Cost of living comparison
Panama is 32.2% cheaper than Iceland.
If you lived in Panama instead of Iceland, you would:
pay 49.3% less for restaurants
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$19.40
ISK2,670
|
$8.45
PAB8.45
|
|
|
Fast food combo meal
McDonalds, or similar
|
$16.94
ISK2,332
|
$7.90
PAB7.90
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$2.81
ISK387
|
$1.54
PAB1.54
|
|
| Bottle of water (11 fl. oz) |
$2.02
ISK278
|
$1.17
PAB1.17
|
|
pay 12.7% less for groceries
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$2.95
ISK407
|
$2.19
PAB2.19
|
|
| Local cheese (8 oz) |
$7.27
ISK1,000
|
$5.66
PAB5.66
|
|
| Milk (1 gallon) |
$6.01
ISK827
|
$6.43
PAB6.43
|
|
|
Eggs
1 dozen
|
$5.42
ISK746
|
$2.53
PAB2.53
|
|
| Boneless chicken breast (1 lb) |
$8.51
ISK1,171
|
$3.54
PAB3.54
|
|
| Apples (1 lb) |
$1.22
ISK168
|
$2.12
PAB2.12
|
|
| Bananas (1 lb) |
$1.03
ISK141
|
$0.61
PAB0.61
|
|
| Oranges (1 lb) |
$1.17
ISK161
|
$1.29
PAB1.29
|
|
| Tomatoes (1 lb) |
$1.87
ISK258
|
$1.16
PAB1.16
|
|
| Potatoes (1 lb) |
$1.23
ISK170
|
$0.98
PAB0.98
|
|
| Onions (1 lb) |
$0.78
ISK108
|
$1.01
PAB1.01
|
|
pay 49.0% less for transportation
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$8.36
ISK1,151
|
$3.92
PAB3.92
|
|
| Monthly public transit pass |
$71.28
ISK9,812
|
$25.00
PAB25.00
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$40,660.66
ISK5,596,940
|
$18,916.67
PAB18,916.67
|
|
| Taxi trip in downtown area (5 miles) |
$22.04
ISK3,033
|
$16.61
PAB16.61
|
|
pay 34.0% less for housing
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$72.17
ISK9,935
|
$47.61
PAB47.61
|
|
| 1-Bedroom apartment in downtown area |
$1,838.04
ISK253,006
|
$747.76
PAB747.76
|
|
| 1-Bedroom apartment outside city center |
$1,497.77
ISK206,168
|
$567.84
PAB567.84
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$58.01
ISK7,986
|
$69.20
PAB69.20
|
|
pay 13.1% more for childcare
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$258.16
ISK35,536
|
$302.08
PAB302.08
|
|
| Middle school for 1 child, two semesters |
$5,993.99
ISK825,073
|
$6,548.17
PAB6,548.17
|
|
pay 46.0% less for entertainment and sports
|
Iceland
|
Panama
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$9.19
ISK1,265
|
$1.95
PAB1.95
|
|
| Cappuccino in mid-range area |
$4.65
ISK640
|
$3.39
PAB3.39
|
|
|
Pack of cigarettes
Marlboro or similar
|
$11.76
ISK1,618
|
$5.38
PAB5.38
|
|
| Monthly membership at local gym |
$61.46
ISK8,460
|
$57.20
PAB57.20
|
|
| Movie ticket to theater/cinema |
$14.35
ISK1,975
|
$5.33
PAB5.33
|
|
pay 47.5% less for clothing
|
Iceland
|
Panama
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$111.23
ISK15,311
|
$47.41
PAB47.41
|
|
|
Regular dress
from H&M or similar store
|
$59.69
ISK8,216
|
$34.81
PAB34.81
|
|
|
Running shoes
Nike or Adidas
|
$148.00
ISK20,372
|
$81.21
PAB81.21
|
|
| Men's business shoes (leather) |
$184.49
ISK25,396
|
$100.42
PAB100.42
|
|
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