Last update: Oct 2026

Cost of Living Comparison Between Spain and Panama

Name: Panama
Address: PA

For one person, living is cheaper in Panama: $1,619 a month against $1,775 in Spain, rent and utilities included – about $1,900 less a year. Rent and utilities account for most of the difference.

86

Cost of Living Index in Spain
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Spain Living Index
78

Cost of Living Index in Panama
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Panama Living Index

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🇪🇸 Spain

$1,775

/mo nomad

🇵🇦 Panama

$1,619

/mo nomad

Monthly Cost of Living

How much you'll spend in Spain and in Panama

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

A single person spends $1,775 per month in Spain vs $1,619 in Panama, rent included.

Spain $1,775
Panama $1,619

A couple spends around $2,606 per month in Spain vs $2,502 in Panama, rent included.

Spain $2,606
Panama $2,502

A family of three spends $3,438 per month in Spain vs $3,384 in Panama, rent included.

Spain $3,438
Panama $3,384

Cost ranges are similar: Spain spans $931–$2,610, Panama $174–$1,932. City choice affects budget similarly in either country.

The cost of living in Spain is about 10% higher than in Panama on average.

Both Spain and Panama are pricier than the global median – Spain by 30%, Panama by 19%.

Meal at Budget Restaurant

$16.69 €14.95

$8.22 PAB 8.22

103.04%

Three-Course Dinner for Two, Mid-Range

$55.7 €49.88

$44.37 PAB 44.37

25.54%

Fast Food Meal (McDonalds, etc)

$11.37 €10.18

$8.18 PAB 8.18

39.00%

Cappuccino

$2.42 €2.16

$4.02 PAB 4.02

-39.80%

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

$2.68 €2.40

$1.63 PAB 1.63

64.42%

Water (0.33 liter bottle)

$1.79 €1.60

$1.35 PAB 1.35

32.59%

Local Beer (0.5 liter draught)

$3.42 €3.07

$2.20 PAB 2.20

55.45%

Imported Beer (0.33 liter bottle)

$3.88 €3.47

$4.06 PAB 4.06

-4.43%

Milk (1 liter)

$1.20 €1.07

$1.87 PAB 1.87

-35.83%

White Bread (500g)

$1.48 €1.33

$2.43 PAB 2.43

-39.09%

Rice (white) (1kg)

$1.67 €1.50

$3.04 PAB 3.04

-45.07%

Eggs

$3.42 €3.06

$2.47 PAB 2.47

38.46%

Local Cheese (1kg)

$14.17 €12.69

$12.09 PAB 12.09

17.20%

Chicken Fillets (1kg)

$8.33 €7.46

$7.24 PAB 7.24

15.06%

Beef Round Steak (1kg)

$16.20 €14.51

$10.09 PAB 10.09

60.56%

Apples (1kg)

$2.45 €2.20

$4.13 PAB 4.13

-40.68%

Banana (1kg)

$2.03 €1.82

$1.50 PAB 1.50

35.33%

Oranges (1kg)

$2.08 €1.86

$3.61 PAB 3.61

-42.38%

Tomato (1kg)

$2.58 €2.31

$3.84 PAB 3.84

-32.81%

Potato (1kg)

$1.83 €1.64

$2.63 PAB 2.63

-30.42%

Onion (1kg)

$2.00 €1.79

$3.26 PAB 3.26

-38.65%

Lettuce (1 head)

$1.31 €1.17

$2.21 PAB 2.21

-40.72%

Water (1.5 liter bottle)

$0.77 €0.69

$1.59 PAB 1.59

-51.57%

Cigarettes 20 Pack (Marlboro, Camel)

$6.36 €5.70

$5.96 PAB 5.96

6.71%

Wine (Bottle)

$5.64 €5.05

$9.88 PAB 9.88

-42.91%

Local Beer (0.5 liter bottle)

$1.30 €1.17

$1.39 PAB 1.39

-6.47%

Imported Beer (0.33 liter bottle)

$2.09 €1.87

$2.40 PAB 2.40

-12.92%

One-way Ticket (Public Transport)

$1.64 €1.47

$0.41 PAB 0.41

300.00%

Public Transport Monthly Pass (Regular Price)

$32.91 €29.48

$21.33 PAB 21.33

54.29%

Taxi Start (Normal Tariff)

$4.43 €3.96

$2.56 PAB 2.56

73.05%

Taxi (Normal Tariff) (1km)

$1.47 €1.31

$1.84 PAB 1.84

-20.11%

Taxi 1hour Waiting (Normal Tariff)

