Last update: Nov 2026

Cost of Living Comparison Between Medellin and Panama City

For one person, living is cheaper in Medellin: $1,692 a month against $1,972 in Panama City, rent and utilities included – about $3,400 less a year. Higher rent and utilities in Panama City outweigh lower spending on other living expenses.

80

Cost of Living Index in Medellin
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Medellin Living Index
95

Cost of Living Index in Panama City
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Panama City Living Index

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Medellin

🇨🇴 Colombia

$1,692

/mo nomad

Panama City

🇵🇦 Panama

$1,972

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Panama City

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Medellin and in Panama City actually costs, broken down by who's living it.

A single person spends $1,692 per month in Medellin vs $1,972 in Panama City, rent included.

Medellin $1,692
Panama City $1,972

A couple spends around $2,471 per month in Medellin vs $2,930 in Panama City, rent included.

Medellin $2,471
Panama City $2,930

A family of three spends $3,249 per month in Medellin vs $3,888 in Panama City, rent included.

Medellin $3,249
Panama City $3,888

Medellin is about 14% cheaper than Panama City, and outside of rent the biggest gap is in utilities.

Both Medellin and Panama City sit above the global median – Medellin by 25%, Panama City by 46%.

Meal at Budget Restaurant

$8.34 COP 26.9K

$11.37 PAB 11.37

-26.65%

Three-Course Dinner for Two, Mid-Range

$46.53 COP 150.3K

$46.69 PAB 46.69

-0.34%

Fast Food Meal (McDonalds, etc)

$9.47 COP 30.6K

$7.98 PAB 7.98

18.67%

Cappuccino

$3.13 COP 10.1K

$4.12 PAB 4.12

-24.03%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$1.77 COP 5,704

$2.01 PAB 2.01

-11.94%

Water (0.33 liter bottle)

$1.42 COP 4,600

$1.57 PAB 1.57

-9.55%

Local Beer (0.5 liter draught)

$3.15 COP 10.2K

$3.28 PAB 3.28

-3.96%

Imported Beer (0.33 liter bottle)

$5.70 COP 18.4K

$3.88 PAB 3.88

46.91%

Milk (1 liter)

$1.53 COP 4,949

$1.82 PAB 1.82

-15.93%

White Bread (500g)

$2.29 COP 7,399

$2.61 PAB 2.61

-12.26%

Rice (white) (1kg)

$1.94 COP 6,281

$3.45 PAB 3.45

-43.77%

Eggs

$3.07 COP 9,902

$2.68 PAB 2.68

14.55%

Local Cheese (1kg)

$9.99 COP 32.3K

$12.42 PAB 12.42

-19.57%

Chicken Fillets (1kg)

$10.45 COP 33.7K

$6.73 PAB 6.73

55.27%

Beef Round Steak (1kg)

$13.96 COP 45.1K

$10.44 PAB 10.44

33.72%

Apples (1kg)

$4.05 COP 13.1K

$4.21 PAB 4.21

-3.80%

Banana (1kg)

$1.53 COP 4,936

$1.95 PAB 1.95

-21.54%

Oranges (1kg)

$2.10 COP 6,795

$4.07 PAB 4.07

-48.40%

Tomato (1kg)

$2.29 COP 7,407

$4.02 PAB 4.02

-43.03%

Potato (1kg)

$2.11 COP 6,812

$3.46 PAB 3.46

-39.02%

Onion (1kg)

$1.71 COP 5,519

$4.42 PAB 4.42

-61.31%

Lettuce (1 head)

$1.17 COP 3,779

$2.43 PAB 2.43

-51.85%

Water (1.5 liter bottle)

$1.58 COP 5,102

$1.72 PAB 1.72

-8.14%

Cigarettes 20 Pack (Marlboro, Camel)

$3.91 COP 12.6K

$6.04 PAB 6.04

-35.26%

Wine (Bottle)

$14.04 COP 45.4K

$11.68 PAB 11.68

20.21%

Local Beer (0.5 liter bottle)

$1.76 COP 5,689

$1.41 PAB 1.41

24.82%

Imported Beer (0.33 liter bottle)

$2.71 COP 8,758

$2.74 PAB 2.74

-1.09%

One-way Ticket (Public Transport)

$1.18 COP 3,810

$0.33 PAB 0.33

257.58%

Public Transport Monthly Pass (Regular Price)

$76.3 COP 246.4K

$20.65 PAB 20.65

269.44%

Taxi Start (Normal Tariff)

$1.81 COP 5,835

$2.45 PAB 2.45

-26.12%

Taxi (Normal Tariff) (1km)

$2.13 COP 6,876

$1.76 PAB 1.76

21.02%

Taxi 1hour Waiting (Normal Tariff)

$8.13 COP 26.3K

$21.86 PAB 21.86

-62.81%

Gasoline (1 liter)

$1.28 COP 4,118

$1.20 PAB 1.20

6.67%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$34.4K COP 111.2M

$24.6K PAB 24.6K

40.28%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$34.1K COP 110.2M

$20.9K PAB 20.9K

63.40%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$178 COP 573.9K

$132 PAB 132

34.88%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$13.89 COP 44.8K

$27.89 PAB 27.89

-50.20%

Internet (50+ Mbps, Unlimited Data)

