Cost of living comparison

Panama

compared to

Faroe Islands

Torshavn vs. Panama City Cost of Living Summary

Torshavn is 33.3% more expensive than Panama City.

Restaurants: pay 2.2 times more in Torshavn
Groceries: pay 51.2% more in Torshavn
Transportation: pay 42.6% more in Torshavn
Housing: pay 2.5% less in Torshavn
Childcare: pay 10.2% less in Torshavn
Entertainment and Sports: pay 78.7% more in Torshavn
Clothing: pay 78.1% more in Torshavn

The cost of restaurants, entertainment and sports, clothing, groceries, and transportation in Torshavn are more expensive than in Panama City. Expenses including childcare and housing are lower in Torshavn. Notably, restaurants, entertainment and sports, and clothing are significantly more expensive in Torshavn.

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Torshavn vs. Panama City Cost Breakdown

If you lived in Torshavn instead of Panama City, you would:

Display currency: USD

pay 2.2 times more for restaurants

	Panama City	Torshavn
Basic meal with drink at inexpensive restaurant	$11.50 PAB11.50	$26.22 DKK175.58	+128.0%
Fast food combo meal McDonalds, or similar	$8.00 PAB8.00	$19.96 DKK133.67	+149.5%
Bottle of Coca-Cola (11 fl. oz)	$1.97 PAB1.97	$3.25 DKK21.73	+64.6%
Bottle of water (11 fl. oz)	$1.60 PAB1.60	$2.65 DKK17.73	+65.4%
Average			+120.5%

Panama City vs. Torshavn - Cost of restaurants

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pay 51.2% more for groceries

	Panama City	Torshavn
Bread 1 loaf	$2.52 PAB2.52	$4.94 DKK33.11	+96.5%
Local cheese (8 oz)	$6.18 PAB6.18	$8.24 DKK55.18	+33.2%
Milk (1 gallon)	$7.09 PAB7.09	$8.61 DKK57.63	+21.4%
Eggs 1 dozen	$2.75 PAB2.75	$6.35 DKK42.54	+131.2%
Boneless chicken breast (1 lb)	$3.07 PAB3.07	$6.46 DKK43.23	+110.4%
Apples (1 lb)	$1.87 PAB1.87	$1.83 DKK12.29	-1.9%
Bananas (1 lb)	$0.82 PAB0.82	$2.51 DKK16.84	+205.1%
Oranges (1 lb)	$1.92 PAB1.92	$2.72 DKK18.20	+41.7%
Tomatoes (1 lb)	$1.86 PAB1.86	$2.34 DKK15.70	+26.3%
Potatoes (1 lb)	$1.55 PAB1.55	$1.65 DKK11.07	+6.9%
Onions (1 lb)	$1.96 PAB1.96	$2.08 DKK13.96	+6.5%
Average			+51.2%

Panama City vs. Torshavn - Cost of groceries

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pay 42.6% more for transportation

	Panama City	Torshavn
Gasoline (1 gallon)	$4.62 PAB4.62	$6.59 DKK44.11	+42.6%
Monthly public transit pass	$21.00 PAB21.00	$29.96 DKK200.66	+42.7%
New Volkswagen Golf 1.4 (standard edition)	$21,262.00 PAB21,262.00	??
Taxi trip in downtown area (5 miles)	$16.98 PAB16.98	??
Average			+42.6%

Panama City vs. Torshavn - Cost of transportation

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pay 2.5% less for housing

	Panama City	Torshavn
Internet connection 50 mbps or faster, cable/dsl	$48.70 PAB48.70	$89.88 DKK601.99	+84.6%
1-Bedroom apartment in downtown area	$1,262.50 PAB1,262.50	$1,084.60 DKK7,264.01	-14.1%
1-Bedroom apartment outside city center	$874.18 PAB874.18	$892.85 DKK5,979.77	+2.1%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$100.29 PAB100.29	$98.04 DKK656.64	-2.2%
Average			-2.5%

Panama City vs. Torshavn - Cost of housing

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pay 10.2% less for childcare

	Panama City	Torshavn
Private preschool for 1 child, monthly	$543.33 PAB543.33	$488.12 DKK3,269.14	-10.2%
Middle school for 1 child, two semesters	$9,641.50 PAB9,641.50	??
Average			-10.2%

Panama City vs. Torshavn - Cost of childcare

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pay 78.7% more for entertainment and sports

	Panama City	Torshavn
Domestic/local beer (1 pint)	$3.30 PAB3.30	$9.48 DKK63.52	+187.4%
Cappuccino in mid-range area	$4.11 PAB4.11	$6.91 DKK46.25	+68.0%
Pack of cigarettes Marlboro or similar	$6.00 PAB6.00	$11.24 DKK75.25	+87.3%
Monthly membership at local gym	$46.40 PAB46.40	$55.13 DKK369.22	+18.8%
Movie ticket to theater/cinema	$8.50 PAB8.50	$16.10 DKK107.86	+89.5%
Average			+78.7%

Panama City vs. Torshavn - Cost of entertainment and sports

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pay 78.1% more for clothing

	Panama City	Torshavn
Regular jeans Levi's brand	$66.67 PAB66.67	$140.41 DKK940.36	+110.6%
Regular dress from H&M or similar store	$48.43 PAB48.43	$59.92 DKK401.33	+23.7%
Running shoes Nike or Adidas	$94.62 PAB94.62	$166.66 DKK1,116.19	+76.1%
Men's business shoes (leather)	$111.67 PAB111.67	$244.68 DKK1,638.75	+119.1%
Average			+78.1%

Panama City vs. Torshavn - Cost of clothing

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We average the price of thousands of data points entered by users across the world. Sources: MyLifeElsewhere's cost-of-living dataset (prices updated November 2026). How we calculate this

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