How Much Does Is Cost To Live In Panama / How Far Will $1000 Get Me In Panama City?
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- Опубликовано: 15 июл 2024
- In this episode, we look at how expensive life is in Panama. Specifically, in Panama City, the largest city of the country. There are certainly several cheaper alternative cities in Panama. We take a look at rental prices, public transport, utilities, fashion and entertainment and give you a brief description of the infrastructure, statistics and the economic situation of the country, all in one compact video. We also tell you how far $1000 will get you.
Chapters (skip to any chapter you like)
00:00 1. Who is Cost of Living?
01:03 2. Introduction to Panama
01:26 3. Renting
01:39 4. Utilities
02:06 5. Transport
02:33 6. Groceries
04:28 7. Fashion
04:53 8. Entertainment
05:28 9. Dining & Nightlife
06:07 11. Facts of Panama
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The video from Panama is based on numbers from December 2023.
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There is a huge difference between being 'cheap' and being fiscally responsible. When I head down to Panama in May I will eat in season and off the backs of trucks. Paying more for the same thing just because it's in an Americanized store makes zero sense to me. Same for housing. If I can be quite happy in an $800 unit even though I could afford more, then that is what I'll be doing an d saving my money for travel. I have gone to Uruguay, Argentina, and SE Asia to look at retirement options so I've already found what 'cheap' is and that would never be my major consideration for choosing one country over another.
I also would never want to push out locals because I overspend and effectively price them out of their own market. I just see that as selfish and a big FU to my new country. 🇵🇦🇨🇦
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"I also would never want to push out locals because i overspend and price them out of their own market".
So much respect, we have the same thing going on in my country as well. If only everyone was as considerate.. The way most expats spend is like you've given a child crazy amounts of money to go wild with.
A person in the comments made a very good point about prices in Panama. Americans are over paying for everything which is driving the prices up. He states if you just talk to the locals you will get a way better deal. If I have to pay these high prices I might as well stay in the US.
Honestly? I’m now over 4 years in Panama. I can’t understand people who are looking for a nice place to enjoy the rest of their years but don’t want to get rid of their “burnt in” thinking. Last week, I had someone again saying: “Do you know what that would cost me in xxxxxxx?” I honestly would like to know if most Expats do think like that. Does nobody doing their research to get some “basic information “ about living expenses in countries they like to retire? When I write about prices in Panama, and explain how people pay the double or more for rent compared to locals, I don’t mean that the locals live in a horrible place. In the most cases, the local people live just at the same floor or across the street in the same building or area. But everyone has his own ideas. People who travelled a lot in their lives do know that there are “tourist prices” or Gringo prices. Panama isn’t New York, Washington, Amarillo, Miami or Los Angeles. Actually I had a talk with a Panamanian last weekend and was surprised when he asked me about my living area. “Is it safe to live there without having a 24/7 security?” I smiled and said: It’s Panama. And the 1st time a Panamanian did asked me that “Gringo question”. So I asked him if he deals a lot with Expats. 37 years he is in business with foreigners. “Now I understand.” - I said. You are a Gringo already…. That was a weird question from a Panamanian and caught me off guard. - And yes. I understand that people have maybe sold a property in North America or Europe, even maybe their company and received a couple million dollars. Good for them! But throwing money around only because they can do it without consideration of the local market is not good for anyone who lives here. That’s why the Panama real estate market is completely screwed up. In what country, developers offer “new houses” for sale in 2023/24 they were build in 2012? Never sold in 11/12 years! Or Expats trying to sell their homes for 5 years or longer? If this would happen in the USA - Americans would use their common sense and keep the fingers off the market and their money in the bank! But hey. That’s only my opinion.
@@holgermessner851 I plan to move out of the US but currently I live in a place called Port Saint Lucie Florida and what’s happening to the locals there is happening to locals in my area. New Yorkers are moving down here in groves and they driving the housing market up.
For sure, but that is not what the video is about. Still, when choosing area's where majority of reteirees/foreigners live and locals know, for sure they gonna want to make some extra bucks from it. Nothing to blame there. That's how markets work and for sure higher prices will have a bigger impact on average prices, giving it a 'surreal' outcome. In my experience in Panama is to avoid 'real estate' companies when looking for something to rent. They are not shy to ask 3 to 4 times the amount for something similar you could find from a 'local'. In Boquete and around prices go from 350$ (local owned) to +2100$ (real estate). Off Course in this case not similar houses. Just to explain how wide prices can go.
@kencampbell589 Lived in nyc for 30 yrs. I understand. Those New yorkers who have that money are moving everywhere in nyc that "was ghetto n poor" and raising the prices.
