Last update: Oct 2026

Cost of Living Comparison Between Panama City, FL and Chicago, IL

For one person, living is cheaper in Panama City, FL: $2,409 a month against $3,037 in Chicago, IL, rent and utilities included – about $7,500 less a year. Rent and utilities account for most of the difference.

115

Cost of Living Index in Panama City, FL
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Panama City, FL Living Index
147

Cost of Living Index in Chicago, IL
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Chicago, IL Living Index

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Panama City, FL

🇺🇸 United States

$2,409

/mo nomad

Chicago, IL

🇺🇸 United States

$3,037

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama City, FL and in Chicago, IL

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

A single person spends $2,409 per month in Panama City, FL vs $3,037 in Chicago, IL, rent included.

Panama City, FL $2,409
Chicago, IL $3,037

A couple spends around $3,287 per month in Panama City, FL vs $4,518 in Chicago, IL, rent included.

Panama City, FL $3,287
Chicago, IL $4,518

A family of three spends $4,165 per month in Panama City, FL vs $5,999 in Chicago, IL, rent included.

Panama City, FL $4,165
Chicago, IL $5,999

Panama City, FL is about 21% cheaper than Chicago, IL, and outside of rent the biggest gap is in groceries.

Both Panama City, FL and Chicago, IL sit above the global median – Panama City, FL by 77%, Chicago, IL by 123%.

Meal at Budget Restaurant

$18.74 $18.74

$20.71 $20.71

-9.51%

Three-Course Dinner for Two, Mid-Range

$54.0 $54.0

$89.2 $89.2

-39.48%

Fast Food Meal (McDonalds, etc)

$12.11 $12.11

$13.19 $13.19

-8.19%

Cappuccino

$5.60 $5.60

$5.66 $5.66

-1.06%

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

$2.89 $2.89

$2.64 $2.64

9.47%

Water (0.33 liter bottle)

$1.70 $1.70

$2.28 $2.28

-25.44%

Local Beer (0.5 liter draught)

$5.10 $5.10

$6.87 $6.87

-25.76%

Imported Beer (0.33 liter bottle)

$7.12 $7.12

$8.84 $8.84

-19.46%

Milk (1 liter)

$0.90 $0.90

$1.25 $1.25

-28.00%

White Bread (500g)

$3.46 $3.46

$3.72 $3.72

-6.99%

Rice (white) (1kg)

$2.66 $2.66

$5.39 $5.39

-50.65%

Eggs

$3.30 $3.30

$4.74 $4.74

-30.38%

Local Cheese (1kg)

$10.78 $10.78

$13.84 $13.84

-22.11%

Chicken Fillets (1kg)

$11.61 $11.61

$14.40 $14.40

-19.38%

Beef Round Steak (1kg)

$14.64 $14.64

$18.38 $18.38

-20.35%

Apples (1kg)

$4.10 $4.10

$5.22 $5.22

-21.46%

Banana (1kg)

$1.49 $1.49

$1.98 $1.98

-24.75%

Oranges (1kg)

$2.73 $2.73

$4.06 $4.06

-32.76%

Tomato (1kg)

$4.30 $4.30

$4.97 $4.97

-13.48%

Potato (1kg)

$3.11 $3.11

$2.67 $2.67

16.48%

Onion (1kg)

$2.84 $2.84

$2.66 $2.66

6.77%

Lettuce (1 head)

$2.09 $2.09

$2.24 $2.24

-6.70%

Water (1.5 liter bottle)

$2.22 $2.22

$3.13 $3.13

-29.07%

Cigarettes 20 Pack (Marlboro, Camel)

$9.31 $9.31

$13.82 $13.82

-32.63%

Wine (Bottle)

$12.15 $12.15

$14.88 $14.88

-18.35%

Local Beer (0.5 liter bottle)

$1.70 $1.70

$2.54 $2.54

-33.07%

Imported Beer (0.33 liter bottle)

$3.86 $3.86

$3.51 $3.51

9.97%

One-way Ticket (Public Transport)

$1.46 $1.46

$2.43 $2.43

-39.92%

Public Transport Monthly Pass (Regular Price)

$35.52 $35.52

$73.5 $73.5

-51.69%

Taxi Start (Normal Tariff)

$2.55 $2.55

$3.18 $3.18

-19.81%

Taxi (Normal Tariff) (1km)

$1.51 $1.51

$1.39 $1.39

8.63%

Taxi 1hour Waiting (Normal Tariff)

$26.17 $26.17

$25.03 $25.03

4.55%

Gasoline (1 liter)

$0.98 $0.98

$1.20 $1.20

-18.33%

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

$27.5K $27.5K

$35.0K $35.0K

-21.52%

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

$25.9K $25.9K

$26.7K $26.7K

-2.72%

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

$169 $169

$194 $194

-12.89%

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

$44.38 $44.38

$69.5 $69.5

-36.10%

Internet (50+ Mbps, Unlimited Data)

