Which place is cheaper, Panama City or Mexico City?
These are the overall average travel costs for the two destinations. These travel costs come from the actual spending of real travelers.
Jump to 
Should you visit Mexico City or Panama City?
Which is cheaper to visit? Which is more expensive for vacation?
Should I visit Mexico City or Panama City? This is a common question asked by many travelers. By figuring out which city has activities that align with your interests along with knowing which is more affordable, you'll understand where you can get more bang for your buck. So, let's dive into the details and the data, which all comes from actual travelers.
Where Should I go: Mexico City or Panama City?
Mexico City
Mexico City is one of the largest and most populated cities in the world. There are an estimated 26 million people living in the greater Mexico City metropolitan area. The area is about 60 kilometers by 40 kilometers and is surrounded by tall mountains and volcanoes on three sides. Mexico City proper has about 8.8 million people and is the capital of the country. More than a third of the country's economy is based here, making it the wealthiest city in all of Latin America.
Panama City
Panama City is the cosmopolitan capital city of the country of Panama. With a population of almost 900,000 and almost 1.5 million in the metropolitan area, it's a very diverse city with expat residents from all over the world. You don't have to search far to find someone who speaks English, and many Panamanians are quite helpful and friendly.
For some great organized tour ideas, see The Best 2-Week Tours in Mexico, Tours for Outdoor and Nature Lovers in Mexico, The Best One-Week (7-Day) Tours from Panama City, and The Best 2-Week Tours from Panama City.
-
Mexico City Prices
Mexico PricesPanama City Prices
Panama Prices -
Average Daily Cost Per person, per dayMexico City $212Panama City $101
The average daily cost (per person) in Mexico City is $212, while the average daily cost in Panama City is $101. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. While every person is different, these costs are an average of past travelers in each destination. What follows is a categorical breakdown of travel costs for Mexico City and Panama City in more detail.
Accommodation
-
Accommodation Hotel or hostel for one personMexico City $38Panama City $35
-
Accommodation Typical double-occupancy roomMexico City $76Panama City $70
Compare Hotels in Mexico City and Panama City
Looking for a hotel in Mexico City or Panama City? Prices vary by location, date, season, and the level of luxury. See below for options and compare which is best for your budget and travel style.
Kayak helps you find the best prices for hotels, flights, and rental cars for destinations around the world. Compare prices for multiple destinations when planning your next trip.
Our Analysis
We've analyzed the average and typical hotel prices based on guest reviews, star ratings, and hotel amenities here: Mexico City Hotel Prices and Panama City Hotel Prices.
Local Transportation
-
Local Transportation Taxis, local buses, subway, etc.Mexico City $12Panama City $11
Typical Local Transportation Prices in Mexico City
Here are some examples of typical transportation prices from actual travelers in Mexico City:
-
Metro$1.09
-
Uber Ride$3.80
Hired Cars and Shuttles in Mexico City
Also for Mexico City, here are a few examples of actual transportation services:
- Monarch Butterfly Sanctuary Visit with Transfer: $599
- Teotihuacan: Private Balloon Flight with optional Transfer: $293
- Shared Balloon Flight in Teotihuacan with transfer: $274
- Mexico Airport (MEX) Tecozautla - Round-Trip Private Transfer: $252
- Transfer from Mexico City Airport to Puebla: $245
- Mexico Airport(MEX) to Chignahuapan - Round-Trip Private Transfer: $236
- CDMX: Fly over Teotihuacan in a hot air balloon, with transfers and breakfast included.: $219
- Mexico City Private Transfer to or from Airport: $216
- Airport Transfer: Mexico to Mexico Airport NLU by Luxury SUV: $203
- Private Transfer from Mexico City to Pachuca: $192
- Private Transfer from Pachuca to Mexico City: $192
- Private Departure Transfer from Toluca City hotels to Toluca airport: $174
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Travel in Comfort Airport Transfer Pty : $12
- Transfers from PTY Airport to Playa Bonita or Gamboa and Back: $20
- Transfers from Airport to Panama City: $40
- Transfer from Tocumen Airport to hotels in Gamboa or Viceversa: $30
- Transfer from Tocumen Airport to Panama City Hotels : $25
- Transfer from Tocumen Airport to Colon Cruise Port: $160
- Transfer from Playa Bonita or Gamboa to PTY Airport: $35
- Transfer from Panama City Hotel to Tocumen Airport: $23
- Transfer from Panama Airport to Colon Cruise Terminal: $110
- Transfer from PTY/Panama City to Cruise Terminal or to the Marina: $32
- Transfer Tocumen International Airport - Playa Blanca, Rio Hato, Buena Ventura: $75
- Transfer Panama City to Amador Cruise Port : $30
Is it cheaper to fly into Mexico City or Panama City?
Prices for flights to both Panama City and Mexico City change regularly based on dates and travel demand. We suggest you find the best prices for your next trip on Kayak, because you can compare the cost of flights across multiple airlines for your prefered dates.