$30.74 COP 99.3K

$49.10 PAB 49.10

-37.39%

Gym Membership (Monthly)

$41.94 COP 135.4K

$44.53 PAB 44.53

-5.82%

Tennis Court (1 Hour on Weekend)

$16.80 COP 54.3K

$34.01 PAB 34.01

-50.60%

Cinema Ticket

$7.47 COP 24.1K

$8.70 PAB 8.70

-14.14%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$790 COP 2.6M

$537 PAB 537

47.20%

International Primary School, 1 Child (Yearly)

$12.3K COP 39.7M

$20.5K PAB 20.5K

-40.07%

Jeans (Levis 501 Or Similar)

$86.3 COP 278.8K

$65.8 PAB 65.8

31.22%

Summer Dress (H&M, Zara, etc)

$59.3 COP 191.4K

$48.45 PAB 48.45

22.31%

Sport Shoes (Adidas, Nike)

$138 COP 446.7K

$95.4 PAB 95.4

45.00%

Men's Leather Business Shoes

$98.8 COP 319.1K

$114 PAB 114

-13.00%

1-bedroom Apartment, City Center (Monthly)

$1,341 COP 4.3M

$1,405 PAB 1,405

-4.55%

1-bedroom Apartment, Outside City Center (Monthly)

$667 COP 2.2M

$994 PAB 994

-32.89%

3-bedroom Apartment, City Center (Monthly)

$1,976 COP 6.4M

$2,221 PAB 2,221

-11.05%

3-bedroom Apartment, Outside City Center (Monthly)

$1,033 COP 3.3M

$1,714 PAB 1,714

-39.72%

Buy Apartment in City Center (m2)

$4,098 COP 13.2M

$3,139 PAB 3,139

30.56%

Buy Apartment Outside City Center (m2)

$1,940 COP 6.3M

$1,724 PAB 1,724

12.55%

Average Monthly Net Salary (After Tax)

$646 COP 2.1M

$936 PAB 936

-30.96%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

6.39

71.21%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Medellin: November 2, 2026

Last update for Panama City: November 3, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Medellin

$667 39.4%

Panama City

$994 50.4% 49% $327

Groceries & Markets

Medellin

$307 18.2%

Panama City

$326 16.5% 5.9% $18

Monthly Utilities & Internet

Medellin

$222 13.1%

Panama City

$209 10.6% 6.1% $14

Eating Out

Medellin

$173 10.2%

Panama City

$203 10.3% 17.5% $30

Clothing & Footwear

Medellin

$172 10.2%

Panama City

$145 7.4% 15.5% $27

Getting Around

Medellin

$93 5.5%

Panama City

$33 1.7% 64.4% $60

Sport & Entertainment

Medellin

$57 3.4%

Panama City

$62 3.1% 8.9% $5

Cost Breakdown

A central one-bedroom costs $1,341 in Medellin versus $1,405 in Panama City. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 45% higher in Panama City. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $47 in Medellin versus $47 in Panama City. Monthly groceries follow the same trend: $307 vs $326 – making Medellin the more affordable choice for daily food spending.

Good to know

🇨🇴 Medellin

🇵🇦 Panama City

🕒 Local time

17:03 5:03 PM

Same time as Medellin

🌤 Weather

👥 Population

2,486,723

1,086,990 Capital

💱 Currency

Colombian Peso COP $

Panamanian Balboa PAB B/.

📈 Exchange rate

10,000 COP = 3.1 USD

10,000 COP = 2.77 EUR

1 PAB = 1 USD

1 PAB = 0.895 EUR

Exchange rates and currency converter

PAB, USD, EUR to COP – Colombian Peso Converter

🇺🇸 United States Dollar ($)

🇨🇴 Colombian Peso ($)

Colombian Peso exchange rates as of November 6, 2026: 1 USD = 3,229 COP (10,000 COP = 3.1 USD). 1 EUR = 3,609 COP (10,000 COP = 2.77 EUR).

Panamanian Balboa exchange rates as of November 6, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.895 EUR).

USD to COP in detail →

On the map

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Highest

Between locations

Medellin Panama City 530 km ≈ 1 h 15 min nonstop flight

From you

Medellin
Panama City

Distances are measured in a straight line. Your location is detected approximately.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Medellin vs Panama City: Cost of Living - Frequently Asked Questions

Yes – Panama City is pricier by about 17%, and outside of rent the gap shows up most in utilities.

For a comfortable life, plan on about $2,538 per month in Medellin and $2,958 in Panama City. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

A central 1-bedroom goes for about $1,341 in Medellin and $1,405 in Panama City. The gap holds across neighborhoods – outer areas show a similar spread, just at lower price points.

Public transport costs about 73% less in Panama City. For daily commuters, that gap adds up to noticeable savings over a year.

Groceries cost about 6% more in Panama City, though the gap depends on what you buy.

$2,500 covers both cities comfortably – all-in costs are $1,692 in Medellin and $1,972 in Panama City, leaving budget for savings and extras in both cases.

For digital nomads, it depends on budget. Medellin costs $1,692 versus $1,972 in Panama City. Both appeal to remote workers, and the cost gap matters when income varies month to month.

If budget matters most, go with Medellin. If higher salaries or specific career opportunities are the priority, Panama City makes more sense. Both are solid long-term options with distinct trade-offs.