Mercer Human Resource Consulting’s annual surveys offer a benchmark for comparing cities worldwide based on various quality of life factors. Using New York City as a baseline (indexed at 100), the surveys evaluate cities across 39 criteria, including social, economic, crime, and environmental factors. These factors encompass everything from political stability and personal freedoms to healthcare, education, infrastructure, and climate.
In the 2007 survey, Zurich topped the quality of life ranking with a score of 108.1, followed closely by Geneva. Vancouver and Vienna tied for third. Baghdad was ranked as having the lowest quality of life. Panama City achieved a score of 82.9, placing it 92nd overall.
While cities like Budapest, Detroit and Los Angeles ranked higher than Panama City in the survey, these rankings can be misleading. For example, Los Angeles, despite its high score, grapples with significant challenges such as high crime rates, exorbitant housing costs, notorious traffic congestion, and struggling public schools. These factors significantly detract from its overall livability.
In terms of cost of living, Panama ranked 124th out of 143 cities in 2007, making it a relatively affordable option compared to other major urban centers. Sao Paulo and Rio de Janeiro ranked as the most expensive cities in Latin America, while Asuncion, Paraguay, was the least expensive. Mercer’s cost of living survey considers over 200 factors, including housing, food, transportation, and healthcare expenses.
Panama is currently experiencing a real estate boom. The survey data may not fully reflect the rising housing costs associated with new developments, as it primarily considers completed transactions. As these new properties become occupied and integrated into the market, Panama’s cost of living index is expected to rise.