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 $1,875 per month in Panama City vs $1,716 in Medellin, rent included.

A couple spends around $2,722 per month in Panama City vs $2,527 in Medellin, rent included.

A family of three spends $3,569 per month in Panama City vs $3,338 in Medellin, rent included.

Panama City costs about 9% more than Medellin, driven mainly by Getting Around.

Both Panama City and Medellin sit above the global median – Panama City by 36%, Medellin by 25%.

Meal at Budget Restaurant

$10.05 PAB 10.05

$8.03 COP 25.2K

25.16%

Three-Course Dinner for Two, Mid-Range

$45.07 PAB 45.07

$48.26 COP 151.7K

-6.61%

Fast Food Meal (McDonalds, etc)

$7.91 PAB 7.91

$9.77 COP 30.7K

-19.04%

Cappuccino

$4.12 PAB 4.12

$2.91 COP 9,149

41.58%

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

$1.93 PAB 1.93

$1.94 COP 6,110

-0.52%

Water (0.33 liter bottle)

$1.56 PAB 1.56

$1.52 COP 4,783

2.63%

Local Beer (0.5 liter draught)

$2.95 PAB 2.95

$3.09 COP 9,721

-4.53%

Imported Beer (0.33 liter bottle)

$4.07 PAB 4.07

$5.74 COP 18.1K

-29.09%

Milk (1 liter)

$1.91 PAB 1.91

$1.36 COP 4,287

40.44%

White Bread (500g)

$2.44 PAB 2.44

$2.39 COP 7,505

2.09%

Rice (white) (1kg)

$3.12 PAB 3.12

$1.70 COP 5,346

83.53%

Eggs

$2.81 PAB 2.81

$2.87 COP 9,021

-2.09%

Local Cheese (1kg)

$12.63 PAB 12.63

$9.94 COP 31.2K

27.06%

Chicken Fillets (1kg)

$6.49 PAB 6.49

$10.78 COP 33.9K

-39.80%

Beef Round Steak (1kg)

$10.25 PAB 10.25

$14.73 COP 46.3K

-30.41%

Apples (1kg)

$4.49 PAB 4.49

$4.09 COP 12.8K

9.78%

Banana (1kg)

$1.69 PAB 1.69

$1.57 COP 4,940

7.64%

Oranges (1kg)

$3.99 PAB 3.99

$2.13 COP 6,682

87.32%

Tomato (1kg)

$3.94 PAB 3.94

$2.21 COP 6,959

78.28%

Potato (1kg)

$3.24 PAB 3.24

$2.05 COP 6,435

58.05%

Onion (1kg)

$4.27 PAB 4.27

$1.50 COP 4,728

184.67%

Lettuce (1 head)

$2.17 PAB 2.17

$1.19 COP 3,740

82.35%

Water (1.5 liter bottle)

$1.69 PAB 1.69

$1.16 COP 3,640

45.69%

Cigarettes 20 Pack (Marlboro, Camel)

$5.98 PAB 5.98

$3.90 COP 12.2K

53.33%

Wine (Bottle)

$10.78 PAB 10.78

$14.44 COP 45.4K

-25.35%

Local Beer (0.5 liter bottle)

$1.42 PAB 1.42

$1.58 COP 4,978

-10.13%

Imported Beer (0.33 liter bottle)

$2.71 PAB 2.71

$2.83 COP 8,889

-4.24%

One-way Ticket (Public Transport)

$0.37 PAB 0.37

$1.17 COP 3,672

-68.38%

Public Transport Monthly Pass (Regular Price)

$20.77 PAB 20.77

$77.7 COP 244.3K

-73.28%

Taxi Start (Normal Tariff)

$2.53 PAB 2.53

$1.28 COP 4,038

97.66%

Taxi (Normal Tariff) (1km)

$1.85 PAB 1.85

$2.09 COP 6,576

-11.48%

Taxi 1hour Waiting (Normal Tariff)

$21.85 PAB 21.85

$8.62 COP 27.1K

153.48%

Gasoline (1 liter)

$1.16 PAB 1.16

$1.30 COP 4,080

-10.77%

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

$21.7K PAB 21.7K

$27.7K COP 86.9M

-21.65%

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

$21.4K PAB 21.4K

$35.5K COP 111.6M

-39.81%

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

$132 PAB 132

$176 COP 553.4K

-24.75%

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

$28.93 PAB 28.93

$13.37 COP 42.0K

116.38%

Internet (50+ Mbps, Unlimited Data)

$49.52 PAB 49.52

$29.89 COP 94.0K

65.67%

Gym Membership (Monthly)

$47.25 PAB 47.25

$44.76 COP 140.7K

5.56%

Tennis Court (1 Hour on Weekend)

$33.24 PAB 33.24

$17.06 COP 53.6K

94.84%

Cinema Ticket

$7.88 PAB 7.88

$6.20 COP 19.5K

27.10%

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

$546 PAB 546

$793 COP 2.5M

-31.13%

International Primary School, 1 Child (Yearly)

$9,732 PAB 9,732

$9,019 COP 28.4M

7.90%

Jeans (Levis 501 Or Similar)

$59.5 PAB 59.5

$85.6 COP 269.1K

-30.46%

Summer Dress (H&M, Zara, etc)

$46.26 PAB 46.26

$58.5 COP 183.8K

-20.88%

Sport Shoes (Adidas, Nike)

$92.3 PAB 92.3

$136 COP 428.4K

-32.29%

Men's Leather Business Shoes

$116 PAB 116

$103 COP 324.1K

12.22%

1-bedroom Apartment, City Center (Monthly)

$1,276 PAB 1,276

$1,060 COP 3.3M

20.46%

1-bedroom Apartment, Outside City Center (Monthly)

$904 PAB 904

$680 COP 2.1M

33.00%

3-bedroom Apartment, City Center (Monthly)

$2,126 PAB 2,126

$2,012 COP 6.3M

5.67%

3-bedroom Apartment, Outside City Center (Monthly)

$1,469 PAB 1,469

$1,169 COP 3.7M

25.74%

Buy Apartment in City Center (m2)

$3,086 PAB 3,086

$4,111 COP 12.9M

-24.94%

Buy Apartment Outside City Center (m2)

$1,697 PAB 1,697

$1,701 COP 5.3M

-0.23%

Average Monthly Net Salary (After Tax)

$925 PAB 925

$665 COP 2.1M

38.99%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.39

10.94

-41.59%

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

Last update for Panama City: August 31, 2026

Last update for Medellin: August 30, 2026

Cost Breakdown

A central one-bedroom costs $1,276 in Panama City versus $1,060 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 39% 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 $45.00 in Panama City versus $48.00 in Medellin. Groceries tell a different story – $318 in Panama City vs $303 in Medellin – so Medellin wins on supermarket bills even if dining out costs more.

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 9%, and the gap shows up most in Getting Around. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $2,812 per month in Panama City and $2,574 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 $45.00 in Panama City and $48.00 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 $1,875 in Panama City and $1,716 in Medellin. The difference isn't just one category – it shows up across housing, food, transport, and services.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,716, than in Panama City at $1,875. 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.