Last update: Oct 2026

Cost of Living Comparison Between Panama City and Medellin

For one person, living is cheaper in Medellin: $1,614 a month against $1,855 in Panama City, rent and utilities included – about $2,900 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
79

Cost of Living Index in Medellin
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Medellin Living Index

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Panama City

🇵🇦 Panama

$1,855

/mo nomad

Medellin

🇨🇴 Colombia

$1,614

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama City and in Medellin

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 Medellin actually costs, broken down by who's living it.

A single person spends $1,855 per month in Panama City vs $1,614 in Medellin, rent included.

Panama City $1,855
Medellin $1,614

A couple spends around $2,804 per month in Panama City vs $2,402 in Medellin, rent included.

Panama City $2,804
Medellin $2,402

A family of three spends $3,753 per month in Panama City vs $3,190 in Medellin, rent included.

Panama City $3,753
Medellin $3,190

Panama City costs about 15% more than Medellin, and outside of rent the biggest gap is in transport.

Both Panama City and Medellin sit above the global median – Panama City by 37%, Medellin by 20%.

Meal at Budget Restaurant

$11.63 PAB 11.63

$7.93 COP 25.2K

46.66%

Three-Course Dinner for Two, Mid-Range

$47.92 PAB 47.92

$46.13 COP 146.3K

3.88%

Fast Food Meal (McDonalds, etc)

$7.96 PAB 7.96

$9.50 COP 30.1K

-16.21%

Cappuccino

$4.22 PAB 4.22

$3.11 COP 9,866

35.69%

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

$2.01 PAB 2.01

$1.83 COP 5,800

9.84%

Water (0.33 liter bottle)

$1.56 PAB 1.56

$1.38 COP 4,360

13.04%

Local Beer (0.5 liter draught)

$3.39 PAB 3.39

$3.05 COP 9,672

11.15%

Imported Beer (0.33 liter bottle)

$3.94 PAB 3.94

$5.50 COP 17.4K

-28.36%

Milk (1 liter)

$1.85 PAB 1.85

$1.45 COP 4,600

27.59%

White Bread (500g)

$2.56 PAB 2.56

$2.36 COP 7,496

8.47%

Rice (white) (1kg)

$3.48 PAB 3.48

$1.68 COP 5,328

107.14%

Eggs

$2.69 PAB 2.69

$2.86 COP 9,077

-5.94%

Local Cheese (1kg)

$12.57 PAB 12.57

$10.19 COP 32.3K

23.36%

Chicken Fillets (1kg)

$6.83 PAB 6.83

$9.53 COP 30.2K

-28.33%

Beef Round Steak (1kg)

$10.58 PAB 10.58

$14.04 COP 44.5K

-24.64%

Apples (1kg)

$4.18 PAB 4.18

$4.07 COP 12.9K

2.70%

Banana (1kg)

$1.83 PAB 1.83

$1.50 COP 4,742

22.00%

Oranges (1kg)

$4.20 PAB 4.20

$2.17 COP 6,891

93.55%

Tomato (1kg)

$4.03 PAB 4.03

$2.31 COP 7,310

74.46%

Potato (1kg)

$3.48 PAB 3.48

$1.93 COP 6,113

80.31%

Onion (1kg)

$4.22 PAB 4.22

$1.64 COP 5,196

157.32%

Lettuce (1 head)

$2.41 PAB 2.41

$1.13 COP 3,571

113.27%

Water (1.5 liter bottle)

$1.69 PAB 1.69

$1.25 COP 3,954

35.20%

Cigarettes 20 Pack (Marlboro, Camel)

$6.14 PAB 6.14

$3.99 COP 12.6K

53.88%

Wine (Bottle)

$11.30 PAB 11.30

$13.35 COP 42.3K

-15.36%

Local Beer (0.5 liter bottle)

$1.42 PAB 1.42

$1.70 COP 5,384

-16.47%

Imported Beer (0.33 liter bottle)

$2.73 PAB 2.73

$2.37 COP 7,525

15.19%

One-way Ticket (Public Transport)

$0.33 PAB 0.33

$1.21 COP 3,827

-72.73%

Public Transport Monthly Pass (Regular Price)

$21.23 PAB 21.23

$76.5 COP 242.5K

-72.24%

Taxi Start (Normal Tariff)

$2.52 PAB 2.52

$1.32 COP 4,179

90.91%

Taxi (Normal Tariff) (1km)

$1.86 PAB 1.86

$2.14 COP 6,774

-13.08%

Taxi 1hour Waiting (Normal Tariff)

$21.78 PAB 21.78

$8.47 COP 26.8K

157.14%

Gasoline (1 liter)

$1.25 PAB 1.25

$1.30 COP 4,114

-3.85%

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

$21.2K PAB 21.2K

$28.0K COP 88.7M

-24.12%

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

$21.0K PAB 21.0K

$35.4K COP 112.3M

-40.64%

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

$130 PAB 130

$172 COP 545.6K

-24.55%

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

$28.13 PAB 28.13

$13.37 COP 42.4K

110.40%

Internet (50+ Mbps, Unlimited Data)

