Last update: Oct 2026

Cost of Living Comparison Between Panama and Mexico

Name: Mexico
Address: MX

For one person, living is cheaper in Mexico: $1,276 a month against $1,590 in Panama, rent and utilities included – about $3,800 less a year. Rent and utilities account for most of the difference.

78

Cost of Living Index in Panama
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Panama Living Index
62

Cost of Living Index in Mexico
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Mexico Living Index

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🇵🇦 Panama

$1,590

/mo nomad

🇲🇽 Mexico

$1,276

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama and in Mexico

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

Monthly costs for one person with rent: $1,590 in Panama versus $1,276 in Mexico.

Panama $1,590
Mexico $1,276

Estimated couple costs with rent: $2,415 in Panama versus $2,023 in Mexico.

Panama $2,415
Mexico $2,023

Monthly costs for a family of three with rent: $3,241 in Panama versus $2,770 in Mexico.

Panama $3,241
Mexico $2,770

Living in Panama is roughly 25% more expensive than in Mexico on average.

Panama (18% above) and Mexico (5% below) straddle the global median.

Meal at Budget Restaurant

$7.80 PAB 7.80

$10.91 MX$202

-28.51%

Three-Course Dinner for Two, Mid-Range

$44.15 PAB 44.15

$44.51 MX$822

-0.81%

Fast Food Meal (McDonalds, etc)

$7.87 PAB 7.87

$9.21 MX$170

-14.55%

Cappuccino

$3.86 PAB 3.86

$3.55 MX$65.6

8.73%

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

$1.60 PAB 1.60

$1.43 MX$26.34

11.89%

Water (0.33 liter bottle)

$1.40 PAB 1.40

$1.07 MX$19.83

30.84%

Local Beer (0.5 liter draught)

$2.24 PAB 2.24

$2.73 MX$50.4

-17.95%

Imported Beer (0.33 liter bottle)

$3.96 PAB 3.96

$4.40 MX$81.3

-10.00%

Milk (1 liter)

$1.80 PAB 1.80

$1.61 MX$29.74

11.80%

White Bread (500g)

$2.29 PAB 2.29

$2.74 MX$50.7

-16.42%

Rice (white) (1kg)

$2.91 PAB 2.91

$1.72 MX$31.76

69.19%

Eggs

$2.49 PAB 2.49

$2.57 MX$47.55

-3.11%

Local Cheese (1kg)

$12.07 PAB 12.07

$9.34 MX$173

29.23%

Chicken Fillets (1kg)

$7.22 PAB 7.22

$8.13 MX$150

-11.19%

Beef Round Steak (1kg)

$10.43 PAB 10.43

$11.62 MX$215

-10.24%

Apples (1kg)

$4.18 PAB 4.18

$2.94 MX$54.3

42.18%

Banana (1kg)

$1.42 PAB 1.42

$1.62 MX$29.95

-12.35%

Oranges (1kg)

$3.61 PAB 3.61

$2.08 MX$38.41

73.56%

Tomato (1kg)

$3.86 PAB 3.86

$1.91 MX$35.21

102.09%

Potato (1kg)

$2.64 PAB 2.64

$2.07 MX$38.22

27.54%

Onion (1kg)

$3.14 PAB 3.14

$2.05 MX$37.86

53.17%

Lettuce (1 head)

$2.28 PAB 2.28

$1.44 MX$26.69

58.33%

Water (1.5 liter bottle)

$1.57 PAB 1.57

$1.10 MX$20.33

42.73%

Cigarettes 20 Pack (Marlboro, Camel)

$5.87 PAB 5.87

$4.64 MX$85.7

26.51%

Wine (Bottle)

$10.15 PAB 10.15

$10.76 MX$199

-5.67%

Local Beer (0.5 liter bottle)

$1.34 PAB 1.34

$1.79 MX$33.08

-25.14%

Imported Beer (0.33 liter bottle)

$2.40 PAB 2.40

$3.33 MX$61.5

-27.93%

One-way Ticket (Public Transport)

$0.44 PAB 0.44

$0.63 MX$11.61

-30.16%

Public Transport Monthly Pass (Regular Price)

$21.23 PAB 21.23

$27.08 MX$500

-21.60%

Taxi Start (Normal Tariff)

$2.49 PAB 2.49

$2.77 MX$51.2

-10.11%

Taxi (Normal Tariff) (1km)

$1.78 PAB 1.78

$2.76 MX$51.1

-35.51%

Taxi 1hour Waiting (Normal Tariff)

$22.40 PAB 22.40

$11.03 MX$204

103.08%

Gasoline (1 liter)

$1.18 PAB 1.18

$1.47 MX$27.17

-19.73%

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

$21.6K PAB 21.6K

$20.8K MX$384.4K

3.64%

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

$22.4K PAB 22.4K

$24.2K MX$446.9K

-7.18%

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

$118 PAB 118

$69.1 MX$1,278

70.71%

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

$26.75 PAB 26.75

$23.20 MX$429

15.30%

Internet (50+ Mbps, Unlimited Data)

