Cost of Living in Panama Compared to the U.S. & Canada

Food - Generally, food is less than what you'd pay in the U.S., although imported and processed goods may have high price tags. Shopping in local markets and buying fresh foods are the best ways to keep costs down. You can easily buy fruits and vegetables for a week with $20. A local lunch (look for menu ejecutivo) will cost $5-7 in Panama City and less elsewhere in the country.

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Transport - Transportation is cheap as well - if you are in Panama City you can take advantage of Metrobus and Metro systems, which charge $0.10-1.50 per ride in the city. Uber is available and offers low fares for taxi rides. Buying a car, even a used car, can be expensive, particularly when compared to the U.S. 

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Utilities prices fluctuate widely depending primarily on usage of air conditioning. A home without AC may have an electric bill near $30. If you run your AC constantly, you can expect closer to $300. Water everywhere is extremely affordable. 

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Another major cost to consider is private health insurance, where costs can vary considerably. Plans covering just Panama may be only $30-40/month, while international plans including U.S. coverage will be well over $300/month, even if you are young and healthy.