23/04/2024
Cost of Living Comparison: Panama vs. the US and Canada
When considering a move to Panama, understanding the cost of living differences compared to the United States and Canada is crucial. Variations in costs exist depending on the specific regions, but national averages offer a general perspective. Here's a breakdown comparing Panama to the US and Canada.
US vs. Panama
Clothing: Clothing costs are slightly higher in Panama, by about 0.04%.
Restaurants:
Dining at a fancy restaurant with drinks and a meal is 57.6% cheaper in Panama.
Fast food is 19.8% cheaper in Panama.
A soft drink at a restaurant is 31.6% cheaper in Panama.
Groceries: 24.9% less expensive in Panama.
Transportation: 17.6% less expensive in Panama.
Housing: Housing is 51% less expensive in Panama.
Internet: 29.4% less expensive in Panama.
Childcare: Childcare is 70.6% less expensive in Panama.
Private Schools: 60-80% less expensive in Panama.
Entertainment: 37% cheaper in Panama.
Overall, Panama is 33.8% cheaper than the US before taking advantage of the Pensionado Visa, which provides additional discounts.
Canada vs. Panama
Clothing: Clothing is 0.07% cheaper in Panama.
Restaurants:
Dining at a fancy restaurant with drinks and a meal is 107% cheaper in Panama.
Fast food is 18.4% cheaper in Panama.
A soft drink at a restaurant is 15.3% cheaper in Panama.
Groceries: 28.2% less expensive in Panama.
Transportation: 40.4% cheaper in Panama.
Housing: Housing is 69% less expensive in Panama.
Internet: 28.3% less expensive in Panama.
Childcare: Childcare costs in Canada are 2.7 times higher than in Panama.
Private Schools: Canadian private schools are 226.8% more expensive.
Entertainment: 37% cheaper in Panama.
Panama is 79% cheaper than Canada before considering the Pensionado Visa, which offers further discounts.
Additional Benefits:
Living off-grid on an island with no utility bills and the ability to grow and catch much of your own food increases the cost savings further.
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