Last update: Oct 2026

Cost of Living Comparison Between Panama and Spain

Name: Spain
Address: ES

For one person, living is cheaper in Panama: $1,590 a month against $1,754 in Spain, rent and utilities included – about $2,000 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
85

Cost of Living Index in Spain
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Spain Living Index

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🇵🇦 Panama

$1,590

/mo nomad

🇪🇸 Spain

$1,754

/mo nomad

Monthly Cost of Living

How much you'll spend in Panama and in Spain

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

A single person spends $1,590 per month in Panama vs $1,754 in Spain, rent included.

Panama $1,590
Spain $1,754

A couple spends around $2,415 per month in Panama vs $2,570 in Spain, rent included.

Panama $2,415
Spain $2,570

A family of three spends $3,241 per month in Panama vs $3,386 in Spain, rent included.

Panama $3,241
Spain $3,386

The cost of living in Panama is roughly 9% lower than in Spain on average.

Both Panama and Spain are pricier than the global median – Panama by 18%, Spain by 30%.

Meal at Budget Restaurant

$7.80 PAB 7.80

$16.56 €14.73

-52.90%

Three-Course Dinner for Two, Mid-Range

$44.15 PAB 44.15

$56.6 €50.4

-22.01%

Fast Food Meal (McDonalds, etc)

$7.87 PAB 7.87

$11.24 €10.00

-29.98%

Cappuccino

$3.86 PAB 3.86

$2.32 €2.07

66.38%

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

$1.60 PAB 1.60

$2.57 €2.28

-37.74%

Water (0.33 liter bottle)

$1.40 PAB 1.40

$1.86 €1.66

-24.73%

Local Beer (0.5 liter draught)

$2.24 PAB 2.24

$3.34 €2.97

-32.93%

Imported Beer (0.33 liter bottle)

$3.96 PAB 3.96

$4.02 €3.58

-1.49%

Milk (1 liter)

$1.80 PAB 1.80

$1.21 €1.08

48.76%

White Bread (500g)

$2.29 PAB 2.29

$1.54 €1.37

48.70%

Rice (white) (1kg)

$2.91 PAB 2.91

$1.63 €1.45

78.53%

Eggs

$2.49 PAB 2.49

$3.30 €2.93

-24.55%

Local Cheese (1kg)

$12.07 PAB 12.07

$14.35 €12.76

-15.89%

Chicken Fillets (1kg)

$7.22 PAB 7.22

$8.54 €7.60

-15.46%

Beef Round Steak (1kg)

$10.43 PAB 10.43

$16.09 €14.31

-35.18%

Apples (1kg)

$4.18 PAB 4.18

$2.45 €2.18

70.61%

Banana (1kg)

$1.42 PAB 1.42

$2.02 €1.79

-29.70%

Oranges (1kg)

$3.61 PAB 3.61

$2.07 €1.85

74.40%

Tomato (1kg)

$3.86 PAB 3.86

$2.44 €2.17

58.20%

Potato (1kg)

$2.64 PAB 2.64

$1.78 €1.58

48.31%

Onion (1kg)

$3.14 PAB 3.14

$2.01 €1.78

56.22%

Lettuce (1 head)

$2.28 PAB 2.28

$1.29 €1.15

76.74%

Water (1.5 liter bottle)

$1.57 PAB 1.57

$0.75 €0.66

109.33%

Cigarettes 20 Pack (Marlboro, Camel)

$5.87 PAB 5.87

$6.42 €5.71

-8.57%

Wine (Bottle)

$10.15 PAB 10.15

$5.71 €5.08

77.76%

Local Beer (0.5 liter bottle)

$1.34 PAB 1.34

$1.30 €1.15

3.08%

Imported Beer (0.33 liter bottle)

$2.40 PAB 2.40

$1.99 €1.77

20.60%

One-way Ticket (Public Transport)

$0.44 PAB 0.44

$1.70 €1.51

-74.12%

Public Transport Monthly Pass (Regular Price)

$21.23 PAB 21.23

$33.97 €30.22

-37.50%

Taxi Start (Normal Tariff)

$2.49 PAB 2.49

$4.58 €4.07

-45.63%

Taxi (Normal Tariff) (1km)

$1.78 PAB 1.78

$1.48 €1.32

20.27%

Taxi 1hour Waiting (Normal Tariff)

$22.40 PAB 22.40

$24.59 €21.87

-8.91%

Gasoline (1 liter)

$1.18 PAB 1.18

$1.74 €1.55

-32.18%

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

$21.6K PAB 21.6K

$34.9K €31.0K

-38.15%

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

$22.4K PAB 22.4K

$29.7K €26.4K

-24.37%

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

$118 PAB 118

$147 €131

-19.63%

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

$26.75 PAB 26.75

$17.90 €15.92

49.44%

Internet (50+ Mbps, Unlimited Data)

