent Per Month | $795.57 | $460.00 - $1,500.00 |
| 3 Bedroom Apartment in City CentreRent Per Month | $1,748.21 | $1,050.00 - $3,320.00 |
| 3 Bedroom Apartment Outside of CentreRent Per Month | $1,396.92 | $1,000.00 - $2,200.00 |
.png)
Not sure about the weather in Panama?
Put it to the test. Play our relocation game to see which city works for you.
Match with your ideal city
Use our life filters to find the perfect city for you.
Relocation made simple
Whatever you're relocating for, the Wise account is made to support you.
4.8★ on App Store 152K reviews
4.8★ on Google Play 1.3M reviews
Our smart app makes relocation easy
Frequently asked questions
The cost of living in Panama depends on your lifestyle and location. On average, a single person needs $860 per month without rent, while a family of four requires $3,033. Renting a 1-bedroom apartment in the city centre costs an additional $1,019 on average.
Public transport prices vary, but generally, a one-way ticket for local transport in Panama costs $0.50. If you are commuting regularly, a monthly pass is typically priced at $21.
The average monthly net salary (after tax) in Panama is currently $829.
Dining costs depend on your choices. A meal at an inexpensive restaurant in Panama costs approximately $10, while a three-course meal for two people at a mid-range restaurant costs around $50.
The estimated monthly cost of living in Panama for a single person is $860, excluding rent.
For a family of four living in Panama, the estimated monthly costs are $3,033, not including rent.
Rent prices in Panama depend on location. The average monthly rent for a 1-bedroom apartment in a city centre is $1,019, compared to $796 outside the centre. For a 3-bedroom apartment, the average is $1,748 in city centres and $1,397 in suburban areas.
Basic utilities in Panama (including electricity, heating, cooling, water, and garbage for an 85m² apartment) cost an average of $109 per month. Internet access typically adds another $47.