Last update: Oct 2026

Cost of Living Comparison Between Mexico and Panama

Name: Panama
Address: PA

For one person, living is cheaper in Mexico: $1,276 a month against $1,590 in Panama, rent and utilities included – about $3,800 less a year. Rent and utilities account for most of the difference.

62

Cost of Living Index in Mexico
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Mexico Living Index
78

Cost of Living Index in Panama
Learn more

Panama Living Index

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🇲🇽 Mexico

$1,276

/mo nomad

🇵🇦 Panama

$1,590

/mo nomad

Monthly Cost of Living

How much you'll spend in Mexico and in Panama

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

Monthly costs for one person with rent: $1,276 in Mexico versus $1,590 in Panama.

Mexico $1,276
Panama $1,590

Estimated couple costs with rent: $2,023 in Mexico versus $2,415 in Panama.

Mexico $2,023
Panama $2,415

Monthly costs for a family of three with rent: $2,770 in Mexico versus $3,241 in Panama.

Mexico $2,770
Panama $3,241

Living in Mexico costs about 20% less than in Panama on average.

Mexico (5% below) and Panama (18% above) straddle the global median.

Meal at Budget Restaurant

$10.91 MX$202

$7.80 PAB 7.80

39.87%

Three-Course Dinner for Two, Mid-Range

$44.51 MX$822

$44.15 PAB 44.15

0.82%

Fast Food Meal (McDonalds, etc)

$9.21 MX$170

$7.87 PAB 7.87

17.03%

Cappuccino

$3.55 MX$65.6

$3.86 PAB 3.86

-8.03%

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

$1.43 MX$26.34

$1.60 PAB 1.60

-10.63%

Water (0.33 liter bottle)

$1.07 MX$19.83

$1.40 PAB 1.40

-23.57%

Local Beer (0.5 liter draught)

$2.73 MX$50.4

$2.24 PAB 2.24

21.87%

Imported Beer (0.33 liter bottle)

$4.40 MX$81.3

$3.96 PAB 3.96

11.11%

Milk (1 liter)

$1.61 MX$29.74

$1.80 PAB 1.80

-10.56%

White Bread (500g)

$2.74 MX$50.7

$2.29 PAB 2.29

19.65%

Rice (white) (1kg)

$1.72 MX$31.76

$2.91 PAB 2.91

-40.89%

Eggs

$2.57 MX$47.55

$2.49 PAB 2.49

3.21%

Local Cheese (1kg)

$9.34 MX$173

$12.07 PAB 12.07

-22.62%

Chicken Fillets (1kg)

$8.13 MX$150

$7.22 PAB 7.22

12.60%

Beef Round Steak (1kg)

$11.62 MX$215

$10.43 PAB 10.43

11.41%

Apples (1kg)

$2.94 MX$54.3

$4.18 PAB 4.18

-29.67%

Banana (1kg)

$1.62 MX$29.95

$1.42 PAB 1.42

14.08%

Oranges (1kg)

$2.08 MX$38.41

$3.61 PAB 3.61

-42.38%

Tomato (1kg)

$1.91 MX$35.21

$3.86 PAB 3.86

-50.52%

Potato (1kg)

$2.07 MX$38.22

$2.64 PAB 2.64

-21.59%

Onion (1kg)

$2.05 MX$37.86

$3.14 PAB 3.14

-34.71%

Lettuce (1 head)

$1.44 MX$26.69

$2.28 PAB 2.28

-36.84%

Water (1.5 liter bottle)

$1.10 MX$20.33

$1.57 PAB 1.57

-29.94%

Cigarettes 20 Pack (Marlboro, Camel)

$4.64 MX$85.7

$5.87 PAB 5.87

-20.95%

Wine (Bottle)

$10.76 MX$199

$10.15 PAB 10.15

6.01%

Local Beer (0.5 liter bottle)

$1.79 MX$33.08

$1.34 PAB 1.34

33.58%

Imported Beer (0.33 liter bottle)

$3.33 MX$61.5

$2.40 PAB 2.40

38.75%

One-way Ticket (Public Transport)

$0.63 MX$11.61

$0.44 PAB 0.44

43.18%

Public Transport Monthly Pass (Regular Price)

$27.08 MX$500

$21.23 PAB 21.23

27.56%

Taxi Start (Normal Tariff)

$2.77 MX$51.2

$2.49 PAB 2.49

11.24%

Taxi (Normal Tariff) (1km)

$2.76 MX$51.1

$1.78 PAB 1.78

55.06%

Taxi 1hour Waiting (Normal Tariff)

$11.03 MX$204

$22.40 PAB 22.40

-50.76%

Gasoline (1 liter)

$1.47 MX$27.17

$1.18 PAB 1.18

24.58%

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

$20.8K MX$384.4K

$21.6K PAB 21.6K

-3.52%

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

$24.2K MX$446.9K

$22.4K PAB 22.4K

7.73%

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

$69.1 MX$1,278

$118 PAB 118

-41.42%

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

$23.20 MX$429

$26.75 PAB 26.75

-13.27%

Internet (50+ Mbps, Unlimited Data)