I would say this is accurate enough.
I’m living 4 years now in Panama. I lived in Panama City. The Las Tablas area, living now in Nueva Gorgona. Did visit some other areas. In Panama City, Boquete, Valle de Anton - $1,000 getting you nowhere! Too many expats living there. Las Tablas & Nueva Gorgona you can live on $1,000. But not in a gated community or where many expats especially from the USA overpay absolutely everything. They don’t use their brains. I pay $350 for a 2 bedroom house. And yes. A couple streets away, Americans pay $1,800. Why? If you ask them you get the answer every American is giving me for 4 years: “DO YOU KNOW WHAT THIS WOULD COST ME IN THE USA?” Short response from me: “Wake up. You aren’t in the USA anymore!!” Most local people can’t afford this high rents Americans pay. They even can’t maintain their homes in Panama City as they should. And don’t forget. Real Estate is overpriced in Panama because of the Americans. If someone is a Millionaire because he just sold a company or the house he got from his parents for a couple millions of dollars, that doesn’t make it right either. Most properties Americans bought and like to sell are on the market for many years! They paid too much and still like to make a profit. This isn’t working. Where I live, my neighbors make around $20 a day. Imagine that. Some make $40 a day. But they can’t find work for every day in the week. If you still compare prices with prices from your home country, make us all a favor and don’t come to Panama please. Do your research RIGHT! Look what people make over 1 year in Panama. It’s around $14,000 a year! And now think again why locals don’t like Americans. They disturb the whole economy! $ To this video. Not one thing he mentioned is right on rent. Gringos get Gringo pricing! I explained now many of my friends not to use a realtor if they look for an apartment. One of my friends learned that the hard way. First he paid for a run down skyscraper apartment with 2 rooms $1,900! He wondered why I could rent a house for $450. I don’t use realtors. I asked him to ask security guards in the area if they know apartments who are available and the prices. First he didn’t liked it. When his lease was up for renewal, he started walking. He ended up with a nice place, 3 bedrooms, 2 bathrooms for $800! Imagine that. He saved $1,000 by asking local residents about apartments. That’s how this works in Panama. Internet? 300Mbits up and down, fiberglass is $41 a month! Cellphone is $21 unlimited data. Where this gentleman get his information from??? A bus ticket 35 cents?? To use the small Toyota buses it is regulated and costs $1.50 one way! Using the bigger travel buses to visit other provinces it starts with $2.50 for pensioners and $3.50 regular! If all videos have that bad research, holy cow. Movie tickets? $2.50 in Coronado area.
Thank you for all your info, but again as repeated several times, prices given are averages. That means an average of cheapest and most expensive. I seriously don't understand why people think that every single appartment will only be the price given in the video. It can for sure go way under what we say or way more to what we say. Prices are by official numbers. But that doesn't always feel as what we experience.
Besides, the prices in the video are averages for Panama City, not for the country as a hole. Very important to realise (although explained in the video, many seem to missed that part). 😉
@@CostOfLivinginTheWorld The rents in Panama are somewhat lower if you do your search yourself. Not everyone has to live close to the millionaires.
Not everyone searches for the cheapest. Most search for what is convenient to them. Prices do not always come first for most people, as it does to you. In fact, most who write comments as you, spend most of their life on how to live the cheapest, but that doesn't count for all. Sad, you consider anyone who spends more money on rent than you 'a millionaire' or stupid/waste of money. I more or less have the feeling you can't spend as much as you would like to, because of a limited budget. We all have the right to choose our own life, including how we want to spend our money. Besides, the videos are meant for people (from outside the country) to consider living or retiring in Panama. It doesn't represent 'how cheap' it is to live in Panama. That's not even the point of the video. The videos are not meant as 'Hey, this is the cheapest we could find'. We talk about averages for certain cities and/or countries in the world. But, I think it would be a good idea, in future video's to explain given prices to the countries average, so people have a better idea of how expensive a certain region is compared to, for example, the cheapest. Thanks anyway for your opinion.
