Cost of living comparison
Iceland is 79.4% more expensive than Panama overall.
- Restaurants
-
pay 100.0% more in Iceland
- Groceries
-
pay 35.7% more in Iceland
- Transportation
-
pay 2.1 times more in Iceland
- Housing
-
pay 86.2% more in Iceland
- Childcare
-
pay 11.5% less in Iceland
- Entertainment and Sports
-
pay 2.4 times more in Iceland
- Clothing
-
pay 93.0% more in Iceland
The cost of entertainment and sports, transportation, restaurants, clothing, housing, and groceries in Iceland are more expensive than in Panama. Notably, entertainment and sports, transportation, and restaurants are significantly more expensive in Iceland.
If you lived in Iceland instead of Panama, you would:
pay 100.0% more for restaurants
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$8.45
PAB8.45
|
$19.40
ISK2,475
|
|
|
Fast food combo meal
McDonalds, or similar
|
$7.90
PAB7.90
|
$16.94
ISK2,162
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$1.54
PAB1.54
|
$2.81
ISK359
|
|
| Bottle of water (11 fl. oz) |
$1.17
PAB1.17
|
$2.02
ISK258
|
|
pay 35.7% more for groceries
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$2.19
PAB2.19
|
$2.95
ISK377
|
|
| Local cheese (8 oz) |
$5.66
PAB5.66
|
$7.27
ISK927
|
|
| Milk (1 gallon) |
$6.43
PAB6.43
|
$6.01
ISK766
|
|
|
Eggs
1 dozen
|
$2.53
PAB2.53
|
$5.42
ISK692
|
|
| Boneless chicken breast (1 lb) |
$3.54
PAB3.54
|
$8.51
ISK1,086
|
|
| Apples (1 lb) |
$2.12
PAB2.12
|
$1.22
ISK156
|
|
| Bananas (1 lb) |
$0.61
PAB0.61
|
$1.03
ISK131
|
|
| Oranges (1 lb) |
$1.29
PAB1.29
|
$1.17
ISK149
|
|
| Tomatoes (1 lb) |
$1.16
PAB1.16
|
$1.87
ISK239
|
|
| Potatoes (1 lb) |
$0.98
PAB0.98
|
$1.23
ISK158
|
|
| Onions (1 lb) |
$1.01
PAB1.01
|
$0.78
ISK100
|
|
pay 2.1 times more for transportation
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$3.92
PAB3.92
|
$8.36
ISK1,067
|
|
| Monthly public transit pass |
$25.00
PAB25.00
|
$71.28
ISK9,096
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$18,916.67
PAB18,916.67
|
$40,660.66
ISK5,188,707
|
|
| Taxi trip in downtown area (5 miles) |
$16.61
PAB16.61
|
$22.04
ISK2,812
|
|
pay 86.2% more for housing
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$47.61
PAB47.61
|
$72.17
ISK9,210
|
|
| 1-Bedroom apartment in downtown area |
$747.76
PAB747.76
|
$1,838.04
ISK234,552
|
|
| 1-Bedroom apartment outside city center |
$567.84
PAB567.84
|
$1,497.77
ISK191,130
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$69.20
PAB69.20
|
$58.01
ISK7,403
|
|
pay 11.5% less for childcare
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$302.08
PAB302.08
|
$258.16
ISK32,944
|
|
| Middle school for 1 child, two semesters |
$6,548.17
PAB6,548.17
|
$5,993.99
ISK764,894
|
|
pay 2.4 times more for entertainment and sports
|
Panama
|
Iceland
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$1.95
PAB1.95
|
$9.19
ISK1,172
|
|
| Cappuccino in mid-range area |
$3.39
PAB3.39
|
$4.65
ISK593
|
|
|
Pack of cigarettes
Marlboro or similar
|
$5.38
PAB5.38
|
$11.76
ISK1,500
|
|
| Monthly membership at local gym |
$57.20
PAB57.20
|
$61.46
ISK7,843
|
|
| Movie ticket to theater/cinema |
$5.33
PAB5.33
|
$14.35
ISK1,831
|
|
pay 93.0% more for clothing
|
Panama
|
Iceland
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$47.41
PAB47.41
|
$111.23
ISK14,194
|
|
|
Regular dress
from H&M or similar store
|
$34.81
PAB34.81
|
$59.69
ISK7,617
|
|
|
Running shoes
Nike or Adidas
|
$81.21
PAB81.21
|
$148.00
ISK18,886
|
|
| Men's business shoes (leather) |
$100.42
PAB100.42
|
$184.49
ISK23,543
|
|
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