Last update: Oct 2026

Cost of Living Comparison Between Monterey, CA and Panama City

For one person, living is cheaper in Panama City: $1,857 a month against $3,616 in Monterey, CA, rent and utilities included – about $21,100 less a year. Rent and utilities account for most of the difference.

173

Cost of Living Index in Monterey, CA
Learn more

Monterey, CA Living Index
90

Cost of Living Index in Panama City
Learn more

Panama City Living Index

Jump to prices

Monterey, CA

🇺🇸 United States

$3,616

/mo nomad

Panama City

🇵🇦 Panama

$1,857

/mo nomad

Monthly Cost of Living

How much you'll spend in Monterey, CA 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 Monterey, CA and in Panama City actually costs, broken down by who's living it.

A single person spends $3,616 per month in Monterey, CA vs $1,857 in Panama City, rent included.

Monterey, CA $3,616
Panama City $1,857

A couple spends around $5,349 per month in Monterey, CA vs $2,815 in Panama City, rent included.

Monterey, CA $5,349
Panama City $2,815

A family of three spends $7,082 per month in Monterey, CA vs $3,773 in Panama City, rent included.

Monterey, CA $7,082
Panama City $3,773

Monterey, CA costs about 95% more than Panama City, and outside of rent the biggest gap is in eating out.

Both Monterey, CA and Panama City sit above the global median – Monterey, CA by 167%, Panama City by 37%.

Meal at Budget Restaurant

$20.27 $20.27

$11.68 PAB 11.68

73.54%

Three-Course Dinner for Two, Mid-Range

$78.6 $78.6

$47.76 PAB 47.76

64.55%

Fast Food Meal (McDonalds, etc)

$12.10 $12.10

$8.12 PAB 8.12

49.01%

Cappuccino

$5.22 $5.22

$4.23 PAB 4.23

23.40%

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

$3.20 $3.20

$1.92 PAB 1.92

66.67%

Water (0.33 liter bottle)

$1.62 $1.62

$1.58 PAB 1.58

2.53%

Local Beer (0.5 liter draught)

$5.45 $5.45

$3.31 PAB 3.31

64.65%

Imported Beer (0.33 liter bottle)

$6.06 $6.06

$3.98 PAB 3.98

52.26%

Milk (1 liter)

$1.65 $1.65

$1.92 PAB 1.92

-14.06%

White Bread (500g)

$3.17 $3.17

$2.63 PAB 2.63

20.53%

Rice (white) (1kg)

$2.63 $2.63

$3.39 PAB 3.39

-22.42%

Eggs

$4.57 $4.57

$2.67 PAB 2.67

71.16%

Local Cheese (1kg)

$9.57 $9.57

$12.21 PAB 12.21

-21.62%

Chicken Fillets (1kg)

$13.38 $13.38

$6.91 PAB 6.91

93.63%

Beef Round Steak (1kg)

$6.12 $6.12

$10.58 PAB 10.58

-42.16%

Apples (1kg)

$3.66 $3.66

$4.16 PAB 4.16

-12.02%

Banana (1kg)

$1.20 $1.20

$1.97 PAB 1.97

-39.09%

Oranges (1kg)

$3.22 $3.22

$4.06 PAB 4.06

-20.69%

Tomato (1kg)

$4.00 $4.00

$4.18 PAB 4.18

-4.31%

Potato (1kg)

$2.75 $2.75

$3.47 PAB 3.47

-20.75%

Onion (1kg)

$1.96 $1.96

$4.26 PAB 4.26

-53.99%

Lettuce (1 head)

$1.74 $1.74

$2.44 PAB 2.44

-28.69%

Water (1.5 liter bottle)

$1.25 $1.25

$1.69 PAB 1.69

-26.04%

Cigarettes 20 Pack (Marlboro, Camel)

$11.59 $11.59

$5.83 PAB 5.83

98.80%

Wine (Bottle)

$17.31 $17.31

$11.43 PAB 11.43

51.44%

Local Beer (0.5 liter bottle)

$2.73 $2.73

$1.38 PAB 1.38

97.83%

Imported Beer (0.33 liter bottle)

$1.85 $1.85

$2.76 PAB 2.76

-32.97%

One-way Ticket (Public Transport)

$2.02 $2.02

$0.33 PAB 0.33

512.12%

Public Transport Monthly Pass (Regular Price)

$52.9 $52.9

$20.63 PAB 20.63

156.18%

Taxi Start (Normal Tariff)

$1.58 $1.58

$2.55 PAB 2.55

-38.04%

Taxi (Normal Tariff) (1km)

$0.95 $0.95

$1.78 PAB 1.78

-46.63%

Taxi 1hour Waiting (Normal Tariff)

$35.04 $35.04

$22.17 PAB 22.17

58.05%

Gasoline (1 liter)

$1.53 $1.53

$1.24 PAB 1.24

23.39%

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

$28.9K $28.9K

$24.4K PAB 24.4K

18.35%

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

$25.8K $25.8K

$21.3K PAB 21.3K

21.12%

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

$238 $238

$131 PAB 131

81.34%

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

$75.1 $75.1

$27.83 PAB 27.83

169.92%

Internet (50+ Mbps, Unlimited Data)

