Cost of living comparison
compared to
Reykjavik vs. Panama City Cost of Living Summary
Reykjavik is 82.4% more expensive than Panama City.
- Restaurants
-
pay 69.2% more in Reykjavik
- Groceries
-
pay 45.8% more in Reykjavik
- Transportation
-
pay 92.0% more in Reykjavik
- Housing
-
pay 10.1% more in Reykjavik
- Childcare
-
pay 65.4% more in Reykjavik
- Entertainment and Sports
-
pay 83.9% more in Reykjavik
- Clothing
-
pay 3.1 times more in Reykjavik
The cost of clothing, transportation, entertainment and sports, restaurants, childcare, and groceries in Reykjavik are more expensive than in Panama City. Notably, clothing, transportation, and entertainment and sports are significantly more expensive in Reykjavik.
Reykjavik vs. Panama City Cost Breakdown
If you lived in Reykjavik instead of Panama City, you would:
pay 69.2% more for restaurants
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$20.00
|
$27.48
ISK3,517
|
|
|
Fast food combo meal
McDonalds, or similar
|
$10.50
|
$22.76
ISK2,913
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$2.12
|
$3.34
ISK427
|
|
| Bottle of water (11 fl. oz) |
$1.63
|
$2.70
ISK345
|
|
Panama City vs. Reykjavik - Cost of restaurants
pay 45.8% more for groceries
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$3.48
|
$4.63
ISK593
|
|
| Local cheese (8 oz) |
$5.49
|
$9.44
ISK1,208
|
|
| Milk (1 gallon) |
$4.38
|
$7.63
ISK976
|
|
|
Eggs
1 dozen
|
$3.49
|
$6.50
ISK832
|
|
| Boneless chicken breast (1 lb) |
$5.33
|
$11.29
ISK1,445
|
|
| Apples (1 lb) |
$1.99
|
$1.59
ISK204
|
|
| Bananas (1 lb) |
$0.81
|
$1.17
ISK150
|
|
| Oranges (1 lb) |
$1.20
|
$1.49
ISK190
|
|
| Tomatoes (1 lb) |
$1.90
|
$2.54
ISK325
|
|
| Potatoes (1 lb) |
$1.01
|
$1.70
ISK217
|
|
| Onions (1 lb) |
$1.49
|
$1.13
ISK145
|
|
Panama City vs. Reykjavik - Cost of groceries
pay 92.0% more for transportation
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$2.89
|
$9.66
ISK1,236
|
|
| Monthly public transit pass |
$135.00
|
$88.58
ISK11,337
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$23,000.00
|
$50,771.00
ISK6,497,672
|
|
| Taxi trip in downtown area (5 miles) |
$19.05
|
$28.07
ISK3,592
|
|
Panama City vs. Reykjavik - Cost of transportation
pay 10.1% more for housing
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$66.08
|
$81.97
ISK10,490
|
|
| 1-Bedroom apartment in downtown area |
$1,700.00
|
$2,259.48
ISK289,169
|
|
| 1-Bedroom apartment outside city center |
$1,500.00
|
$2,034.90
ISK260,427
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$127.80
|
$60.87
ISK7,791
|
|
Panama City vs. Reykjavik - Cost of housing
pay 65.4% more for childcare
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$400.00
|
$327.78
ISK41,949
|
|
| Middle school for 1 child, two semesters |
$12,338.67
|
$30,711.08
ISK3,930,404
|
|
Panama City vs. Reykjavik - Cost of childcare
pay 83.9% more for entertainment and sports
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$5.00
|
$13.12
ISK1,680
|
|
| Cappuccino in mid-range area |
$5.10
|
$6.17
ISK790
|
|
|
Pack of cigarettes
Marlboro or similar
|
$8.00
|
$13.94
ISK1,783
|
|
| Monthly membership at local gym |
$40.00
|
$87.35
ISK11,179
|
|
| Movie ticket to theater/cinema |
$12.00
|
$17.18
ISK2,199
|
|
Panama City vs. Reykjavik - Cost of entertainment and sports
pay 3.1 times more for clothing
|
Panama City
|
Reykjavik
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$32.67
|
$145.10
ISK18,569
|
|
|
Regular dress
from H&M or similar store
|
$35.00
|
$63.97
ISK8,187
|
|
|
Running shoes
Nike or Adidas
|
$60.00
|
$193.43
ISK24,755
|
|
| Men's business shoes (leather) |
$85.00
|
$248.79
ISK31,840
|
|
Panama City vs. Reykjavik - Cost of clothing
The statistics used to build this comparison are calculated using data from users just like you.
We average the price of thousands of data points entered by users across the world.
Learn more about our data sources. Page last updated: December 2025
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