Last update: Oct 2026

Cost of Living Comparison Between New York, NY and Panama City

For one person, living is cheaper in Panama City: $1,837 a month against $5,142 in New York, NY, rent and utilities included – about $39,700 less a year. Rent and utilities account for most of the difference.

245

Cost of Living Index in New York, NY
Learn more

New York, NY Living Index
90

Cost of Living Index in Panama City
Learn more

Panama City Living Index

Jump to prices

New York, NY

🇺🇸 United States

$5,142

/mo nomad

Panama City

🇵🇦 Panama

$1,837

/mo nomad

Monthly Cost of Living

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

A single person spends $5,142 per month in New York, NY vs $1,837 in Panama City, rent included.

New York, NY $5,142
Panama City $1,837

A couple spends around $7,455 per month in New York, NY vs $2,825 in Panama City, rent included.

New York, NY $7,455
Panama City $2,825

A family of three spends $9,767 per month in New York, NY vs $3,812 in Panama City, rent included.

New York, NY $9,767
Panama City $3,812

New York, NY costs about 180% more than Panama City, and outside of rent the biggest gap is in groceries.

Both New York, NY and Panama City sit above the global median – New York, NY by 284%, Panama City by 37%.

Meal at Budget Restaurant

$26.46 $26.46

$11.34 PAB 11.34

133.33%

Three-Course Dinner for Two, Mid-Range

$119 $119

$47.85 PAB 47.85

148.13%

Fast Food Meal (McDonalds, etc)

$14.43 $14.43

$8.07 PAB 8.07

78.81%

Cappuccino

$6.55 $6.55

$4.02 PAB 4.02

62.94%

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

$3.84 $3.84

$1.94 PAB 1.94

97.94%

Water (0.33 liter bottle)

$3.00 $3.00

$1.62 PAB 1.62

85.19%

Local Beer (0.5 liter draught)

$8.27 $8.27

$3.26 PAB 3.26

153.68%

Imported Beer (0.33 liter bottle)

$10.05 $10.05

$3.99 PAB 3.99

151.88%

Milk (1 liter)

$1.31 $1.31

$1.83 PAB 1.83

-28.42%

White Bread (500g)

$4.90 $4.90

$2.57 PAB 2.57

90.66%

Rice (white) (1kg)

$7.16 $7.16

$3.33 PAB 3.33

115.02%

Eggs

$5.92 $5.92

$2.69 PAB 2.69

120.07%

Local Cheese (1kg)

$19.06 $19.06

$12.33 PAB 12.33

54.58%

Chicken Fillets (1kg)

$17.38 $17.38

$6.69 PAB 6.69

159.79%

Beef Round Steak (1kg)

$18.94 $18.94

$10.40 PAB 10.40

82.12%

Apples (1kg)

$6.96 $6.96

$4.16 PAB 4.16

67.31%

Banana (1kg)

$2.08 $2.08

$1.84 PAB 1.84

13.04%

Oranges (1kg)

$6.10 $6.10

$4.18 PAB 4.18

45.93%

Tomato (1kg)

$6.95 $6.95

$4.08 PAB 4.08

70.34%

Potato (1kg)

$3.98 $3.98

$3.50 PAB 3.50

13.71%

Onion (1kg)

$4.44 $4.44

$4.37 PAB 4.37

1.60%

Lettuce (1 head)

$2.81 $2.81

$2.34 PAB 2.34

20.09%

Water (1.5 liter bottle)

$2.51 $2.51

$1.75 PAB 1.75

43.43%

Cigarettes 20 Pack (Marlboro, Camel)

$19.27 $19.27

$6.06 PAB 6.06

217.99%

Wine (Bottle)

$19.67 $19.67

$11.72 PAB 11.72

67.83%

Local Beer (0.5 liter bottle)

$3.08 $3.08

$1.37 PAB 1.37

124.82%

Imported Beer (0.33 liter bottle)

$3.68 $3.68

$2.84 PAB 2.84

29.58%

One-way Ticket (Public Transport)

$3.02 $3.02

$0.36 PAB 0.36

738.89%

Public Transport Monthly Pass (Regular Price)

$140 $140

$20.96 PAB 20.96

565.65%

Taxi Start (Normal Tariff)

$3.07 $3.07

$2.52 PAB 2.52

21.83%

Taxi (Normal Tariff) (1km)

$2.13 $2.13

$1.79 PAB 1.79

18.99%

Taxi 1hour Waiting (Normal Tariff)

$41.21 $41.21

$22.01 PAB 22.01

87.23%

Gasoline (1 liter)

$1.11 $1.11

$1.25 PAB 1.25

-11.20%

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

$35.0K $35.0K

$21.5K PAB 21.5K

62.49%

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

$25.4K $25.4K

$21.2K PAB 21.2K

19.84%

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

$217 $217

$131 PAB 131

65.80%

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

$74.0 $74.0

$27.68 PAB 27.68

167.41%

Internet (50+ Mbps, Unlimited Data)