$48.21 PAB 48.21

$28.73 COP 91.1K

67.80%

Gym Membership (Monthly)

$45.78 PAB 45.78

$45.24 COP 143.5K

1.19%

Tennis Court (1 Hour on Weekend)

$34.92 PAB 34.92

$17.04 COP 54.0K

104.93%

Cinema Ticket

$8.67 PAB 8.67

$6.28 COP 19.9K

38.06%

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

$544 PAB 544

$770 COP 2.4M

-29.34%

International Primary School, 1 Child (Yearly)

$9,697 PAB 9,697

$9,011 COP 28.6M

7.61%

Jeans (Levis 501 Or Similar)

$66.8 PAB 66.8

$86.4 COP 274.0K

-22.75%

Summer Dress (H&M, Zara, etc)

$49.14 PAB 49.14

$57.1 COP 181.1K

-13.99%

Sport Shoes (Adidas, Nike)

$93.9 PAB 93.9

$137 COP 432.9K

-31.26%

Men's Leather Business Shoes

$112 PAB 112

$97.9 COP 310.4K

13.93%

1-bedroom Apartment, City Center (Monthly)

$1,257 PAB 1,257

$1,055 COP 3.3M

19.14%

1-bedroom Apartment, Outside City Center (Monthly)

$875 PAB 875

$616 COP 2.0M

42.08%

3-bedroom Apartment, City Center (Monthly)

$2,155 PAB 2,155

$1,892 COP 6.0M

13.89%

3-bedroom Apartment, Outside City Center (Monthly)

$1,564 PAB 1,564

$1,023 COP 3.2M

52.88%

Buy Apartment in City Center (m2)

$3,122 PAB 3,122

$4,059 COP 12.9M

-23.08%

Buy Apartment Outside City Center (m2)

$1,709 PAB 1,709

$1,678 COP 5.3M

1.84%

Average Monthly Net Salary (After Tax)

$916 PAB 916

$652 COP 2.1M

40.40%

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: October 10, 2026

Last update for Medellin: October 12, 2026

Monthly budget structure

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

Accommodation & Living

Panama City

$875 47.2%

Medellin

$616 38.2% 29.6% $259

Groceries & Markets

Panama City

$325 17.5%

Medellin

$295 18.3% 9.4% $30

Eating Out

Panama City

$207 11.1%

Medellin

$168 10.4% 18.5% $38

Monthly Utilities & Internet

Panama City

$206 11.1%

Medellin

$214 13.3% 3.9% $8

Clothing & Footwear

Panama City

$145 7.8%

Medellin

$170 10.5% 17.6% $26

Sport & Entertainment

Panama City

$63 3.4%

Medellin

$58 3.6% 8.4% $5.3

Getting Around

Panama City

$34 1.9%

Medellin

$93 5.8% 171% $59

Cost Breakdown

A central one-bedroom costs $1,257 in Panama City versus $1,055 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 40% 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 $48.00 in Panama City versus $46.00 in Medellin. Monthly groceries follow the same trend: $325 vs $295 – making Medellin the more affordable choice for daily food spending.

Good to know

🇵🇦 Panama City

🇨🇴 Medellin

🕒 Local time

10:52 10:52 AM

Same time as Panama City

🌤 Weather

👥 Population

1,086,990 Capital

2,486,723

💱 Currency

Panamanian Balboa PAB B/.

Colombian Peso COP $

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.89 EUR

10,000 COP = 3.15 USD

10,000 COP = 2.81 EUR

Exchange rates and currency converter

COP, USD, EUR to PAB – Panamanian Balboa Converter

🇺🇸 United States Dollar ($)

🇵🇦 Panamanian Balboa (B/.)

Panamanian Balboa exchange rates as of October 19, 2026: 1 USD = 1 PAB (1 PAB = 1 USD). 1 EUR = 1.12 PAB (1 PAB = 0.89 EUR).

Colombian Peso exchange rates as of October 19, 2026: 1 USD = 3,171 COP (10,000 COP = 3.15 USD). 1 EUR = 3,565 COP (10,000 COP = 2.81 EUR).

USD to PAB in detail →

On the map

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Highest

Between locations

Panama City Medellin 530 km ≈ 1 h 15 min nonstop flight

From you

Panama City
Medellin

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 Medellin: Cost of Living - Frequently Asked Questions

Yes – Panama City is pricier by about 15%, and outside of rent the gap shows up most in transport.

For a comfortable life, plan on about $2,783 per month in Panama City and $2,421 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 $48.00 in Panama City and $46.00 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 $1,855 in Panama City and $1,614 in Medellin. That's a gap of about 15%.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,614, than in Panama City at $1,855. 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.