Food
-
Food Meals for one dayMexico City $43Panama City $36
Typical Food Prices in Mexico City
For Mexico City, here are some examples of average food and meal prices for travelers:
-
Lunch for Two$12
-
Coffee and Snacks$4.24
-
Dinner for 2$25
Food Tours and Cooking Classes in Mexico City
For Mexico City, here are some samples of tours and activities related to meals and dining experiences:
- Private Street Food Tour Mexico City - Best rated : $35
- Virtual Mexican Cooking Class (private and personalized): $50
- San Juan Market Food Tour Exotic Bites & Flavors: $52
- Coyoacán Market Food Tour Urban Eats & Local Legends: $52
- Local Markets & Food Tour in Mexico City: $53
- Art and Food Tour with Lunch: $54
- Tortilla Crawl: Food Tour in Mexico City: $55
- Mexico City Vegan & Veggie Market Explorer plus Cooking Lesson: $55
- Private Half-Day Traditional Markets Street Food Tour in Mexico City: $57
- 3 Hours Food Tour Best Vegan Tacos in Mexico City: $61
- Old Town Food Tour of 7 Tastings & Secret Dish: $66
- Frida Kahlo Museum & Coyoacan Tacos & Food Tour: $69
Typical Food Prices in Panama City
Here are some examples of typical meal expenses from previous travelers to Panama City:
-
Sandwich$8.24
Food Tours and Cooking Classes in Panama City
For Panama City, here are some samples of tours and activities related to meals and dining experiences:
- Panamanian Dinner and Folkloric Show Ticket with Pickup: $60
- Panama Evening Food Tour: $60
- Panama City FOOD Tour: $65
- E-Tickets Emotions Dinner Theater Live Show Admission: $75
- Afro-Panamanian Cooking Class with Meal: $75
- Street Food Tour with 24 Tastings: $75
- Cooking Class in Panama City with 10 Recipes & Bottomless Drinks: $95
- 4-Hour Guided Panamanian Cooking Class and Markets Experience: $95
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $95
- Folkloric Dance & Typical Dinner at Sabroso Panamá: $110
- The Real Panamanian Private Food Tour through Panama City: $205
- Street Food Tour in Panama with a Local Guide: $263
Entertainment
-
Entertainment Entrance tickets, shows, etc.Mexico City $14Panama City $66
Tours and Activities in Mexico City
For Mexico City, here are a few prices for actual activities, tours, and tickets provided by various companies:
- Frida Kahlo Tour with Admission Tickets: $76
- Mexico City Tour and Visit Chapultepec Castle. Private service: $180
- Mixology, Food, Wine and Beer Experience in Xochimilco: $99
- Monarch Butterfly Tour from Mexico City: $220
- Private Tour Teotihuacan Essentials: $140
- Private Walking Tour Gems of the Historic Center of Mexico City: $131
- Private guided tour of the Soumaya Museum : $279
- Romantic tour in San Andrés Mixquic: $150
- Sunrise HotAir Balloon Adventure Over Teotihuacan's Pyramids: $160
- Xochimilco Floating Gardens and Coyoacan Private Tour: $161
- "Guided Tour Plus" EN Ruins "TEMPLE MAJOR" with OFFICIAL GUIDES: $34
- 1 Day Tour to Zacatlán and Chignahuapan from Mexico city: $200
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- Gatun Lake Panamá Wildlife Adventure Guided Experience: $159
- Horseback riding and Agri-Tour in Colon Private tour: $75
- Panama City Tour and Panama Canal – Miraflores Locks Experience: $30
- Panama Viejo and Casco Antiguo Tour: $115
- Panama a quick and memorable tour: $68
- San Blas Islands, 4-Island Tour All-Inclusive Welcome Cocktail: $149
- #1 Walking Tour of Casco Viejo Panama with Lunch included : $70
- “Bike Tour Casco Viejo and Panama City Discover the Essence: $40
- “Panama at Your Rhythm: Private Tour with Canal, Old Town and More”: $67
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour " : $100
- 1st Mysteries and FreeMasons Tour: $38
- 2 Days 1 Night San Blas Adventure in Pamana: $260
Alcohol
-
Alcohol Drinks for one dayMexico City $19Panama City $18
Sample the Local Flavors in Mexico City
Here are a few nightlife and alcohol tours and activities from local tour providers in Mexico City:
- Guided Pub Crawl with Party Games: $23
- Mexico City Pub Crawl: $23
- Zona Rosa Pub Crawl Experience: $94
- Teotihuacan´s Best Balloon Flight: Pyramids and Brewery tours : $120
- Cavas Freixenet Wine Tour from Mexico City: $222
- Private Cheese and Wine Tour to Queretaro: $479
When we compare the travel costs of actual travelers between Mexico City and Panama City, we can see that Mexico City is more expensive. And not only is Panama City much less expensive, but it is actually a significantly cheaper destination. Since Mexico City is in North America and Panama City is in Central America, this is one of the main reasons why the costs are so different, as different regions of the world tend to have overall different travel costs. So, traveling to Panama City would let you spend less money overall. Or, you could decide to spend more money in Panama City and be able to afford a more luxurious travel style by staying in nicer hotels, eating at more expensive restaurants, taking tours, and experiencing more activities. The same level of travel in Mexico City would naturally cost you much more money, so you would probably want to keep your budget a little tighter in Mexico City than you might in Panama City.
If you're trying to decide if either of these two destinations are within your price range, also see Is Mexico City Expensive? and Is Panama City Expensive?.
Which is Bigger, Mexico City or Panama City?
Mexico City has a larger population, and is about 30 times larger than the population of Panama City. When comparing the sizes of Mexico City and Panama City, keep in mind that a larger population does not always imply the destination has more attractions or better activities. So, always research the type of place that you want to visit along with the activities and attractions that interest you.
Budget Your Trip is all about finding out how much everything costs so that you can travel cheaper and longer. Created by avid travelers Laurie and Bryan, our goal is to help you plan your next trip on the right budget. With average daily travel costs that are calculated from the budgets of real travelers, plus an analysis of hotel and tour prices, you can find out how much money you need to plan your next adventure. We also have plenty of travel advice, accommodation reviews, and activity suggestions.