Panama City, 8, Panama
A dazzling Central American capital with a world-famous canal, modern skyline, and historic Casco Viejo district.
Above Average vs Panama Avg (100)
Above Average
Household income
Job market health
Panama City vs Panama Average
Taxes
- Income Tax: 25.0%
- VAT: 7.0%
Economy & Jobs
- Median Income: $60,000
- Unemployment: 5.5%
- Population: 1,500,000
Climate
- Sunny Days: 200/year
- Summer High: 88°F
- Winter Low: 72°F
Housing
- Median Home: $350,000
- 1BR Rent: $1200/mo
Cost of Living
Panama City's cost of living index is 115 (Panama average = 100).
| Category | Panama City | National Average | Difference |
|---|---|---|---|
| Overall | 115 | 100 | +15.0% |
| Housing | 150 | 100 | +50.0% |
Data source: INEC Panama / Numbeo, 2026
Housing Market
| Metric | Value |
|---|---|
| Median Home Price | $350,000 |
| Median Rent (1BR) | $1200/mo |
| Median Rent (2BR) | $1,500/mo |
| Price per Sq Ft | $233 |
Data source: Encuentra24 / Numbeo, 2026
True Cost of Home Ownership
Utilities
Estimated monthly utility costs for a typical household in Panama City:
| Utility | Estimated Monthly Cost | Notes |
|---|---|---|
| Electricity | $30 | Based on ~300 kWh/month typical Panamanian household usage |
| Heating & Cooling | N/A | Estimated based on local climate. electric or gas heating |
| Cooling (AC) | $32 | Estimated based on local climate and electricity rates |
| Water | $15 | Includes sewer |
| Internet (100+ Mbps) | $35 | Broadband average |
| Garbage / Trash | $10 | Private service |
| Total Utilities | $122 | Monthly estimate (including heating & cooling) |
Data sources: ASEP, ENSA, Cable Onda 2025
Best Neighborhoods
Downtown Panama City
The heart of the city with restaurants, shops, and entertainment. Average rent: $1,440/mo.
Panama City Heights
Trendy area with local businesses and a mix of historic and modern housing. Average rent: $1,320/mo.
East Panama City
Up-and-coming neighborhood with new developments and young professionals. Average rent: $1,080/mo.
West Panama City
Family-friendly area with parks and good schools. Average rent: $1,140/mo.
Remote Work Score
Panama City scores —/100 for remote work readiness:
Climate
Panama City has a varied climate with distinct seasons.
| Month | Avg High | Avg Low | Rainfall |
|---|---|---|---|
| January | 92°F | 72°F | 2.5" |
| April | 73°F | 87°F | 2.8" |
| July | 88°F | 63°F | 1.5" |
| October | 68°F | 90°F | 2.2" |
Taxes
- Income Tax: 25%
- VAT: 7%
- Property Tax: ~1.2% of assessed value
Economy & Jobs
Major industries include technology, healthcare, education, and manufacturing. The unemployment rate is 5.5%.
Crime & Safety
Crime rates in Panama City per 100,000 residents:
City-level crime data is not available for this location. The figure shown is the national average, which may differ significantly from actual conditions in this city.
Data source: UN Office on Drugs and Crime
Important Disclaimer: All data on this page is for informational purposes only and does not constitute financial, legal, tax, or real estate advice. URCity and Northshore Press are not financial advisors, tax professionals, or real estate agents. Always consult qualified professionals before making relocation or financial decisions.
Frequently Asked Questions
What is the cost of living in Panama City, 8, Panama?
The cost of living index in Panama City is 115, which is Higher the Panama national average of 100.
How much does it cost to buy a home in Panama City?
The median home price in Panama City is $350,000. The housing index is 150.
What is the average rent for a 1-bedroom apartment?
The average rent for a 1-bedroom apartment in Panama City is approximately $1200/mo.
Does Panama City, 8 have income tax?
Panama City is in 8, which has an income tax rate of 25%.
What is the climate like in Panama City?
Panama City enjoys approximately 200 sunny days per year. Summer highs reach around 88°F, while winter lows can drop to around 72°F.
Data Sources
- Cost of Living: INEC Panama / Numbeo, 2026
- Housing Data: Encuentra24 / Numbeo, 2026
- Income & Employment: INEC Panama Labour Force Survey, 2024
- Utilities ASEP, ENSA, Cable Onda 2025
Data last updated: July 19, 2026. Data may not reflect current market conditions. Always verify with local sources before making relocation decisions.