Iceland vs Panama - Cost of Living Comparison

Updated:

Livingcost

Iceland Panama
🚶 Cost of living one person
$2828
$1323
👨‍👩‍👧‍👦 Cost of living Family
$5680
$3204
🏠 One person rent
$1717
$721
🏘️ Family rent
$2549
$1275
🍽️ Food expenses
$808
$435
🚐 Transport expenses
$86.4
$66.2
💳 Monthly salary after tax
$3932
$894
💸 GDP per capita
$79637
$18686
😃 Human freedom index
8.8
8
❤️ Life expectancy
82.2
76.8
👮 Corruption perceptions index
77
33
🌐 English speaking %
98%
14%
🎓 Higher education
81
47
😀 Quality of life
92
55
🏙️ Population
364K
4.1M

The average cost of living in Iceland ($2828) is 114% more expensive than in Panama ($1323). Iceland ranked 5th vs 44th for Panama in the list of the most expensive countries in the world.

The average after-tax salary is enough to cover living expenses for 1.4 months in Iceland compared to 0.7 months in Panama. Ranked 7th and 69th best countries to live in the world.

Salary adjustment calculator
the estimated difference in money purchasing power

Cost of living in Iceland vs Panama infographic

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Prices in Iceland vs Panama

We calculate prices for Iceland and Panama as a population-weighted mean of 5 and 10 cities, respectively. Since large cities tend to have a higher cost of living, it's better to visit specific city pages below for more relevant information.

Iceland Panama
Eating Out
🍱 Lunch Menu
$21.6
$9.43
🥂 Dinner in a Restaurant, for 2
$124
$47.5
🥪 Fast food meal, equiv. McDonald's
$18
$7.88
🍻 Beer in a Pub, 0.5 L or 16 fl oz
$10.1
$2.86
 Cappuccino
$5.09
$3.78
🥤 Pepsi / Coke, 0.5 L or 16.9 fl oz
$2.8
$1.64
Rent & Utilities
🏙️ 1 bedroom apartment in Downtown, 40 m2 or 430 ft2
$1778
$748
🏡 Cheap 1 bedroom apartment, 40 m2 or 430 ft2
$1557
$554
🏙️ 3 bedroom apartment in Downtown, 80 m2 or 860 ft2
$2758
$1451
🏡 Cheap 3 bedroom apartment, 80 m2 or 860 ft2
$2322
$1015
🔌 Utility Bill one person, electricity, heating, water, etc.
$44.1
$82
🔌 Utility Bill for a Family, electricity, heating, water, etc.
$67.7
$127
🌐 Internet plan, 50 Mbps+ 1 month unlimited
$71.6
$46
🏦 Mortgage Interest Rate for 20 Years
9.41%
6.34%
🏙️ Apartment price to Buy in city Center, 1 m2 or 10 ft2
$6265
$2471
🏡 House price to Buy in Suburbs, 1 m2 or 10 ft2
$5556
$1596
Transportation
🚌 Local transport ticket
$4.36
$0.46
🎟️ Monthly ticket local transport
$72.2
$28.1
🚕 Taxi Ride, 8 km or 5 mi
$26.1
$15.1
 Gas / Petrol, 1 L or 0.26 gal
$2.24
$1.01
Groceries
🥛 Milk, 1 L or 1 qt
$1.71
$1.79
🍞 Bread, 0.5 kg or 1.1 lb
$3.65
$2.28
🍚 Rice, 1 kg or 2.2 lb
$3.1
$2.48
🥚 Eggs, x12
$5.9
$2.77
🧀 Cheese, 1 kg or 2.2 lb
$15.9
$12
🐔 Chicken Breast, 1 kg or 2.2 lb
$20.8
$7.24
🥩 Round Steak, 1 kg or 2.2 lb
$37.2
$9.54
🍏 Apples, 1 kg or 2.2 lb
$2.84
$3.58
🍌 Banana, 1 kg or 2.2 lb
$2.24
$1.58
🍊 Oranges, 1 kg or 2.2 lb
$2.66
$2.89
🍅 Tomato, 1 kg or 2.2 lb
$4.59
$2.93
🥔 Potato, 1 kg or 2.2 lb
$3.21
$2.27
🧅 Onion, 1 kg or 2.2 lb
$2.08
$2.78
🌊 Water, 1 L or 1 qt
$1.36
$1.07
🍹 Coca-Cola / Pepsi, 2 L or 67.6 fl oz
$2.68
$2.3
🍾 Wine (mid-priced), 750 mL bottle
$20.7
$9.69
🍺 Beer, 0.5 L or 16 fl oz
$3.26
$1.22
🚬 Cigarette pack
$12.3
$5.98
💊 Cold medicince, 1 week
$10.5
$12.9
🧴 Hair Shampoo
$5.22
$6.69
🧻 Toilet paper, 4 rolls
$4.58
$3.06
👄 Toothpaste, 1 tube
$3.22
$3.1
Other
🏋️ Gym Membership, 1 month
$70
$39.8
🎫 Cinema Ticket, 1 person
$15.1
$7.1
👩‍⚕️ Doctor's visit
$82.3
$49.2
💇 Haircut, simple
$45.6
$10.9
👖 Brand Jeans
$128
$53.9
👟 Brand Sneakers
$158
$88.4
👶 Daycare or Preschool, 1 month
$282
$475
🏫 International Primary School, 1 year
$2527
$13168

Cost of living in other countries

Cost of living

$349

$907

$6.64K

More countries to compare

Cost of Living in Popular cities

In Iceland

City Cost of living Population
Reykjavik
$2938
140K
Kopavogur
$2802
39.8K
Hafnarfjorur
$2817
30.6K
Akureyri
$2678
19.9K
Keflavik
$2355
23.3K

In Panama

City Cost of living Population
Panama City
$1479
881K
Colon
$1172
242K
Tocumen
$1310
103K
Santiago de Veraguas
$1089
89K
La Chorrera
$957
68.9K
Balboa
$1328
62.9K
David
$890
82.9K
Chitre
$1117
60.5K
Pacora
$1304
52.5K
Penonome
$1116
21.7K