Cost of Living Comparison Between Panama City and Medellin Cost of Living Comparison Between Panama City and Medellin

Monthly Cost of Living

A single person spends $1,763 per month in Panama City vs $1,013 in Medellin, rent included.

A couple spends around $2,717 per month in Panama City vs $1,602 in Medellin, rent included.

A family of three spends $3,671 per month in Panama City vs $2,192 in Medellin, rent included.

Panama City costs about 74% more than Medellin, driven mainly by Groceries & Markets.

Panama City sits 32% above the global median, while Medellin is 24% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$10.08 PAB 10.08

$5.99 COP 21.4K

68.28%

Three-Course Dinner for Two, Mid-Range

$50.4 PAB 50.4

$32.86 COP 117.2K

53.26%

Fast Food Meal (McDonalds, etc)

$7.80 PAB 7.80

$7.09 COP 25.3K

10.01%

Cappuccino

$3.69 PAB 3.69

$1.71 COP 6,105

115.79%

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

$1.70 PAB 1.70

$1.10 COP 3,918

54.55%

Water (0.33 liter bottle)

$1.35 PAB 1.35

$0.78 COP 2,776

73.08%

Local Beer (0.5 liter draught)

$3.06 PAB 3.06

$1.68 COP 5,987

82.14%

Imported Beer (0.33 liter bottle)

$3.91 PAB 3.91

$3.07 COP 10.9K

27.36%

Milk (1 liter)

$1.82 PAB 1.82

$1.09 COP 3,899

66.97%

White Bread (500g)

$2.56 PAB 2.56

$1.26 COP 4,500

103.17%

Rice (white) (1kg)

$2.49 PAB 2.49

$1.38 COP 4,914

80.43%

Eggs

$2.96 PAB 2.96

$2.19 COP 7,813

35.16%

Local Cheese (1kg)

$11.25 PAB 11.25

$4.40 COP 15.7K

155.68%

Chicken Fillets (1kg)

$7.22 PAB 7.22

$5.63 COP 20.1K

28.24%

Beef Round Steak (1kg)

$10.19 PAB 10.19

$8.89 COP 31.7K

14.62%

Apples (1kg)

$3.43 PAB 3.43

$2.34 COP 8,334

46.58%

Banana (1kg)

$1.50 PAB 1.50

$1.06 COP 3,771

41.51%

Oranges (1kg)

$2.85 PAB 2.85

$1.50 COP 5,365

90.00%

Tomato (1kg)

$3.19 PAB 3.19

$1.38 COP 4,915

131.16%

Potato (1kg)

$2.21 PAB 2.21

$1.15 COP 4,104

92.17%

Onion (1kg)

$2.77 PAB 2.77

$1.16 COP 4,148

138.79%

Lettuce (1 head)

$2.25 PAB 2.25

$0.89 COP 3,176

152.81%

Water (1.5 liter bottle)

$1.58 PAB 1.58

$0.84 COP 2,992

88.10%

Cigarettes 20 Pack (Marlboro, Camel)

$5.91 PAB 5.91

$2.28 COP 8,131

159.21%

Wine (Bottle)

$11.11 PAB 11.11

$10.64 COP 37.9K

4.42%

Local Beer (0.5 liter bottle)

$1.28 PAB 1.28

$1.20 COP 4,276

6.67%

Imported Beer (0.33 liter bottle)

$2.32 PAB 2.32

$2.47 COP 8,809

-6.07%

One-way Ticket (Public Transport)

$0.40 PAB 0.40

$0.86 COP 3,051

-53.49%

Public Transport Monthly Pass (Regular Price)

$22.08 PAB 22.08

$41.40 COP 147.6K

-46.67%

Taxi Start (Normal Tariff)

$2.57 PAB 2.57

$1.47 COP 5,255

74.83%

Taxi (Normal Tariff) (1km)

