Published: Monday, 21th October 2024
The cost of living in Panama is 3.59 times more expensive as compared to Mongolia.
On this page, you will find side-by-side cost comparison between Panama and Mongolia. We have created 172 cost-of-living indicators. We average the prices of all those indicators and take a mathematically calculated approach to determine which country is more expensive to live in between Panama and Mongolia.
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 Indicators  | Panama  | Mongolia  |
|---|---|---|
1 BHK Apartment in City Center  | 1,200 PAB (1,200 USD) | 800,000 MNT (232 USD) |
2 BHK Apartment in City Center  | 2,000 PAB (2,000 USD) | 1,200,000 MNT (348 USD) |
3 BHK Apartment in City Center  | 3,000 PAB (3,000 USD) | 1,600,000 MNT (464 USD) |
1 BHK Apartment outside City Center  | 800 PAB (800 USD) | 500,000 MNT (145 USD) |
2 BHK Apartment outside City Center  | 1,200 PAB (1,200 USD) | 800,000 MNT (232 USD) |
3 BHK Apartment outside City Center  | 1,800 PAB (1,800 USD) | 1,200,000 MNT (348 USD) |
Mortgage Rates Per Month  | 1.3 % | 1.3 % |
Realtor Commission  | 5 % | 2 % |
Property Taxes  | 0.6 to 1.0 % | 0.6 % |
The average housing cost in Panama is 5.75 times more expensive than Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Basic Home Furnishing  | 3,000 PAB (3,000 USD) | 3,000,000 MNT (870 USD) |
Electricity Cost Per Month  | 150 PAB (150 USD) | 50,000 MNT (14.50 USD) |
Heating Cost Per Month  | 100 PAB (100 USD) | 70,000 MNT (20.30 USD) |
Cooling Cost Per Month  | 80 PAB (80 USD) | 30,000 MNT (8.70 USD) |
Water Supply Cost Per Month  | 60 PAB (60 USD) | 30,000 MNT (8.70 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 267.60% more for Utilities.
The basic home furnishing in Panama costs 3.45 times more compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Standard Wifi Cost Per Month  | 70 PAB (70 USD) | 40,000 MNT (11.60 USD) |
Mobile Phone Basic Plan Cost Per Month  | 50 PAB (50 USD) | 30,000 MNT (8.70 USD) |
Landline Basic Plan Cost Per Month  | 30 PAB (30 USD) | 15,000 MNT (4.35 USD) |
Cable TV Basic Plan Cost Per Month  | 80 PAB (80 USD) | 20,000 MNT (5.80 USD) |
The internet and communication costs 655.34% more in Panama compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Long Grain Rice (1 KG)  | 2 PAB (2 USD) | 3,000 MNT (0.87 USD) |
Milk (1 Liter)  | 1.50 PAB (1.50 USD) | 1,500 MNT (0.43 USD) |
Water (1 Liter)  | 0.50 PAB (0.50 USD) | 1,000 MNT (0.29 USD) |
Bread (500 gm)  | 1 PAB (1 USD) | 2,000 MNT (0.58 USD) |
Eggs (1 Dozen)  | 3 PAB (3 USD) | 4,000 MNT (1.16 USD) |
Cheese (1 KG)  | 5 PAB (5 USD) | 7,000 MNT (2.03 USD) |
Chicken Breast (1 KG)  | 7 PAB (7 USD) | 8,000 MNT (2.32 USD) |
In Panama, the cost of 1 Liter Water and 1 Liter Milk is 2.76 times more expensive than the cost in Mongolia.
If you lived in Panama, instead of Mongolia, you would have to pay 160.25% more for Groceries.
Indicators | Panama | Mongolia |
|---|---|---|
Apples (1 KG)  | 3 PAB (3 USD) | 4,000 MNT (1.16 USD) |
Bananas (1 KG)  | 1.50 PAB (1.50 USD) | 3,000 MNT (0.87 USD) |
Oranges (1 KG)  | 2 PAB (2 USD) | 3,500 MNT (1.01 USD) |
Tomatoes (1 KG)  | 2 PAB (2 USD) | 3,000 MNT (0.87 USD) |
Potatoes (1 KG)  | 1 PAB (1 USD) | 2,000 MNT (0.58 USD) |
Lemons (1 KG)  | 2.50 PAB (2.50 USD) | 4,500 MNT (1.30 USD) |
Onions (1 KG)  | 1.50 PAB (1.50 USD) | 2,500 MNT (0.72 USD) |
Lentils (1 KG)  | 2.50 PAB (2.50 USD) | 4,000 MNT (1.16 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 2.08 times more for Fruits and Vegetables.
Indicators | Panama | Mongolia |
|---|---|---|
Meal at a Resonable Restaurant  | 12 PAB (12 USD) | 15,000 MNT (4.35 USD) |
Three-Course Meal for Two  | 30 PAB (30 USD) | 40,000 MNT (11.60 USD) |
Fast Food Combo Meal  | 6 PAB (6 USD) | 10,000 MNT (2.90 USD) |
Normal Coffee  | 2.50 PAB (2.50 USD) | 3,000 MNT (0.87 USD) |
Soft Drink  | 1.50 PAB (1.50 USD) | 1,500 MNT (0.43 USD) |
Pizza for One  | 12 PAB (12 USD) | 25,000 MNT (7.25 USD) |
Take-Out Delivery Meal  | 10 PAB (10 USD) | 20,000 MNT (5.80 USD) |
Cigarette Pack of 20  | 6 PAB (6 USD) | 5,000 MNT (1.45 USD) |
Dining-Out costs 130.85% more in Panama compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Wine Mid-Range Bottle  | 15 PAB (15 USD) | 25,000 MNT (7.25 USD) |
Glass of Wine  | 6 PAB (6 USD) | 5,000 MNT (1.45 USD) |
Domestic Beer Half Liter  | 2.50 PAB (2.50 USD) | 2,500 MNT (0.72 USD) |
Imported Beer Half Liter  | 4 PAB (4 USD) | 3,500 MNT (1.01 USD) |
Domestic Alcohol 1 Liter  | 15 PAB (15 USD) | 8,000 MNT (2.32 USD) |
Branded Alcohol 1 Liter  | 25 PAB (25 USD) | 20,000 MNT (5.80 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 3.64 times more for usual hard drinks.
