Panama Quality and Cost of Living
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Panama: Quality and Cost of Living
Overview
Mercer Human Resource Consulting has released their 2007 findings on global quality and cost of living. Using New York City as a benchmark with a score of 100, they assess cities worldwide. Mercer is respected for its comprehensive surveys.
Quality of Living in Panama
Mercer's ranking considers 39 criteria, including social, economic, crime, police, banking controls, government censorship, personal freedoms, healthcare, education, transportation, public services, and climate. Notably, Baghdad scores the lowest at 14.5, while Zurich leads with a score of 108.1. Geneva, Vancouver, and Vienna follow closely.
Panama ranks 92nd with a score of 82.9, indicating room for improvement. For comparison, Budapest scores 90.2 (74th), Detroit 96.1 (64th), and Pittsburgh 99.7 (52nd). Los Angeles, despite its challenges with crime and cost of living, surprisingly ranks 55th with a score of 98.3. This raises questions about Mercer's evaluation criteria given LA's high crime rates and urban issues.
Panama's Cost of Living
In terms of affordability, Panama is not among the top 50 most expensive cities. It ranks 124th out of 143, suggesting relatively low expenses. São Paulo and Rio de Janeiro are the priciest in Latin America, ranked 62nd and 63rd, respectively. Asunción, Paraguay, remains the cheapest at 143rd, followed by Buenos Aires, Montevideo, and Quito.
Mercer's cost of living survey considers 200 criteria, including housing, food, healthcare, and transportation.
Current Trends
Panama is experiencing a housing boom, with many new developments nearing completion. These properties aren't yet included in the current cost studies as they are not complete transactions. Once these projects reach occupancy, the cost of living is expected to rise significantly. Housing typically represents the largest cost for residents, indicating that future indices might reflect higher living expenses.
In summary, while Panama is currently affordable, ongoing developments may soon shift its position in global rankings.
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