$72.5 $72.5

$48.59 PAB 48.59

49.17%

Gym Membership (Monthly)

$120 $120

$46.11 PAB 46.11

161.22%

Tennis Court (1 Hour on Weekend)

$66.9 $66.9

$35.01 PAB 35.01

91.06%

Cinema Ticket

$22.32 $22.32

$8.73 PAB 8.73

155.67%

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

$3,425 $3,425

$551 PAB 551

522.03%

International Primary School, 1 Child (Yearly)

$61.2K $61.2K

$9,560 PAB 9,560

539.83%

Jeans (Levis 501 Or Similar)

$76.3 $76.3

$67.6 PAB 67.6

12.85%

Summer Dress (H&M, Zara, etc)

$55.5 $55.5

$48.03 PAB 48.03

15.45%

Sport Shoes (Adidas, Nike)

$119 $119

$94.9 PAB 94.9

25.65%

Men's Leather Business Shoes

$131 $131

$113 PAB 113

15.62%

1-bedroom Apartment, City Center (Monthly)

$4,506 $4,506

$1,238 PAB 1,238

264.07%

1-bedroom Apartment, Outside City Center (Monthly)

$3,155 $3,155

$873 PAB 873

261.31%

3-bedroom Apartment, City Center (Monthly)

$8,817 $8,817

$2,197 PAB 2,197

301.33%

3-bedroom Apartment, Outside City Center (Monthly)

$5,532 $5,532

$1,538 PAB 1,538

259.61%

Buy Apartment in City Center (m2)

$19.4K $19.4K

$3,116 PAB 3,116

522.19%

Buy Apartment Outside City Center (m2)

$6,754 $6,754

$1,725 PAB 1,725

291.59%

Average Monthly Net Salary (After Tax)

$5,290 $5,290

$934 PAB 934

466.08%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.82

6.39

6.73%

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

Last update for New York, NY: October 3, 2026

Last update for Panama City: October 3, 2026

Monthly budget structure

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

Accommodation & Living

New York, NY

$3.2K 63.2%

Panama City

$873 47.2% 72.3% $2.3K

Groceries & Markets

New York, NY

$546 11%

Panama City

$324 17.5% 40.6% $222

Eating Out

New York, NY

$422 8.5%

Panama City

$202 10.9% 52.3% $221

Monthly Utilities & Internet

New York, NY

$364 7.3%

Panama City

$207 11.2% 43% $157

Clothing & Footwear

New York, NY

$172 3.4%

Panama City

$146 7.9% 15.2% $26

Getting Around

New York, NY

$165 3.3%

Panama City

$34 1.8% 79.5% $131

Sport & Entertainment

New York, NY

$165 3.3%

Panama City

$64 3.4% 61.5% $102

Cost Breakdown

A central one-bedroom costs $4,506 in New York, NY versus $1,238 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 466% higher in New York, NY, 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 $119 in New York, NY versus $48.00 in Panama City. Monthly groceries follow the same trend: $546 vs $324 – making Panama City the more affordable choice for daily food spending.

Good to know

🇺🇸 New York, NY

🇵🇦 Panama City

🕒 Local time

02:57 2:57 AM

01:57 1:57 AM

1 h behind New York, NY

🌤 Weather

👥 Population

8,804,190

1,086,990 Capital

💱 Currency

United States Dollar USD $

Panamanian Balboa PAB B/.

📈 Exchange rate

1 USD = 0.892 EUR

1 PAB = 1 USD

1 PAB = 0.892 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 10, 2026: 1 EUR = 1.12 USD (1 USD = 0.892 EUR).

Panamanian Balboa exchange rates as of October 10, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.892 EUR).

PAB to USD in detail →

On the map

Lowest

Highest

Between locations

New York, NY Panama City 3,560 km ≈ 5 h nonstop flight

From you

New York, NY
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

New York, NY vs Panama City: Cost of Living - Frequently Asked Questions

New York, NY costs about 180% more than Panama City, and outside of rent the gap comes mainly from groceries. That's enough to noticeably affect everyday spending and lifestyle for anyone choosing between the two.

For a comfortable life, plan on about $7,714 per month in New York, NY and $2,756 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.

Kindergarten costs $3,425 per month in New York, NY and $551 in Panama City. For families with young kids, this one expense can tip the scales when choosing between the two cities.

Groceries cost about 68% more in New York, NY, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $2,500 monthly budget goes further in Panama City, where all-in costs run around $1,837, than in New York, NY at $5,142. In Panama City it covers expenses comfortably, while in New York, NY it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Panama City costs $1,837 versus $5,142 in New York, NY. Both have workable remote work infrastructure, but the cost gap matters when income varies month to month.

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