@@CostOfLivinginTheWorld A lot of us people who live in Panama and are not Americans, do know, that we aren’t in our home countries anymore. I honestly hear only from Americans the same excuse like: Do you know how much money this would cost me in the USA? Btw. I have around $4,000 for each month to spend IF I WOULD LIKE TO. But I am not crazy. Listen. To explain myself. Since I live in Panama, I do hear mostly Americans who talk about high rents and food in the supermarkets. I even had some couples driving by to see what 2bed room houses for $350 a month look like. I even was invited from a couple who paid $3,500 !!! a month 2 streets away. He is actually a millionaire but he was on the brink of leaving Panama because “everything “ was very expensive. Sometimes you need to explain to people that they do not have to pay that much to live good. The couple did buy a place real cheap because they were listening. You don’t need a realtor who honestly shows you the most expensive properties he has on his list. The best deals is by mouth to mouth. Anyway. With 60-70% of empty apartments in Panama City, you can get a deal too. Like I mentioned before. If I would like to spend all my money every month, I could do that. But that’s not my nature. If I think that something is a deal I just buy it. This is how I got my lot in Panama. I do not buy in supermarkets my fruits or veggies. I buy them by far cheaper on the road side. Most fruits are free in Panama anyway when they have season. They just grow wild. And again. Panamanians make $845 a month (your video). People who like to live or retire here should keep that in their minds when they look for apartments or houses. Thanks.
What are your experiences with prices and rates in Panama? Do you find the rental prices in Panama affordable? What do you think of the food prices? Do you have any other interesting tips for us? Do you think we're skipping an important item? Let us know what experiences you have and what you think of living in Panama! Have you been tempted by our video, or on the contrary? Let us know in the comment section.
Have you been to Panama or you did internet research 🧐
How are medical facilities rated? How much is medical insurance in Panama?
Hi! Many retirees don't even take a medical insurance since prices are very affordable. I can suggest you take a look at @panamarelocationtours.com or on FB or on RUclips. They can help you with all the info you need . Have a great day!
Leave it to Americans to say paying $6.50 is better than $12.00 in the U.S. But what they don't tell you is the price was $3.25 before they moved in and got this huge bargain. 😂
You are correct, sir! They (foreigners, unintentionally) drive up the prices very fast, very high at this moment... Renting prices in Boquete for example became so expensive that locals can't afford renting anymore. Second, and off course, locals aren't stupid either... If the money is there, why would you sell your products too cheap, right?
Absolutely not true. Panama is expensive but internet research is far from reality. You can rent in Panama City for $300/month 2 bedrooms which is still high
When people mis understand what they're watching. Our goal is NOT to search or talk about CHEAPEST, but OVER ALL AVERAGE. That means considering difference between cheapest and most expensive. It's NOT about personal experiences, but (official) statistics. We all have personal different experiences and preferences, what makes the need of money and the way we search for 'prices' or way of living, will be different. I hope that cleared it a bit out for you. Have a great day!
@@CostOfLivinginTheWorld yes the average is still wrong. Average is Not what expats pay. Have you been to Panama? I just got back a few weeks ago. My friend for 15 years has a professional job and she couldn’t afford these prices you researched from some websites. Just not true. In the suburbs near tocumen the new condos there are renting for $500 a month and that is even high end. Most retirees live in the west of the country near the Costa Rican border. Boquilla, and David. Much cheaper but those prices have gone up coz of Americans and the locals don’t like that.
@@nanakworlddear, it might sound a bit over the top, but if you only would have 2 prices, let's say 300$ rent as cheapest and let's say 2000$ rent for most expensive (and I assure you, P. City has them, even Boquete). The average of both numbers is 1150$ as average price for rent. Clearly way of and very far from cheapest possible. So, some would say the numbers are misleading, but they're not.
When I read these comment I just have to laugh. Wanna know why ? Been living in Maryland for the past 28 years. Got me a room in a basement and paying $650.00, yes a room. Be going back to Panama for good in a few months. Do you want to know how much is going to be my mortage ? One hundred and seventeen with ninety cents. ($117.90). And you want to say Panama is expensive ? My brother's mortgage is $120.00. Everyone experience is not the same.
Nice info, although the country's poverty rate is nowhere near 35%. That sounds more like Argentina.
Thank you! The numbers you provide are probably for 2020. It also depends on where you get the numbers from, I guess. The figures we provide comes from the United Nations Development Program. This displays a grade, where all conditions are the same for the world, and are therefore very useful for our videos to get an equal grade over all our video's (coming available at 1 per week) 😉 It could be that Panama (or where you got your information from) uses different figures and conditions. I am a little chocked it would be 35% since Panama is one of the better countries from Central-America.
@@CostOfLivinginTheWorld Most sources put it at 19-21%.
Hi sir (again), apparently you are correct. For some reason, I did indeed give an incorrect number. No idea how I made that mistake. it is nowhere close to 35% but around 18.5%. Will change that in a future updated version of the video. Thanks again!
@@CostOfLivinginTheWorld I believe 35% is in rural areas, not overall. Again, great video! 👍