I have been doing a lot of reading and research in the last few weeks as to costs of living increases in Panama over the last few years, from groceries, to gas, to utilities to rental prices and property values and the costs of living in Panama are no longer low or inexpensive compared to the salaries and standards, IMHO.
I have been asking a lot of would be in Expat Forums in different blogs and Facebook, none specific to Boquete, per se and I keep on getting the same questions/responses. Many are still under the impression that moving to Panama can be achieved with the IL catch of $1500 or less a month. This is NOT a reality if you want to live in Panama City in a nicer area now days. Even the locals who live in the outskirts of the city and have typical $600-$800 salaries and pay no more than $150 for their homes are finding it hard to make ends meat. Groceries are skyrocketing the basic products such as meats, milk, eggs, have increased considerably both in and out of the city.
New price increases are expected for different fruits and vegetables due to factors such as excessive rains, droughts in the Central Provinces, increase in production costs and meat is expected to increase 30%. Pork and chicken are also considerably higher than they were let's say 1 yr. ago. There are some places where 1 gallon of milk is close to $5.
With that said, when looking to relocate because of fixed income restrictions or lowering your costs of livings, is Panama getting to the bottom of the list???
I have never been to Medellin, but recently someone told me they are leaving Boquete and relocating to Medeliin where they get so much more for their $$$. What are your opinions on these issues???
I was calculating and to live decently in Boquete, a couple needs around $2000-$2500 per month and a bit more in the city..... opinions please
Again, I ask that we all give our educated opinions without insulting or degrading other member's views.
Thank you
Replies
My typical monthly expenses-
Food- $300-350 not counting eating out. I don't eat meat.
Pet food- $25
Internet- $55 I don't have TV.
Phone- $15-25
Electric- $15-20
Water and trash- $6
Gasoline- $40-60
Bus fares- $10-20
Car insurance- $10
Gardener- $40-80
Health insurance- $4
Medications- $80
Vet- $10
Misc- $50-100 Sometimes more
So theoretically, without any extra extravances, I should be able to live on around $800/month, but that seldom happens. Unfortunately there are always out of the ordinary expenses- like dental and medical. Plus as they say "it's always something". Like maintaining a not so new car and my house. I could live my version of the high life on $1500.
I don't have Panamanian health insurance. I've been denied twice for having pre existing conditions- similar to the U.S., pre-Obamacare (I have it for $4/month).
Boquete - 30 min. Max
David - about the same but maybe a little more thx to the changing speed limits along the way and I know each one - varies between 60 - 80 kmph. So I just prepare because the police are waiting for anyone at times.
Thanks folks - this is helpful stuff!
Typical Panamanian income is $11K or less per year, sadly, but we complain about the cost of living being too high
Do you rent or own?
Hi Alicia!
You live about how we will be once we find a place. Where is your home for that price? We are currently looking for a place to rent.
Thx!
Thanks Alecia, very helpful.
Might you be able top post some typical prices you pay for things you buy like fish and other proteins etc.
There are several factors that go into the expat reasoning I think. Part of it is the cost of living. Yes, if you have a pension of $4,000.00 to $5,000.00 per month you can live quite nicely. Also the climate. My wife and I are golfers and live a pretty active lifestyle for our age (almost 60). We want to be able to golf year round. We currently live in Aruba and its not cheap to live here by any means. Its also way to hot. Average in the summer of 90 F. Winter 86 F.
I get the impression there is an element here on this forum that doesn't want any more expats coming to Boquete. I don't understand why that would be. Is there a traffic problem? Are expats driving up the cost of housing the basic cost of goods and services? My wife and I will be there for 2 weeks in October (7th to 20th). We are really looking forward to getting out and meeting the local expat community. We are very social and love to entertain and go out for drinks and dinner. We are hoping to meet people of a similar mind.
Yes Scott, sadly there are more than a few gringos that move here from the states, having never lived anywhere outside of the US before in their lives. They get off the boat and run down here to the first realty outfit they spot in town, and pay through their rear-end for property--smiling like fools all the way.
Happens all the time, and it makes finding a home (or even vacant land) at fair market price a real pain. Sellers are not a bit afraid to simply sit on assets for YEARS (often times because they overpaid dramatically), while others are just fishing and have absolutely no intentions of selling at any price near reality. Beyond this, there are realtors that pad the price of properties (without the knowledge of the selling party) for a "little on the side."
There is no "MLS", so it is literally every man for himself. It is the most screwed up property market I've seen in my life, and I've lived in 12 states and 7 countries. And every bit of it is because of immigrants with too much money and not enough patience or sense. In 10 to 20 years when they need to sell due to age or health, you'll see their adverts everywhere trying to find someone to bail them out so they can go home.
It does make for some fantastic entertainment.
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