$46.56 PAB 46.56

$31.21 €27.76

49.18%

Gym Membership (Monthly)

$48.98 PAB 48.98

$44.57 €39.65

9.89%

Tennis Court (1 Hour on Weekend)

$29.75 PAB 29.75

$15.01 €13.35

98.20%

Cinema Ticket

$7.95 PAB 7.95

$9.24 €8.22

-13.96%

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

$553 PAB 553

$529 €470

4.50%

International Primary School, 1 Child (Yearly)

$8,030 PAB 8,030

$10.4K €9,212

-22.46%

Jeans (Levis 501 Or Similar)

$54.6 PAB 54.6

$84.8 €75.5

-35.68%

Summer Dress (H&M, Zara, etc)

$42.81 PAB 42.81

$36.80 €32.73

16.33%

Sport Shoes (Adidas, Nike)

$89.0 PAB 89.0

$89.7 €79.7

-0.74%

Men's Leather Business Shoes

$105 PAB 105

$107 €94.8

-1.44%

1-bedroom Apartment, City Center (Monthly)

$939 PAB 939

$988 €879

-5.00%

1-bedroom Apartment, Outside City Center (Monthly)

$701 PAB 701

$791 €703

-11.31%

3-bedroom Apartment, City Center (Monthly)

$1,709 PAB 1,709

$1,580 €1,405

8.17%

3-bedroom Apartment, Outside City Center (Monthly)

$1,258 PAB 1,258

$1,196 €1,064

5.23%

Buy Apartment in City Center (m2)

$2,911 PAB 2,911

$4,059 €3,610

-28.29%

Buy Apartment Outside City Center (m2)

$1,643 PAB 1,643

$2,615 €2,326

-37.16%

Average Monthly Net Salary (After Tax)

$831 PAB 831

$1,923 €1,711

-56.81%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.37

3.3

93.03%

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

Last update for Panama: October 11, 2026

Last update for Spain: October 13, 2026

Monthly budget structure

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

Accommodation & Living

Panama

$701 44.1%

Spain

$791 45.1% 12.7% $89

Groceries & Markets

Panama

$303 19.1%

Spain

$272 15.5% 10.5% $32

Monthly Utilities & Internet

Panama

$191 12%

Spain

$196 11.2% 2.4% $4.6

Eating Out

Panama

$163 10.3%

Spain

$237 13.5% 44.8% $73

Clothing & Footwear

Panama

$131 8.3%

Spain

$143 8.2% 9.1% $12

Sport & Entertainment

Panama

$65 4.1%

Spain

$63 3.6% 2.8% $1.8

Getting Around

Panama

$34 2.2%

Spain

$53 3% 53.5% $18

Cost Breakdown

Average rent: $336 in Panama vs $908 in Spain. For reference, capital cities sit at $1,257 in Panama City and $1,506 in Madrid.

Average salary: $686 in Panama vs $1,972 in Spain. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 170% higher in Spain.

Dining out costs 104% more in Spain.

Public transport is 867% more expensive in Spain.

Salaries are 187% higher in Spain, and purchasing power comes out stronger in Spain.

Good to know

🇵🇦 Panama

🇪🇸 Spain

🕒 Local time

22:24 10:24 PM

05:24 5:24 AM

7 h ahead of Panama

🌤 Weather

👥 Population

4,098,587

47,415,750

💱 Currency

Panamanian Balboa PAB B/.

Euro EUR €

📈 Exchange rate

1 PAB = 1 USD

1 PAB = 0.89 EUR

1 EUR = 1.12 USD

Exchange rates and currency converter

EUR, USD 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).

Euro exchange rates as of October 19, 2026: 1 USD = 0.889 EUR (1 EUR = 1.12 USD).

USD to PAB in detail →

On the map

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Highest

Between locations

Panama Spain 8,160 km ≈ 11 h nonstop flight

From you

Panama
Spain

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 Spain: Cost of Living - Frequently Asked Questions

Panama is the cheaper option – living costs run roughly 10% lower on average.

Housing costs more in Spain: a central one-bedroom averages $908 versus $336 in Panama.

Groceries, public transport, and eating out all cost less in Panama, adding to the overall 10% price gap.

$2,000 buys a comfortable lifestyle in Panama, but in Spain it only works with careful planning outside the capital. Same money, very different lives.

Panama is the budget-friendly choice for expats – lower housing and daily costs. But cost isn't everything: visa policies, language, healthcare quality, and job markets all weigh in too.