$28.94 MX$535

$46.56 PAB 46.56

-37.84%

Gym Membership (Monthly)

$36.82 MX$680

$48.98 PAB 48.98

-24.83%

Tennis Court (1 Hour on Weekend)

$18.19 MX$336

$29.75 PAB 29.75

-38.86%

Cinema Ticket

$5.29 MX$97.7

$7.95 PAB 7.95

-33.46%

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

$264 MX$4,887

$553 PAB 553

-52.14%

International Primary School, 1 Child (Yearly)

$6,272 MX$115.9K

$8,030 PAB 8,030

-21.89%

Jeans (Levis 501 Or Similar)

$56.8 MX$1,050

$54.6 PAB 54.6

4.16%

Summer Dress (H&M, Zara, etc)

$41.50 MX$767

$42.81 PAB 42.81

-3.06%

Sport Shoes (Adidas, Nike)

$99.0 MX$1,828

$89.0 PAB 89.0

11.19%

Men's Leather Business Shoes

$89.5 MX$1,654

$105 PAB 105

-14.81%

1-bedroom Apartment, City Center (Monthly)

$714 MX$13.2K

$939 PAB 939

-23.98%

1-bedroom Apartment, Outside City Center (Monthly)

$469 MX$8,674

$701 PAB 701

-33.07%

3-bedroom Apartment, City Center (Monthly)

$1,323 MX$24.5K

$1,709 PAB 1,709

-22.58%

3-bedroom Apartment, Outside City Center (Monthly)

$901 MX$16.7K

$1,258 PAB 1,258

-28.37%

Buy Apartment in City Center (m2)

$2,553 MX$47.2K

$2,911 PAB 2,911

-12.28%

Buy Apartment Outside City Center (m2)

$1,467 MX$27.1K

$1,643 PAB 1,643

-10.72%

Average Monthly Net Salary (After Tax)

$768 MX$14.2K

$831 PAB 831

-7.60%

20-Year Fixed Mortgage Interest Rate (Annual %)

11.44

6.37

79.59%

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

Last update for Mexico: October 10, 2026

Last update for Panama: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Mexico

$469 36.8%

Panama

$701 44.1% 49.4% $232

Groceries & Markets

Mexico

$273 21.4%

Panama

$303 19.1% 11.2% $30

Eating Out

Mexico

$190 14.9%

Panama

$163 10.3% 14% $27

Clothing & Footwear

Mexico

$129 10.1%

Panama

$131 8.3% 1.6% $2.1

Monthly Utilities & Internet

Mexico

$121 9.5%

Panama

$191 12% 57.8% $70

Sport & Entertainment

Mexico

$47 3.7%

Panama

$65 4.1% 36.9% $17

Getting Around

Mexico

$46 3.6%

Panama

$34 2.2% 25.6% $12

Cost Breakdown

National rent averages: $617 in Mexico, $336 in Panama. Capital cities: $1,051 in Mexico City vs $1,257 in Panama City.

National salary averages: $735 in Mexico, $686 in Panama. Higher pay doesn't always mean more spending money – weigh income against local costs.

Cost Highlights

Rent is 84% higher in Mexico.

Dining out costs 54% more in Mexico.

Public transport is 300% more expensive in Mexico.

Good to know

🇲🇽 Mexico

🇵🇦 Panama

🕒 Local time

20:39 8:39 PM

21:39 9:39 PM

1 h ahead of Mexico

🌤 Weather

👥 Population

124,777,324

4,098,587

💱 Currency

Mexican Peso MXN $

Panamanian Balboa PAB B/.

📈 Exchange rate

100 MXN = 5.41 USD

100 MXN = 4.81 EUR

1 PAB = 1 USD

1 PAB = 0.89 EUR

Exchange rates and currency converter

PAB, USD, EUR to MXN – Mexican Peso Converter

🇺🇸 United States Dollar ($)

🇲🇽 Mexican Peso ($)

Mexican Peso exchange rates as of October 19, 2026: 1 USD = 18.48 MXN (100 MXN = 5.41 USD). 1 EUR = 20.77 MXN (100 MXN = 4.81 EUR).

Panamanian Balboa exchange rates as of October 19, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.89 EUR).

USD to MXN in detail →

On the map

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Highest

Between locations

Mexico Panama 2,410 km ≈ 3 h 30 min nonstop flight

From you

Mexico
Panama

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

Mexico vs Panama: Cost of Living - Frequently Asked Questions

At $1,276 per month in Mexico and $1,590 in Panama, there's a 25% gap. Keep in mind it varies by city – the difference can be bigger or smaller depending on where you settle within each country.

Overall, Mexico is the cheaper option, but not in every category: rent, groceries, transport, and eating out each follow their own pattern. Check the categories you spend the most on before deciding.

In Mexico, $2,500 covers most cities easily; in Panama it stretches only to regional areas and falls short in the capital – you'll need to make trade-offs on housing or lifestyle.

It depends on what you're after: Mexico wins on affordability; Panama may offer higher salaries, better infrastructure, and different cultural perks. Both attract large expat communities for different reasons.