Panama Among Most Expensive Countries in Latin America

4,833Views 0Comments Posted 19/06/2024

Panama is ranked third in the ranking of countries with the highest cost of living in Latin America.  According to Statista, only Uruguay and Costa Rica surpass it.  Data reveals the dollar amount a single person spends monthly to cover basic needs, not including rent. 


According to the Numbeo database, among the Latin American countries selected to develop the analysis of the region, in Panama a person spends approximately $780 a month minimum, not including the payment of rent.   The portal analyzes that, in a family of four, the cost of living rises to about 2,807.70 dollars per month, omitting the cost of renting a home. 


Compared to other Latin American countries, Uruguay is the most expensive, with an average of $887 per month per person.  Costa Rica comes in second place with a total of approximately $864 each month.  At the other end of the ranking is Paraguay with 447 dollars, being the cheapest in the region.  Argentina is second to last with a monthly cost of $470.  Venezuela is ninth with 600 dollars and Colombia is thirteenth with approximately 527 dollars. 


Panama, being one of the few countries in the region where the dollar circulates as official currency, it is pertinent to take stock in comparison to the United States.  In the summary published by Numbeo, the cost of living in Panama is on average 34.6% lower than in the USA.  Likewise, the cost of rent in Panama is 52% below the average prices in the United States.