Last update: Oct 2026

Cost of Living Comparison Between Panama City and Belo Horizonte

For one person, living is cheaper in Belo Horizonte: $984 a month against $1,837 in Panama City, rent and utilities included – about $10,200 less a year. Rent and utilities account for most of the difference.

90

Cost of Living Index in Panama City
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Panama City Living Index
47

Cost of Living Index in Belo Horizonte
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Belo Horizonte Living Index

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Panama City

🇵🇦 Panama

$1,837

/mo nomad

Belo Horizonte

🇧🇷 Brazil

$984

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama City and in Belo Horizonte

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

Monthly costs for one person with rent: $1,837 in Panama City versus $984 in Belo Horizonte.

Panama City $1,837
Belo Horizonte $984

Estimated couple costs with rent: $2,825 in Panama City versus $1,589 in Belo Horizonte.

Panama City $2,825
Belo Horizonte $1,589

Monthly costs for a family of three with rent: $3,812 in Panama City versus $2,193 in Belo Horizonte.

Panama City $3,812
Belo Horizonte $2,193

Living in Panama City is roughly 87% more expensive than in Belo Horizonte, and outside of rent the biggest gap is in groceries.

The two cities straddle the global median: Panama City is 37% above, Belo Horizonte is 27% below.

Meal at Budget Restaurant

$11.34 PAB 11.34

$5.90 R$29.46

92.20%

Three-Course Dinner for Two, Mid-Range

$47.85 PAB 47.85

$37.35 R$186

28.11%

Fast Food Meal (McDonalds, etc)

$8.07 PAB 8.07

$8.86 R$44.22

-8.92%

Cappuccino

$4.02 PAB 4.02

$2.27 R$11.36

77.09%

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

$1.94 PAB 1.94

$1.43 R$7.13

35.66%

Water (0.33 liter bottle)

$1.62 PAB 1.62

$0.81 R$4.05

100.00%

Local Beer (0.5 liter draught)

$3.26 PAB 3.26

$2.12 R$10.60

53.77%

Imported Beer (0.33 liter bottle)

$3.99 PAB 3.99

$3.67 R$18.32

8.72%

Milk (1 liter)

$1.83 PAB 1.83

$0.95 R$4.72

92.63%

White Bread (500g)

$2.57 PAB 2.57

$1.82 R$9.09

41.21%

Rice (white) (1kg)

$3.33 PAB 3.33

$2.08 R$10.39

60.10%

Eggs

$2.69 PAB 2.69

$2.22 R$11.07

21.17%

Local Cheese (1kg)

$12.33 PAB 12.33

$9.91 R$49.47

24.42%

Chicken Fillets (1kg)

$6.69 PAB 6.69

$4.33 R$21.63

54.50%

Beef Round Steak (1kg)

$10.40 PAB 10.40

$7.63 R$38.10

36.30%

Apples (1kg)

$4.16 PAB 4.16

$1.93 R$9.66

115.54%

Banana (1kg)

$1.84 PAB 1.84

$1.15 R$5.75

60.00%

Oranges (1kg)

$4.18 PAB 4.18

$1.20 R$5.98

248.33%

Tomato (1kg)

$4.08 PAB 4.08

$1.65 R$8.23

147.27%

Potato (1kg)

$3.50 PAB 3.50

$1.15 R$5.74

204.35%

Onion (1kg)

$4.37 PAB 4.37

$0.97 R$4.86

350.52%

Lettuce (1 head)

$2.34 PAB 2.34

$0.85 R$4.23

175.29%

Water (1.5 liter bottle)

$1.75 PAB 1.75

$0.92 R$4.58

90.22%

Cigarettes 20 Pack (Marlboro, Camel)

$6.06 PAB 6.06

$2.47 R$12.33

145.34%

Wine (Bottle)

$11.72 PAB 11.72

$8.23 R$41.09

42.41%

Local Beer (0.5 liter bottle)

$1.37 PAB 1.37

$1.43 R$7.15

-4.20%

Imported Beer (0.33 liter bottle)

$2.84 PAB 2.84

$2.74 R$13.68

3.65%

One-way Ticket (Public Transport)

$0.36 PAB 0.36

$1.25 R$6.26

-71.20%

Public Transport Monthly Pass (Regular Price)

$20.96 PAB 20.96

$68.0 R$339

-69.17%

Taxi Start (Normal Tariff)

$2.52 PAB 2.52

$1.02 R$5.10

147.06%

Taxi (Normal Tariff) (1km)

$1.79 PAB 1.79

$0.77 R$3.84

132.47%

Taxi 1hour Waiting (Normal Tariff)

$22.01 PAB 22.01

$6.32 R$31.53

248.26%

Gasoline (1 liter)

$1.25 PAB 1.25

$1.32 R$6.58

-5.30%

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

$21.5K PAB 21.5K

$24.0K R$119.9K

-10.33%

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

$21.2K PAB 21.2K

$32.5K R$162.1K

-34.74%

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

$131 PAB 131

$76.1 R$380

72.40%

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

$27.68 PAB 27.68

$10.33 R$51.6

167.96%

Internet (50+ Mbps, Unlimited Data)

$48.59 PAB 48.59

$21.02 R$105

131.16%

Gym Membership (Monthly)

