Can someone give me a comparison?
I have a 1800 sf home in Pennsylvania with 3 bed / 2 1/2 bath, electric hot water heater, electric stove, 1 dehumidifier (only runs in the spring & summer) and 2 refrigerators. Our electric is $328.00 every month. Our heat is a propane furnace - $1035.00 & a wood pellet stove $600.00 for pellets this past winter (coldest winter on record). Just a quick figure...Our utility bills come out to $464.25 every month.
Monthly
Utilities - $464.25
Taxes - $189.00
Home owners insurance - $100.00
Auto insurance (2vehicles) - $80.00
Gas for 2 vehicles - $320.00 (just normal local driving)
Groceries for 2 - $500.00
Medical insurance for 2 - $1100.00
TOTAL MONTHLY EXPENSES - $2753.25
Note that this total doesn't include mortgage / rent. Can I get a comparison? So is it really cheaper to live in Boquete?
Replies
You can live very comfortable in Boquete for around 2000 to 2500.00 per month
When the time comes for us to retire we are looking at a monthly income of $2200.00 0 $2500.00 (unless we can get more for our business than what I think). Everyone seems to indicate that we could live a semi North America life style on that income. Would that include a vehicle & health insurance as well?
Added to what others have said, I just want to add that you have to be able to adapt. You have to learn that manana doesn't always mean tomorrow, it just means NOT today. It used to drive me nuts when someone says they will be here at 2:00 pm and they don't show up till 5:00 pm. Get used to it because Panamanians have no real concept of time. They will get there when they get there.
Some of us at our age have no desire to buy a home again. I like to rent so the landlord or landlady has the joy of dealing with problems with the home. I care for the rental property as though it were mine, but I don't have to fix a leak in the roof or a crack in the walls after an earthquake.
I live in David, so I don't bother with owning a vehicle either. Taxi's and buses are very reasonable so I don't have to deal with the price of fuel, maintenance, insurance, break-downs, etc of vehicle ownership. I know people that live in Boquete or Alto Boquete, Dolega, etc that don't own cars either and take the bus into David to shop and a taxi home with their loot. lol
It was quite an adjustment, but one we're ever so glad we made.
You would be wise to look beyond strictly financial differences because living in the U.S. and living in Boquete, Panama is like comparing apples and squash. There is much more to compare than just financials. While many businesses in Boquete will have someone who speaks English that isn't always the case -- rep at the office to pay electric bill only speaks Spanish so getting connected, disconnected or getting a problem resolved means it is in Spanish. Do a search on the water issue in Santa Lucia and the problems one resident (I'm sure there are others) is dealing with.
Utilities will be much less -- most don't need any A/C, heating in Boquete (although some do need some heat at during hte evenings although I never have). Depending on your appliances, etc your electric bill will be under $100 (mine averaged less than $20 a month) and the only gas you most likely will need will be for cooking and maybe heating your water.
Will you buy or rent a home? Depending on age will make getting a mortgage here more difficult/costly. There are rental properties with rent ranging from $400/500 a month up to $1800/2000 a month depending on what you are renting and from whom.
Your grocery bill may be lower, but will depend on what you require. If you can buy local produced items and Panamanian items versus buying U.S. food products you will save money. There are places to shop where you can save money on different products.
Cost of medical may be cheaper here at face value, but you need to evaluate everything regarding medical and emergencies. Cost of health insurance varies depending on who you are talking to and what is covered by the policy -- what is ok for some may be unacceptable for you. As you get older coverage here will go up and make things more expensive. If you're on medication and need a steady supply it may not be available here requiring you to get it shipped in -- possibly getting held up in customs depending on who you use to ship it here. If there is a medical emergency don't expect to dial 911 and have an ambulance running out to your house within minutes -- this is vastly different to the U.S. or most westernized countries and you need to have a plan on how you're going to get to the hospital (possibly in David 30 - 45 minutes away on your own).
Cars here seem to be more expensive as is gas for them. You can most likely get by with one car thus cutting down the expenses. Car repairs seem to be hit or miss depending on who you have fix your car (lots of recommendations for the "great mechanic" as well as horror stories) and parts here are certainly more expensive (I know some who buy their parts from the U.S. and have them shipped down with a freight forwarder and even with extra shipping costs end up paying just a tad more than 50% of the total cost of what it would have cost to buy the parts here.
If you are serious about looking at moving here suggest you plan a vacation and come down to look around and do a real evaluation, but do not just consider the money aspect. When you come try not to look through the vacation goggles where everything is cute and quaint because 6 months in when the language barrier is driving you nuts things will no longer be cute and quaint.
I personally really enjoy being in Panama -- it is an adventure, but I will honestly state that many things drive me freaking nuts (and in turn drives my gf nuts because she has to listen to me), but I am able to let it go eventually
If you want to discuss this more then send me a friend request via ning.
I just purchased a 3 bed, 3 bath modern home with a great view of Baru overlooking a steep canyon FOR 215,000. it is 3000 sq ft including a large patio, large water tank and pump, granite countertops. Added alarm system and cameras at $1000, Bars at 6000. Electricity in Feb was $33, propane less than $15. No taxes for 20 Years. Still need to buy insurance.
Medical insurance for two under the age of 65 is $1900.
Put in the ning search box "cost of living". A page will come up with several threads on this topic. You will have no heating or AC bills in Boquete. Auto and homeowner insurance are a lot cheaper. Groceries are about the same or less, depending on what you eat. There is an extensive discussion about medical insurance on ning. Again, try the search. You would probably want to get a gas water heater and gas stove when you are here. Gas is much cheaper. Also the power goes out so much, with gas you can still cook and take showers.