$46.56 PAB 46.56

$28.94 MX$535

60.88%

Gym Membership (Monthly)

$48.98 PAB 48.98

$36.82 MX$680

33.03%

Tennis Court (1 Hour on Weekend)

$29.75 PAB 29.75

$18.19 MX$336

63.55%

Cinema Ticket

$7.95 PAB 7.95

$5.29 MX$97.7

50.28%

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

$553 PAB 553

$264 MX$4,887

108.96%

International Primary School, 1 Child (Yearly)

$8,030 PAB 8,030

$6,272 MX$115.9K

28.02%

Jeans (Levis 501 Or Similar)

$54.6 PAB 54.6

$56.8 MX$1,050

-3.99%

Summer Dress (H&M, Zara, etc)

$42.81 PAB 42.81

$41.50 MX$767

3.16%

Sport Shoes (Adidas, Nike)

$89.0 PAB 89.0

$99.0 MX$1,828

-10.07%

Men's Leather Business Shoes

$105 PAB 105

$89.5 MX$1,654

17.39%

1-bedroom Apartment, City Center (Monthly)

$939 PAB 939

$714 MX$13.2K

31.54%

1-bedroom Apartment, Outside City Center (Monthly)

$701 PAB 701

$469 MX$8,674

49.40%

3-bedroom Apartment, City Center (Monthly)

$1,709 PAB 1,709

$1,323 MX$24.5K

29.16%

3-bedroom Apartment, Outside City Center (Monthly)

$1,258 PAB 1,258

$901 MX$16.7K

39.60%

Buy Apartment in City Center (m2)

$2,911 PAB 2,911

$2,553 MX$47.2K

14.00%

Buy Apartment Outside City Center (m2)

$1,643 PAB 1,643

$1,467 MX$27.1K

12.01%

Average Monthly Net Salary (After Tax)

$831 PAB 831

$768 MX$14.2K

8.22%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.37

11.44

-44.32%

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

Last update for Panama: October 11, 2026

Last update for Mexico: October 10, 2026

Monthly budget structure

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

Accommodation & Living

Panama

$701 44.1%

Mexico

$469 36.8% 33.1% $232

Groceries & Markets

Panama

$303 19.1%

Mexico

$273 21.4% 10% $30

Monthly Utilities & Internet

Panama

$191 12%

Mexico

$121 9.5% 36.6% $70

Eating Out

Panama

$163 10.3%

Mexico

$190 14.9% 16.2% $27

Clothing & Footwear

Panama

$131 8.3%

Mexico

$129 10.1% 1.6% $2.1

Sport & Entertainment

Panama

$65 4.1%

Mexico

$47 3.7% 27% $17

Getting Around

Panama

$34 2.2%

Mexico

$46 3.6% 34.3% $12

Cost Breakdown

National rent averages: $336 in Panama, $617 in Mexico. Capital cities: $1,257 in Panama City vs $1,051 in Mexico City.

National salary averages: $686 in Panama, $735 in Mexico. Higher pay doesn't always mean more spending money – weigh income against local costs.

Cost Highlights

Rent is 84% higher in Mexico.

Dining out costs 54% more in Mexico.

Public transport is 300% more expensive in Mexico.

Good to know

🇵🇦 Panama

🇲🇽 Mexico

🕒 Local time

19:37 7:37 PM

18:37 6:37 PM

1 h behind Panama

🌤 Weather

👥 Population

4,098,587

124,777,324

💱 Currency

Panamanian Balboa PAB B/.

Mexican Peso MXN $

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.89 EUR

100 MXN = 5.41 USD

100 MXN = 4.81 EUR

Exchange rates and currency converter

MXN, 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).

Mexican Peso exchange rates as of October 19, 2026: 1 USD = 18.48 MXN (100 MXN = 5.41 USD). 1 EUR = 20.77 MXN (100 MXN = 4.81 EUR).

USD to PAB in detail →

On the map

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Between locations

Panama Mexico 2,410 km ≈ 3 h 30 min nonstop flight

From you

Panama
Mexico

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 vs Mexico: Cost of Living - Frequently Asked Questions

At $1,276 per month in Mexico and $1,590 in Panama, there's a 25% gap. Keep in mind it varies by city – the difference can be bigger or smaller depending on where you settle within each country.

Overall, Mexico is the cheaper option, but not in every category: rent, groceries, transport, and eating out each follow their own pattern. Check the categories you spend the most on before deciding.

In Mexico, $2,500 covers most cities easily; in Panama it stretches only to regional areas and falls short in the capital – you'll need to make trade-offs on housing or lifestyle.

It depends on what you're after: Mexico wins on affordability; Panama may offer higher salaries, better infrastructure, and different cultural perks. Both attract large expat communities for different reasons.