$46.11 PAB 46.11

$28.07 R$140

64.27%

Tennis Court (1 Hour on Weekend)

$35.01 PAB 35.01

$46.30 R$231

-24.38%

Cinema Ticket

$8.73 PAB 8.73

$7.90 R$39.41

10.51%

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

$551 PAB 551

$459 R$2,292

19.92%

International Primary School, 1 Child (Yearly)

$9,560 PAB 9,560

$13.8K R$69.0K

-30.82%

Jeans (Levis 501 Or Similar)

$67.6 PAB 67.6

$62.0 R$309

9.10%

Summer Dress (H&M, Zara, etc)

$48.03 PAB 48.03

$48.86 R$244

-1.70%

Sport Shoes (Adidas, Nike)

$94.9 PAB 94.9

$97.6 R$487

-2.78%

Men's Leather Business Shoes

$113 PAB 113

$71.5 R$357

57.91%

1-bedroom Apartment, City Center (Monthly)

$1,238 PAB 1,238

$590 R$2,945

109.78%

1-bedroom Apartment, Outside City Center (Monthly)

$873 PAB 873

$292 R$1,456

199.38%

3-bedroom Apartment, City Center (Monthly)

$2,197 PAB 2,197

$890 R$4,440

146.98%

3-bedroom Apartment, Outside City Center (Monthly)

$1,538 PAB 1,538

$591 R$2,950

160.31%

Buy Apartment in City Center (m2)

$3,116 PAB 3,116

$2,358 R$11.8K

32.11%

Buy Apartment Outside City Center (m2)

$1,725 PAB 1,725

$1,121 R$5,598

53.79%

Average Monthly Net Salary (After Tax)

$934 PAB 934

$613 R$3,062

52.32%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.39

11.25

-43.20%

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

Last update for Panama City: October 3, 2026

Last update for Belo Horizonte: October 4, 2026

Monthly budget structure

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

Accommodation & Living

Panama City

$873 47.2%

Belo Horizonte

$292 30% 66.6% $582

Groceries & Markets

Panama City

$324 17.5%

Belo Horizonte

$198 20.3% 39% $127

Monthly Utilities & Internet

Panama City

$207 11.2%

Belo Horizonte

$107 11.1% 48.2% $100

Eating Out

Panama City

$202 10.9%

Belo Horizonte

$128 13.2% 36.5% $74

Clothing & Footwear

Panama City

$146 7.9%

Belo Horizonte

$126 13% 13.5% $20

Sport & Entertainment

Panama City

$64 3.4%

Belo Horizonte

$44 4.5% 31% $20

Getting Around

Panama City

$34 1.8%

Belo Horizonte

$78 8% 130% $44

Cost Breakdown

A one-bedroom apartment in the center runs $1,238 in Panama City and $590 in Belo Horizonte. Housing cost is often the main lever when comparing two cities.

Panama City pays 52% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $48.00 in Panama City vs $37.00 in Belo Horizonte for a mid-range dinner for two. Groceries echo the gap at $324 vs $198 per month, with Belo Horizonte cheaper across the board.

Good to know

🇵🇦 Panama City

🇧🇷 Belo Horizonte

🕒 Local time

03:55 3:55 AM

05:55 5:55 AM

2 h ahead of Panama City

🌤 Weather

👥 Population

1,086,990 Capital

2,315,560

💱 Currency

Panamanian Balboa PAB B/.

Brazilian Real BRL R$

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.892 EUR

1 BRL = 0.2 USD

1 BRL = 0.179 EUR

Exchange rates and currency converter

BRL, USD, EUR to PAB – Panamanian Balboa Converter

🇺🇸 United States Dollar ($)

🇵🇦 Panamanian Balboa (B/.)

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).

Brazilian Real exchange rates as of October 10, 2026: 1 USD = 4.99 BRL (1 BRL = 0.2 USD). 1 EUR = 5.6 BRL (1 BRL = 0.179 EUR).

USD to PAB in detail →

On the map

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Highest

Between locations

Panama City Belo Horizonte 5,050 km ≈ 7 h nonstop flight

From you

Panama City
Belo Horizonte

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 vs Belo Horizonte: Cost of Living - Frequently Asked Questions

Panama City and Belo Horizonte differ by about 87% in total monthly costs ($1,837 vs $984 including rent). Belo Horizonte is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

Average pay runs 52% higher in Panama City, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $1,238 in Panama City versus $590 in Belo Horizonte. Housing is usually the single largest factor when comparing overall living costs between the two.

Childcare runs $551 in Panama City versus $459 in Belo Horizonte. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

Supermarket bills run roughly 64% higher in Panama City. For households that cook at home regularly, that difference adds up over a month.

At $984 in Belo Horizonte versus $1,837 in Panama City, a $2,000 budget is realistic in Belo Horizonte but tight or insufficient in Panama City. The gap between the two cities makes Belo Horizonte the clear choice for anyone on this budget.

Both cities offer a good standard of living with different trade-offs. Neither is objectively better – the right pick depends on what matters most: affordability, career, cultural scene, or climate.

Expats usually find Belo Horizonte gentler on the wallet – expenses run 87% less than in Panama City. Beyond cost, consider language, visa policies, and how big the international community is in each city.