What is the cost of living in Panama City?

The cost of living in Panama City is 62.2% cheaper than New York City (index: 37.8). Groceries are 41.0% cheaper than NYC. Restaurants are 53.5% cheaper than NYC. A 1-bedroom apartment in the city centre costs approximately USD 1,277 per month. Local purchasing power index is 44.9 (NYC = 100).

🇵🇦 Panama · #300 of 577 cities · 2026

Should I Move to Panama City?

Q: Should I move to Panama City?

Panama City, Panama has a cost of living 62.2% cheaper than New York City (index: 37.8). It is ranked #300 out of 577 cities globally. Local purchasing power is weak (index: 44.9 vs NYC = 100). Use our salary comparison calculator to see exactly how your take-home pay would change.

62.2% cheaper to live here than in New York City.

Run the calculator below with your actual salary to get a personalised answer.

-62.2%

vs NYC

USD 1,277

1-BR, city centre

44.9

Purchasing Power

Weak

Purchasing Power

Cost index: Numbeo, blended with Expatistan and LivingCost where available (NYC = 100) · Data from March – October 2026

Personalised Answer

Compare your salary: move to Panama City?

Cost breakdown: Panama City

Cost indices vs NYC = 100

Cost of Living

37.8 Mid-priced

Rent

27.2 Very affordable

Groceries

59.0 Moderate

Restaurants

46.5 Affordable

Purchasing Power

44.9 Weak

Rent in Panama City

1-BR, city centre USD 1,277/mo

1-BR, outside centre USD 882/mo

3-BR, city centre USD 2,211/mo

3-BR, outside centre USD 1,561/mo

Save by going outside centre 31% cheaper

Numbeo · 2026-10-02

Considering alternatives?

Cities in the same country or region with a comparable cost of living.

🇲🇽 Puerto Vallarta

Mexico

CoL index 37.8

Compare Puerto Vallarta vs Panama City →

🇲🇽 San Miguel de Allende

Mexico

CoL index 38.9

Compare San Miguel de Allende vs Panama City →

🇲🇽 Monterrey

Mexico

CoL index 36.3

Compare Monterrey vs Panama City →

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