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Panama Cost of Living 2026
๐ต๐ฆ Prices in Panama are based on Panama City. Not the exchange rate โ how cheap it feels on your own income, and where a price becomes a rip-off. Updated October 2026
Cities in Panama compared
| City | Per day | Per month | Local meal | Coffee |
|---|---|---|---|---|
| ๐ต๐ฆ Panama CityBig city | $156 | $3,640 | $9 | $4.3 |
Per day = one mid-range night + three meals, a coffee and two taxi rides. Open a city for item-by-item prices, rip-off thresholds and live traveler reports.
Everyday prices in Panama
| City | Beer | 5 km taxi | Hotel night | Massage |
|---|---|---|---|---|
| ๐ต๐ฆ Panama City | $3.3 | $5 | $80 | $45 |
Panama vs nearby countries
| Country | Per day | Per month | vs Panama |
|---|---|---|---|
| ๐ต๐พ Paraguay | $121 | $1,892 | -22% |
| ๐ฌ๐น Guatemala | $142 | $2,871 | -9% |
| ๐ฉ๐ด Dominican Republic | $150 | $3,437 | -4% |
| ๐ต๐ฆ Panama | $156 | $3,640 | this country |
| ๐ฒ๐ฝ Mexico | $157 | $2,830 | +1% |
| ๐จ๐ท Costa Rica | $174 | $3,168 | +11% |
| ๐ฆ๐ท Argentina | $175 | $2,526 | +12% |
| ๐จ๐ฑ Chile | $176 | $2,653 | +13% |
Countries in the same region with a similar daily travel budget. Tap a country for its city-by-city prices.
Panama City vs New York: item by item
| Item | Panama City | New York | Diff |
|---|---|---|---|
| Local meal | $9 | $20 | -55% |
| Coffee | $4.3 | $6 | -28% |
| Beer | $3.3 | $9 | -63% |
| 5 km taxi | $5 | $23 | -78% |
| Hotel night | $80 | $270 | -70% |
| 1-bed rent | $1,100 | $3,300 | -67% |
Same purchase in both cities, converted to US dollars. Daily travel budget: Panama City $156 vs New York $467 โ about 67% cheaper.
Compare Panama with other cities
Panama travel difficulty
| City | Overall | Rip-offs | Language | Transport | Payments | Safety |
|---|---|---|---|---|---|---|
| Panama City | Moderate 2.6 | 3 | 3 | 2 | 2 | 3 |
Rip-offs, language, getting around, payments and safety, 1โ5 (closer to 1 is easier). Tap a city for reasons and tips. Full difficulty ranking โบ
City guides
FAQ
How much is a daily travel budget in Panama?
In Panama City, about $156 a day with a mid-range room. Hostels and local eateries cut that by 30% or more.
How much does a month in Panama cost?
In Panama City, short-term rental plus living costs come to about $3,640 a month.
Which city in Panama is cheapest?
Panama City runs about $156 a day.
Which nearby country is cheaper than Panama?
Among countries in the same region with similar budgets, Paraguay runs about $121 a day โ 22% less than Panama (about $156).
Is Panama cheaper than New York?
In Panama City, a traveler's day runs about $156 versus $467 in New York โ roughly 67% cheaper. The gap differs by item, so meals, coffee, taxis and hotels are listed separately above.