Panama Cost of Living
Retire at a lower cost of living! The low cost of living in Panama allows the average expat to live very well on a budget considerably lower than is required in their home country (especially for those coming from a typical big city or suburban area in the United States, Canada, or Western Europe). With a monthly budget as low as $1200 one can live a very comfortable (some might say luxurious!) lifestyle here in Panama.
In the table below you will find some typical average monhtly costs for common items one would typically include in their monthly expenditures. This will vary somewhat depending where in Panama you are residing, the size of your home, number of family members, etc. To account for these variables we are providing an average price range for some items.
|Maid (full time, live-in)||$300|
|Electricity||$40 – $175|
|Gas||$0 – $15|
|Water and trash||$12 – $25|
|Phone (land line, local calls)||$7 – $25|
|Phone (cell phone)||$10 – $50|
|Cable TV||$15 – $55|
|Internet||$15 – $35|
|Medical Insurance Premium||$35 – $150|
|Doctors Visit||$25 – $50|
|Complete physical exam at a good hospital||$60 – $150|
|Milk (regular), 1 quart||$1|
|Loaf of bread||$1.37|
|Pack of cigarettes (Marlboro)||$4|
|Meal in an inexpensive restaurant||$3 – $6|
|Meal in a mid-range restaurant||$7 – $10|
|Domestic Beer||$0.75 – $1.50|
|Cocktail||$1.50 – $3|
|Movie Theater (new release Hollywood movies)||$4|
|Massage Therapist (60 minutes)||$35|
|*For illustrative purposes only. Prices may vary by merchant and location. Subject to change.|
In general, prices will be more expensive in Panama City and can be up to 40% to 50% lower if you are living in a smaller beach town like Pedasi or Cañas. As you can see, it is possible to live a very nice lifestyle in Panama with a low monthly cost of living, especially if you choose to live outside of hustle and bustle of the city.
For retirees on a fixed monthly income Panama offers the opportunity to live on or near the beach and maintain a high standard of living – often times better than one could afford in their home country – for a fraction of the cost. And don’t forget that retirees who obtain a Pensionado Visa will get significant discounts on top of the already low prices!