$71.7 $71.7

$49.32 PAB 49.32

45.40%

Gym Membership (Monthly)

$84.1 $84.1

$45.69 PAB 45.69

84.02%

Tennis Court (1 Hour on Weekend)

$10.63 $10.63

$34.10 PAB 34.10

-68.83%

Cinema Ticket

$12.75 $12.75

$8.47 PAB 8.47

50.53%

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

$555 $555

$553 PAB 553

0.24%

International Primary School, 1 Child (Yearly)

$12.5K $12.5K

$9,719 PAB 9,719

28.89%

Jeans (Levis 501 Or Similar)

$76.8 $76.8

$66.4 PAB 66.4

15.55%

Summer Dress (H&M, Zara, etc)

$90.2 $90.2

$47.39 PAB 47.39

90.38%

Sport Shoes (Adidas, Nike)

$129 $129

$95.7 PAB 95.7

34.69%

Men's Leather Business Shoes

$135 $135

$113 PAB 113

19.41%

1-bedroom Apartment, City Center (Monthly)

$2,490 $2,490

$1,322 PAB 1,322

88.29%

1-bedroom Apartment, Outside City Center (Monthly)

$2,205 $2,205

$874 PAB 874

152.25%

3-bedroom Apartment, City Center (Monthly)

$4,056 $4,056

$2,153 PAB 2,153

88.38%

3-bedroom Apartment, Outside City Center (Monthly)

$4,027 $4,027

$1,580 PAB 1,580

154.81%

Buy Apartment in City Center (m2)

$7,909 $7,909

$3,097 PAB 3,097

155.35%

Buy Apartment Outside City Center (m2)

$5,838 $5,838

$1,698 PAB 1,698

243.79%

Average Monthly Net Salary (After Tax)

$4,771 $4,771

$914 PAB 914

422.04%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.62

6.39

3.60%

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

Last update for Monterey, CA: October 20, 2026

Last update for Panama City: October 20, 2026

Monthly budget structure

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

Accommodation & Living

Monterey, CA

$2.2K 61%

Panama City

$874 47.1% 60.4% $1.3K

Monthly Utilities & Internet

Monterey, CA

$385 10.6%

Panama City

$208 11.2% 45.8% $176

Groceries & Markets

Monterey, CA

$335 9.3%

Panama City

$327 17.6% 2.6% $8.9

Eating Out

Monterey, CA

$320 8.8%

Panama City

$207 11.2% 35.2% $113

Clothing & Footwear

Monterey, CA

$194 5.4%

Panama City

$145 7.8% 25.1% $49

Sport & Entertainment

Monterey, CA

$110 3%

Panama City

$63 3.4% 42.8% $47

Getting Around

Monterey, CA

$67 1.9%

Panama City

$33 1.8% 50.3% $34

Cost Breakdown

A central one-bedroom costs $2,490 in Monterey, CA versus $1,322 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 422% higher in Monterey, CA, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $79.0 in Monterey, CA versus $48.00 in Panama City. Monthly groceries follow the same trend: $335 vs $327 – making Panama City the more affordable choice for daily food spending.

Good to know

🇺🇸 Monterey, CA

🇵🇦 Panama City

🕒 Local time

14:30 2:30 PM

16:30 4:30 PM

2 h ahead of Monterey, CA

🌤 Weather

👥 Population

28,803

1,086,990 Capital

💱 Currency

United States Dollar USD $

Panamanian Balboa PAB B/.

📈 Exchange rate

1 USD = 0.89 EUR

1 PAB = 1 USD

1 PAB = 0.89 EUR

Exchange rates and currency converter

PAB, EUR to USD – United States Dollar Converter

🇵🇦 Panamanian Balboa (B/.)

🇺🇸 United States Dollar ($)

United States Dollar exchange rates as of October 20, 2026: 1 EUR = 1.12 USD (1 USD = 0.89 EUR).

Panamanian Balboa exchange rates as of October 20, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.89 EUR).

PAB to USD in detail →

On the map

Lowest

Highest

Between locations

Monterey, CA Panama City 5,250 km ≈ 7 h nonstop flight

From you

Monterey, CA
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

Monterey, CA vs Panama City: Cost of Living - Frequently Asked Questions

Yes – Monterey, CA is pricier by about 95%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $5,424 per month in Monterey, CA and $2,786 in Panama City. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Monthly expenses with rent come to $3,616 in Monterey, CA and $1,857 in Panama City. That's a gap of about 95%.

Public transport costs about 156% less in Panama City. For daily commuters, that gap adds up to noticeable savings over a year.

A $2,500 monthly budget goes further in Panama City, where all-in costs run around $1,857, than in Monterey, CA at $3,616. In Panama City it covers expenses comfortably, while in Monterey, CA it requires careful planning or may not stretch far enough.

Families tend to lean toward Panama City – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

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