$59.5 $59.5

$61.6 $61.6

-3.41%

Gym Membership (Monthly)

$24.35 $24.35

$47.90 $47.90

-49.16%

Tennis Court (1 Hour on Weekend)

$27.34 $27.34

Cinema Ticket

$12.87 $12.87

$17.81 $17.81

-27.74%

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

$618 $618

$1,794 $1,794

-65.55%

International Primary School, 1 Child (Yearly)

$13.9K $13.9K

$31.9K $31.9K

-56.63%

Jeans (Levis 501 Or Similar)

$48.26 $48.26

$67.0 $67.0

-27.99%

Summer Dress (H&M, Zara, etc)

$40.43 $40.43

$52.1 $52.1

-22.46%

Sport Shoes (Adidas, Nike)

$84.5 $84.5

$102 $102

-16.81%

Men's Leather Business Shoes

$95.9 $95.9

$144 $144

-33.31%

1-bedroom Apartment, City Center (Monthly)

$921 $921

$2,526 $2,526

-63.54%

1-bedroom Apartment, Outside City Center (Monthly)

$1,248 $1,248

$1,578 $1,578

-20.93%

3-bedroom Apartment, City Center (Monthly)

$1,673 $1,673

$4,738 $4,738

-64.69%

3-bedroom Apartment, Outside City Center (Monthly)

$1,662 $1,662

$2,693 $2,693

-38.29%

Buy Apartment in City Center (m2)

$3,269 $3,269

$4,190 $4,190

-21.97%

Buy Apartment Outside City Center (m2)

$2,694 $2,694

$2,768 $2,768

-2.66%

Average Monthly Net Salary (After Tax)

$3,980 $3,980

$4,931 $4,931

-19.28%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.54

6.81

-3.96%

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

Last update for Panama City, FL: October 27, 2026

Last update for Chicago, IL: October 25, 2026

Monthly budget structure

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

Accommodation & Living

Panama City, FL

$1.2K 51.8%

Chicago, IL

$1.6K 52% 26.5% $330

Groceries & Markets

Panama City, FL

$354 14.7%

Chicago, IL

$447 14.7% 26.3% $93

Eating Out

Panama City, FL

$312 12.9%

Chicago, IL

$345 11.4% 10.7% $33

Monthly Utilities & Internet

Panama City, FL

$273 11.3%

Chicago, IL

$326 10.7% 19.1% $52

Clothing & Footwear

Panama City, FL

$121 5%

Chicago, IL

$164 5.4% 35.5% $43

Getting Around

Panama City, FL

$51 2.1%

Chicago, IL

$93 3.1% 81.4% $42

Sport & Entertainment

Panama City, FL

$50 2.1%

Chicago, IL

$84 2.8% 66.7% $33

Cost Breakdown

A central one-bedroom costs $921 in Panama City, FL versus $2,526 in Chicago, IL. 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 24% higher in Chicago, IL, 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 $54 in Panama City, FL versus $89 in Chicago, IL. Monthly groceries follow the same trend: $354 vs $447 – making Panama City, FL the more affordable choice for daily food spending.

Good to know

🇺🇸 Panama City, FL

🇺🇸 Chicago, IL

🕒 Local time

15:37 3:37 PM

Same time as Panama City, FL

🌤 Weather

👥 Population

36,484

2,746,388

💱 Currency

United States Dollar USD $

📈 Exchange rate

1 USD = 0.898 EUR

Exchange rates and currency converter

On the map

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Between locations

Panama City, FL Chicago, IL 1,310 km ≈ 2 h 15 min nonstop flight

From you

Panama City, FL
Chicago, IL

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

Panama City, FL vs Chicago, IL: Cost of Living - Frequently Asked Questions

Monthly costs with rent: $2,409 in Panama City, FL, $3,037 in Chicago, IL – Panama City, FL comes out roughly 21% cheaper. Outside of rent, the biggest gap is in groceries.

For a comfortable life, plan on about $3,614 per month in Panama City, FL and $4,555 in Chicago, IL. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, FL, especially for central apartments: a one-bedroom in the center costs $921 there versus $2,526 in Chicago, IL.

Groceries cost about 26% more in Chicago, IL, though the gap depends on what you buy.

A mid-range dinner for two costs $54 in Panama City, FL and $89 in Chicago, IL. That’s a good indicator of the overall restaurant and café pricing gap between the two cities.

$2,000 is a stretch for both – monthly costs hit $2,409 in Panama City, FL and $3,037 in Chicago, IL. You’ll need shared housing and careful budgeting no matter which city you pick.

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

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