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 $1,814 per month in Panama City vs $1,031 in Medellin, rent included.

A couple spends around $2,728 per month in Panama City vs $1,599 in Medellin, rent included.

A family of three spends $3,643 per month in Panama City vs $2,167 in Medellin, rent included.

Panama City costs about 76% more than Medellin, driven mainly by Groceries & Markets.

Panama City sits 36% above the global median, while Medellin is 23% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$10.13 PAB 10.13

$6.16 COP 20.1K

64.45%

Three-Course Dinner for Two, Mid-Range

$49.65 PAB 49.65

$32.60 COP 106.1K

52.30%

Fast Food Meal (McDonalds, etc)

$8.06 PAB 8.06

$7.34 COP 23.9K

9.81%

Cappuccino

$3.60 PAB 3.60

$1.72 COP 5,599

109.30%

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

$1.72 PAB 1.72

$1.05 COP 3,420

63.81%

Water (0.33 liter bottle)

$1.36 PAB 1.36

$0.77 COP 2,515

76.62%

Local Beer (0.5 liter draught)

$2.95 PAB 2.95

$1.69 COP 5,487

74.56%

Imported Beer (0.33 liter bottle)

$4.03 PAB 4.03

$3.17 COP 10.3K

27.13%

Milk (1 liter)

$1.81 PAB 1.81

$1.05 COP 3,423

72.38%

White Bread (500g)

$2.46 PAB 2.46

$1.30 COP 4,236

89.23%

Rice (white) (1kg)

$2.41 PAB 2.41

$1.40 COP 4,544

72.14%

Eggs

$2.93 PAB 2.93

$2.16 COP 7,046

35.65%

Local Cheese (1kg)

$11.38 PAB 11.38

$4.39 COP 14.3K

159.23%

Chicken Fillets (1kg)

$7.06 PAB 7.06

$5.88 COP 19.1K

20.07%

Beef Round Steak (1kg)

$9.85 PAB 9.85

$8.64 COP 28.1K

14.00%

Apples (1kg)

$3.37 PAB 3.37

$2.28 COP 7,425

47.81%

Banana (1kg)

$1.51 PAB 1.51

$1.11 COP 3,603

36.04%

Oranges (1kg)

$2.86 PAB 2.86

$1.53 COP 4,982

86.93%

Tomato (1kg)

$3.12 PAB 3.12

$1.35 COP 4,410

131.11%

Potato (1kg)

$2.23 PAB 2.23

$1.13 COP 3,674

97.35%

Onion (1kg)

$2.76 PAB 2.76

$1.13 COP 3,692

144.25%

Lettuce (1 head)

$2.18 PAB 2.18

$0.85 COP 2,753

156.47%

Water (1.5 liter bottle)

$1.53 PAB 1.53

$0.91 COP 2,975

68.13%

Cigarettes 20 Pack (Marlboro, Camel)

$6.09 PAB 6.09

$2.34 COP 7,629

160.26%

Wine (Bottle)

$10.78 PAB 10.78

$12.37 COP 40.3K

-12.85%

Local Beer (0.5 liter bottle)

$1.28 PAB 1.28

$1.20 COP 3,909

6.67%

Imported Beer (0.33 liter bottle)

$2.36 PAB 2.36

$2.49 COP 8,104

-5.22%

One-way Ticket (Public Transport)

$0.44 PAB 0.44

$0.84 COP 2,727

-47.62%

Public Transport Monthly Pass (Regular Price)

$22.10 PAB 22.10

$40.57 COP 132.1K

-45.53%

Taxi Start (Normal Tariff)

$2.44 PAB 2.44

$1.42 COP 4,623

71.83%

Taxi (Normal Tariff) (1km)

$1.77 PAB 1.77

$1.92 COP 6,235

-7.81%

Taxi 1hour Waiting (Normal Tariff)

$21.61 PAB 21.61

$7.66 COP 24.9K

182.11%

Gasoline (1 liter)

$0.95 PAB 0.95

$0.99 COP 3,223

-4.04%

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

$19.6K PAB 19.6K

$18.0K COP 58.7M

8.75%

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

$20.6K PAB 20.6K

$26.6K COP 86.7M

-22.75%

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

$122 PAB 122

$80.8 COP 263.1K

51.05%

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

$29.88 PAB 29.88

$9.95 COP 32.4K

200.30%

Internet (50+ Mbps, Unlimited Data)

$49.49 PAB 49.49

$24.18 COP 78.7K

104.67%

Gym Membership (Monthly)

$45.36 PAB 45.36

$25.08 COP 81.6K

80.86%

Tennis Court (1 Hour on Weekend)

$32.73 PAB 32.73

$19.15 COP 62.3K

70.91%

Cinema Ticket

$7.85 PAB 7.85

$3.98 COP 13.0K

97.24%

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

$484 PAB 484

$305 COP 993.4K

58.57%

International Primary School, 1 Child (Yearly)

$15.8K PAB 15.8K

$6,059 COP 19.7M

160.92%

Jeans (Levis 501 Or Similar)

$51.6 PAB 51.6

$58.1 COP 189.2K

-11.22%

Summer Dress (H&M, Zara, etc)

$46.50 PAB 46.50

$32.20 COP 104.8K

44.41%

Sport Shoes (Adidas, Nike)

$88.6 PAB 88.6

$101 COP 327.9K

-12.02%

Men's Leather Business Shoes

$121 PAB 121

$108 COP 350.8K

12.51%

1-bedroom Apartment, City Center (Monthly)

$1,158 PAB 1,158

$477 COP 1.6M

143.01%

1-bedroom Apartment, Outside City Center (Monthly)

$894 PAB 894

$376 COP 1.2M

137.65%

3-bedroom Apartment, City Center (Monthly)

$2,037 PAB 2,037

$845 COP 2.7M

141.10%

3-bedroom Apartment, Outside City Center (Monthly)

$1,578 PAB 1,578

$730 COP 2.4M

116.05%

Buy Apartment in City Center (m2)

$3,124 PAB 3,124

$3,215 COP 10.5M

-2.83%

Buy Apartment Outside City Center (m2)

$1,693 PAB 1,693

$1,372 COP 4.5M

23.34%

Average Monthly Net Salary (After Tax)

$926 PAB 926

$617 COP 2.0M

50.16%

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: July 12, 2026

Last update for Medellin: July 12, 2026

Cost Breakdown

A central one-bedroom costs $1,158 in Panama City versus $477 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 50% 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: $288 vs $193 – 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 76%, 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 $2,720 per month in Panama City and $1,546 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 $1,814 in Panama City and $1,031 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 $1,031, than in Panama City at $1,814. 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.