Cost of Living in Panama City, Panama

This budget ran a bit over one month from August 17 to September 20 and in total we spent $5,414.17. Follow along below to see what that includes as some of the costs may not apply to you - additionally, we were not budget traveling, but largely buying almost exactly as we would back at home.

Accommodation: $2409.25

We rented an AirBNB because this was originally planned as a solo trip for me to check it out, but life happened and my husband was unexpectedly able to come down also. I’m not going to post the exact AirBNB we rented because I honestly wouldn’t stay there again. While I liked the building, but unit itself was very worn down. The view though was absolutely spectacular. We stayed right along Avenue Balboa (noisy busy street), but easy access to Cinta Costera - a lovely walking path along the bay. This was our biggest budget item and came out to $2409.25 - this included high speed internet, electricity (no cap), other utilities, and a parking space (which we didn’t use). I note the no cap on electricity, because many units list a cap of between $100 and $150 - while I have no idea what we actually spent, this worried me. I did review some reports in the various facebook groups and the costs were all over the place. Since were traveling in August, I just didn’t want to worry about it. We also got one of the few places with a king bed - this is kinda essential for us as we are both tall and like our own space.

Cell phone: $96.28

This includes our cell phone plans in the U.S. so we can keep our numbers and local sims. I have written more about what those are here. We use Airalo for eSIMs mostly.

Transportation: $89.44

We tend to walk everywhere, but this includes two $30 rides to and from the airport and 7 other uber rides to or from various locations. Uber is super easy and affordable in Panama City. We didn’t really go outside the city on this trip, but will in our next stint in Panama from October to December and will report back on accessibility then.

Shopping: $173.09

This includes about $100 of ‘warm weather’ clothing for Panama. There were some oops packing - due to the ‘life things’ mentioned earlier and in this post - but needless to say, we needed a few more quick dry exercise type clothes - so hit up Decathlon. Think a much cheaper version of REI. Rest was just gifts for people back home.

Self care: $481.42

So a large chunk of this is global health insurance at $290.82 per month. We still have full coverage back home, so this is likely overkill here and I will probably cancel it. I just haven’t had the time to really look at the pros and cons of this - we went with Genki and have yet to have to use it, but I have heard good things. My husband turns 65 in November and I have heard that the costs go up dramatically after that - since we are spending some time in early 2026, I may just keep it for simplicity.

The rest of this was a massage and manicures/pedicures for us both and hair/beard trims for Peter. The costs of all of this was very low relative to the U.S., so I hope to do a bit more on our return trip.

Food and Drink: $2050.69

This includes groceries, restaurants, coffee shops, and wine/beer. Restaurants were about the same cost as back in the U.S., so don’t expect to pay less and eat out a lot. Our groceries only - beer/wine and restaurants removed - cost was $1151.79.

Activities: $114

We did one coffee tasting experience that I wrote about here and multiple charity walks that I talk about here. Other than that, I was busy with work so didn’t do much beyond a ton of walking.