$1.78 PAB 1.78

$1.96 COP 6,997

-9.18%

Taxi 1hour Waiting (Normal Tariff)

$21.73 PAB 21.73

$7.74 COP 27.6K

180.75%

Gasoline (1 liter)

$0.93 PAB 0.93

$0.95 COP 3,403

-2.11%

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

$19.7K PAB 19.7K

$18.1K COP 64.6M

8.55%

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

$20.9K PAB 20.9K

$26.5K COP 94.4M

-21.16%

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

$121 PAB 121

$82.3 COP 293.2K

47.57%

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

$29.44 PAB 29.44

$9.50 COP 33.9K

209.89%

Internet (50+ Mbps, Unlimited Data)

$49.27 PAB 49.27

$24.23 COP 86.4K

103.34%

Gym Membership (Monthly)

$45.92 PAB 45.92

$25.89 COP 92.3K

77.37%

Tennis Court (1 Hour on Weekend)

$32.32 PAB 32.32

$19.00 COP 67.7K

70.11%

Cinema Ticket

$8.11 PAB 8.11

$3.93 COP 14.0K

106.36%

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

$484 PAB 484

$309 COP 1.1M

56.48%

International Primary School, 1 Child (Yearly)

$15.8K PAB 15.8K

$5,965 COP 21.3M

164.75%

Jeans (Levis 501 Or Similar)

$51.2 PAB 51.2

$58.7 COP 209.1K

-12.75%

Summer Dress (H&M, Zara, etc)

$45.98 PAB 45.98

$32.35 COP 115.3K

42.13%

Sport Shoes (Adidas, Nike)

$89.0 PAB 89.0

$103 COP 365.7K

-13.26%

Men's Leather Business Shoes

$122 PAB 122

$108 COP 386.5K

12.71%

1-bedroom Apartment, City Center (Monthly)

$1,157 PAB 1,157

$476 COP 1.7M

143.02%

1-bedroom Apartment, Outside City Center (Monthly)

$893 PAB 893

$379 COP 1.4M

135.66%

3-bedroom Apartment, City Center (Monthly)

$1,996 PAB 1,996

$838 COP 3.0M

138.17%

3-bedroom Apartment, Outside City Center (Monthly)

$1,580 PAB 1,580

$724 COP 2.6M

118.30%

Buy Apartment in City Center (m2)

$3,069 PAB 3,069

$2,791 COP 9.9M

9.99%

Buy Apartment Outside City Center (m2)

$1,730 PAB 1,730

$1,211 COP 4.3M

42.79%

Average Monthly Net Salary (After Tax)

$962 PAB 962

$512 COP 1.8M

88.03%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.23

13.43

-53.61%

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

Last update for Panama City: May 30, 2026

Last update for Medellin: May 31, 2026

Cost Breakdown

A central one-bedroom costs $1,157 in Panama City versus $476 in Medellin. 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 88% higher in Panama City, 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 $50.0 in Panama City versus $33.00 in Medellin. Monthly groceries follow the same trend: $293 vs $188 – making Medellin the more affordable choice for daily food spending.

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 Medellin: Cost of Living - Frequently Asked Questions

Yes – Panama City is pricier by about 74%, and the gap shows up most in Groceries & Markets. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $2,644 per month in Panama City and $1,519 in Medellin. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

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

A mid-range dinner for two costs $50.0 in Panama City and $33.00 in Medellin. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Monthly expenses with rent come to $1,763 in Panama City and $1,013 in Medellin. The difference isn't just one category – it shows up across housing, food, transport, and services.

A $1,500 monthly budget goes further in Medellin, where all-in costs run around $1,013, than in Panama City at $1,763. In Medellin it covers expenses comfortably, while in Panama City it requires careful planning or may not stretch far enough.

Families tend to lean toward Medellin – 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 Medellin. If higher salaries, better infrastructure, or specific career opportunities are the priority, Panama City makes more sense. Both are solid long-term options with distinct trade-offs.