Panama identified as most expensive country to live in Latin America

Data from the Wise platform reveals significant variations in the cost of living across Latin America for 2026. Panama is identified as the most expensive country in the region, with an estimated monthly expenditure of $2,180 per person. This high cost is largely driven by housing, with average rents reaching approximately $1,320.

Costa Rica follows as the second most expensive nation, requiring an estimated $2,097 per month. Other high-cost countries in the region include Uruguay, the Dominican Republic, El Salvador, Mexico, Argentina, and Honduras. In Honduras, the estimated monthly cost per person is $1,263.

At the opposite end of the spectrum, Venezuela is cited as the least expensive country in Latin America, with an estimated monthly requirement of $802. Other more affordable options include Bolivia, Paraguay, Ecuador, and Brazil. The analysis considers various categories including housing, food, transport, health, and education.