$24.98 €22.38

$21.97 PAB 21.97

13.70%

Gasoline (1 liter)

$1.77 €1.59

$1.17 PAB 1.17

51.28%

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

$35.5K €31.8K

$26.0K PAB 26.0K

36.65%

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

$30.6K €27.4K

$22.9K PAB 22.9K

33.93%

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

$149 €134

$116 PAB 116

28.35%

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

$17.67 €15.83

$26.53 PAB 26.53

-33.40%

Internet (50+ Mbps, Unlimited Data)

$31.88 €28.55

$46.36 PAB 46.36

-31.23%

Gym Membership (Monthly)

$44.24 €39.62

$47.47 PAB 47.47

-6.80%

Tennis Court (1 Hour on Weekend)

$15.29 €13.70

$30.48 PAB 30.48

-49.84%

Cinema Ticket

$9.66 €8.65

$7.77 PAB 7.77

24.32%

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

$544 €487

$541 PAB 541

0.68%

International Primary School, 1 Child (Yearly)

$10.6K €9,499

$7,955 PAB 7,955

33.32%

Jeans (Levis 501 Or Similar)

$84.9 €76.0

$55.3 PAB 55.3

53.58%

Summer Dress (H&M, Zara, etc)

$37.11 €33.24

$44.64 PAB 44.64

-16.87%

Sport Shoes (Adidas, Nike)

$89.2 €79.9

$88.1 PAB 88.1

1.24%

Men's Leather Business Shoes

$106 €94.7

$102 PAB 102

3.29%

1-bedroom Apartment, City Center (Monthly)

$1,056 €946

$994 PAB 994

6.27%

1-bedroom Apartment, Outside City Center (Monthly)

$808 €723

$727 PAB 727

11.06%

3-bedroom Apartment, City Center (Monthly)

$1,621 €1,452

$1,830 PAB 1,830

-11.44%

3-bedroom Apartment, Outside City Center (Monthly)

$1,246 €1,116

$1,390 PAB 1,390

-10.33%

Buy Apartment in City Center (m2)

$4,135 €3,704

$3,036 PAB 3,036

36.21%

Buy Apartment Outside City Center (m2)

$2,633 €2,358

$1,764 PAB 1,764

49.22%

Average Monthly Net Salary (After Tax)

$1,999 €1,790

$821 PAB 821

143.46%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.3

6.37

-48.19%

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

Last update for Spain: October 24, 2026

Last update for Panama: October 26, 2026

Monthly budget structure

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

Accommodation & Living

Spain

$808 45.5%

Panama

$727 44.9% 10% $80

Groceries & Markets

Spain

$272 15.3%

Panama

$305 18.8% 12.2% $33

Eating Out

Spain

$239 13.5%

Panama

$170 10.5% 29.2% $70

Monthly Utilities & Internet

Spain

$199 11.2%

Panama

$189 11.7% 4.8% $9.6

Clothing & Footwear

Spain

$143 8%

Panama

$131 8.1% 8.4% $12

Sport & Entertainment

Spain

$64 3.6%

Panama

$63 3.9% 0.8% $0.5

Getting Around

Spain

$51 2.9%

Panama

$35 2.2% 32.2% $17

Cost Breakdown

Average rent: $920 in Spain vs $735 in Panama. For reference, capital cities sit at $1,508 in Madrid and $1,407 in Panama City.

Average salary: $1,972 in Spain vs $692 in Panama. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 25% higher in Spain.

Dining out costs 33% more in Spain.

Public transport is 35% more expensive in Spain.

Salaries are about 2.8 times higher in Spain, and purchasing power comes out stronger in Spain.

Good to know

🇪🇸 Spain

🇵🇦 Panama

🕒 Local time

03:27 3:27 AM

21:27 9:27 PM

6 h behind Spain

🌤 Weather

👥 Population

47,415,750

4,098,587

💱 Currency

Euro EUR €

Panamanian Balboa PAB B/.

📈 Exchange rate

1 EUR = 1.12 USD

1 PAB = 1 USD

1 PAB = 0.896 EUR

Exchange rates and currency converter

On the map

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Between locations

Spain Panama 8,160 km ≈ 11 h nonstop flight

From you

Spain
Panama

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

Spain vs Panama: Cost of Living - Frequently Asked Questions

Panama is the cheaper option – living costs run roughly 9% lower on average.

Housing costs more in Spain: a central one-bedroom averages $920 versus $735 in Panama.

Groceries, public transport, and eating out all cost less in Panama – part of why living there is about 9% cheaper overall.

$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. But cost isn’t everything: visa policies, language, healthcare quality, and job markets all weigh in too.