I've heard the living accommodations in Panama City are cheaper than Hawaii lol. So, I'm going with that as a scale. In Honolulu, It's a cool $1million dollars to own a small plot of land that can fit a small home with a view of the ocean between a couple fast-food restaurants. Now imagine living in a condo, in Waikiki, overlooking the ocean on the 30th floor, then your looking to spend at least $2.5 million for a one bedroom. As long it's under the range of Hawaii, then I'm good.
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I almost fainted with those prices. On that scale yes Panama City is dirt cheap.
Then HOORAY!! :)