MigrantoCost of living in Panama
What a month costs, how prices compare with other countries
Monthly cost in Panama
Spending runs from PAB 151 a month in the poorest fifth to PAB 2,280 in the richest
Per person, whole country
PAB 536
what a typical person spends in a month
Spending across the population
PAB 151richest 20%
PAB 2,280
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Key facts
The cost of living in Panama in numbers
The richest fifth spends 15.1× the poorest
Spending runs from PAB 151 a month in the poorest fifth to PAB 2,280 in the richest, which is #6 of 185 countries by that gap. A single national average hides a lot here.
Typical spending takes 64% of the average wage
A typical person spends PAB 536 a month while the average take-home wage is PAB 833, so 36% of an average wage sits above what a typical person spends.
How living costs in Panama compare
Neighbours, region and the world on the same monthly figure
What things cost here
How much the same goods and services cost in Panama against other countries
More expensive than 58% of countries
Where Panama sits when every country is lined up from cheapest to most expensive
Pakistanmost expensive
Bermuda
middle
A basket of goods and services that costs PAB 1,000 at world-middle prices costs PAB 1,100 here.
Data source: household consumption 2024 (World Bank), International Comparison Program 2021 (World Bank), adjusted to 2026 using IMF GDP-per-capita growth
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What it costs to live in Panama
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Cost of living in Panama
PAB 151/mo
vs PAB 800 in your country
Take-home
PAB 412
vs PAB 1,200 in your country
Potential savings
PAB 261
more than in your country
Standard of living
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Frequently asked questions
What is the cost of living in Panama?
A typical person in Panama spends about PAB 536 a month — around PAB 6,430 a year — on housing, groceries, transport and other everyday costs. It's a nationwide average across different regions, cities and types of housing.
What is the standard of living in Panama?
By spending, Panama ranks #81 of 185 countries. A typical person spends about PAB 536 a month, the poorest 20% about PAB 151 and the richest 20% about PAB 2,280. The gap between them shows how unevenly people live.
What is the cost of living in Panama in US dollars?
The cost of living in Panama is about $536 a month, or roughly $6,432 a year per person.
How much money do you need to live comfortably in Panama?
It all depends on your standard of living. A modest budget runs about PAB 151 a month per person, a typical one around PAB 536, and a comfortable life around PAB 885. In big cities and for a family, costs are usually higher.
Is the average salary in Panama enough to live on?
Yes, with room to spare. Average spending is about PAB 536 a month, while the average take-home pay in Panama is about PAB 833. For more on incomes, see salaries in Panama.
Is Panama an expensive country to live in?
Somewhat. Panama is more expensive than 57% of countries worldwide and ranks 16th of 33 in Latin America by cost of living.
What currency is used in Panama?
Panama uses the Panamanian Balboa (PAB). Amounts on this page are shown in it; the currency switcher converts them.
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Living in Panama
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