Cost of Living in Panama City

Cost Guide for Panama City, Panama

Panama City, the vibrant capital of Panama, is a rapidly growing hub for digital nomads and expatriates seeking a mix of modern living and rich culture. Before making the move, it's essential to understand the costs associated with living and working in Panama City. From renting apartments to staying connected with SIM/data plans, this comprehensive guide will help you navigate the expenses of living in this bustling city.

### Rent Ranges by Neighborhood

1. Casco Viejo

This historic neighborhood is popular among expats due to its charming colonial architecture and vibrant atmosphere. Rent for a one-bedroom apartment here can range from $1,200 to $1,800 per month.

2. El Cangrejo

Known for its lively nightlife and proximity to restaurants, El Cangrejo offers a variety of accommodation options. Rent for a one-bedroom apartment typically falls between $800 and $1,200 per month.

3. Obarrio

Obarrio is a commercial district with upscale shopping and dining options. Rent for a one-bedroom apartment here can range from $1,000 to $1,500 per month.

4. Punta Pacifica

This exclusive neighborhood boasts luxury high-rise apartments with stunning ocean views. Rent for a one-bedroom apartment in Punta Pacifica can range from $1,500 to $2,500 per month.

### Coworking Costs

Panama City has a growing coworking scene, offering a range of spaces to suit different budgets and preferences. A monthly hot desk membership in a coworking space can cost between $100 and $300, depending on the location and amenities provided.

### SIM/Data Plans

When it comes to staying connected in Panama City, several telecom providers offer prepaid SIM cards with data plans. A basic prepaid SIM card with data can cost around $5 to $10, with additional data packages available for purchase based on your usage.

### Food Costs

Panama City offers a diverse culinary scene, with options ranging from traditional Panamanian dishes to international cuisine. On average, a meal at a mid-range restaurant can cost between $10 and $20, while a meal at a local eatery or food stall may cost around $5 to $10.

### Transport Passes

Public transportation in Panama City primarily consists of buses and the Metro system. A single bus fare typically costs around $0.25, while a Metro ride costs $0.35. For frequent travellers, a reloadable Metro card can be purchased for around $2, offering discounted fares on multiple rides.

### Gym Memberships

For fitness enthusiasts, gyms and fitness centres in Panama City offer monthly memberships ranging from $30 to $80, depending on the facilities and classes included. Some upscale gyms and health clubs may charge higher fees.

### Internet Speeds

Panama City boasts decent internet infrastructure, with average download speeds ranging from 10 Mbps to 100 Mbps in most residential areas. If you require faster speeds for work or streaming, providers offer plans with speeds up to 300 Mbps or more at varying costs.

### Safety Notes

While Panama City is generally considered safe for expats and tourists, it's essential to remain vigilant, especially in crowded areas and tourist spots. Petty theft and pickpocketing can occur, so it's advisable to keep belongings secure and avoid flashing expensive items in public.

### Neighborhood Comparison

Each neighborhood in Panama City offers a unique living experience, from the historic charm of Casco Viejo to the modern luxury of Punta Pacifica. Consider your priorities, such as proximity to amenities, safety, and budget, when choosing a neighbourhood to reside in.

### Monthly Budget Breakdown

Here is a sample monthly budget breakdown for living in Panama City:

- Rent (one-bedroom apartment in El Cangrejo): $1,000 - Coworking space membership: $150 - Food (eating out and groceries): $400 - Transport (bus fares and reloadable Metro card): $50 - Gym membership: $50 - Internet: $50 - Miscellaneous expenses: $200

Total Monthly Budget

$1,900

By understanding the costs associated with living in Panama City, you can better plan your budget and enjoy your time in this vibrant city. Whether you choose to immerse yourself in the historic charm of Casco Viejo or embrace the modernity of Punta Pacifica, Panama City offers a unique blend of culture, convenience, and affordability for digital nomads and expats alike.