Indicators | Panama | Mongolia |
|---|---|---|
Monthly Public Transportation Pass  | 50 PAB (50 USD) | 30,000 MNT (8.70 USD) |
Single Public Transportation Ticket  | 1.50 PAB (1.50 USD) | 1,500 MNT (0.43 USD) |
Single Train Ticket  | Yet to Update () | Yet to Update () |
Domestic Airplane Ticket  | 100 PAB (100 USD) | 50,000 MNT (14.50 USD) |
Taxi Start Fare  | 3 PAB (3 USD) | 5,000 MNT (1.45 USD) |
Taxi Rate Per Kilometer  | 1.50 PAB (1.50 USD) | 1,500 MNT (0.43 USD) |
Car Rental Per Day  | 30 PAB (30 USD) | 50,000 MNT (14.50 USD) |
Parking Fees in City Center Per Hour  | 2 PAB (2 USD) | 5,000 MNT (1.45 USD) |
Parking Fees outside City Center Per Hour  | 1 PAB (1 USD) | 2,000 MNT (0.58 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 4.49 times more for transportation.
Indicators | Panama | Mongolia |
|---|---|---|
Reasonable Vehicle Purchase Cost  | 15,000 PAB (15,000 USD) | 20,000,000 MNT (5,800 USD) |
Vehicle Registration Cost  | 80 PAB (80 USD) | 50,000 MNT (14.50 USD) |
Driving License Fees  | 50 PAB (50 USD) | 50,000 MNT (14.50 USD) |
Car Insurance Cost  | 400 PAB (400 USD) | 200,000 MNT (58 USD) |
Car Maintenance Cost  | 150 PAB (150 USD) | 100,000 MNT (29 USD) |
Car Loan Interest Rates  | 6 % | 10 % |
Fuel Per Liter  | 1.20 PAB (1.20 USD) | 2,500 MNT (0.72 USD) |
Fuel Per Gallon  | 4.50 PAB (4.50 USD) | 10,000 MNT (2.90 USD) |
Average Toll Fees  | 5 PAB 5 USD | Yet to Update |
You would have to pay 2.65 times more for Vehicle purchase, daily operation and maintenance in Panama compared to that of Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Doctor Visit  | 50 PAB (50 USD) | 30,000 MNT (8.70 USD) |
Specialist Visit  | 100 PAB (100 USD) | 50,000 MNT (14.50 USD) |
Dentist Visit  | 70 PAB (70 USD) | 40,000 MNT (11.60 USD) |
Eye Exam  | 50 PAB (50 USD) | 25,000 MNT (7.25 USD) |
Mental Health Counseling  | 100 PAB (100 USD) | 25,000 MNT (7.25 USD) |
Preventive Health Screening  | 50 PAB (50 USD) | 20,000 MNT (5.80 USD) |
Physical Therapy  | 75 PAB (75 USD) | 30,000 MNT (8.70 USD) |
Emergency Room Visit  | 300 PAB (300 USD) | 100,000 MNT (29 USD) |
Hospital Stay Per Night  | 150 PAB (150 USD) | 150,000 MNT (43.50 USD) |
Vaccinations  | 30 PAB (30 USD) | 10,000 MNT (2.90 USD) |
Prescription Medication  | 20 PAB (20 USD) | 15,000 MNT (4.35 USD) |
Over the Counter Medication  | 10 PAB (10 USD) | 5,000 MNT (1.45 USD) |
Health Insurance Premiums  | 150 PAB (150 USD) | 60,000 MNT (17.40 USD) |
Health Insurance Deductibles  | 75 PAB (75 USD) | 30,000 MNT (8.70 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 7.19 times more for Health and Medical Treatment.
Indicators | Panama | Mongolia |
|---|---|---|
Cosmetic Procedures  | 200 PAB (200 USD) | 150,000 MNT (43.50 USD) |
Spa Treatment  | 75 PAB (75 USD) | 50,000 MNT (14.50 USD) |
Manicure Pedicure Cost  | 30 PAB (30 USD) | 15,000 MNT (4.35 USD) |
Optical Glasses Cost  | 80 PAB (80 USD) | 50,000 MNT (14.50 USD) |
Contact Lenses Cost  | 40 PAB (40 USD) | 15,000 MNT (4.35 USD) |
Haircuts  | 15 PAB (15 USD) | 10,000 MNT (2.90 USD) |
Hair Coloring  | 40 PAB (40 USD) | 30,000 MNT (8.70 USD) |
Shampoo Price  | 5 PAB (5 USD) | 2,000 MNT (0.58 USD) |
Toothpaste Price  | 2 PAB (2 USD) | 1,000 MNT (0.29 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 5.20 times more for Personal Care Items and Treatment.
Indicators | Panama | Mongolia |
|---|---|---|
Pair of Nike Running Shoes  | 80 PAB (80 USD) | 80,000 MNT (23.20 USD) |
Men's Shirt  | 25 PAB (25 USD) | 40,000 MNT (11.60 USD) |
Women's Dress  | 40 PAB (40 USD) | 60,000 MNT (17.40 USD) |
Summer Dress  | 30 PAB (30 USD) | 50,000 MNT (14.50 USD) |
Men's Suit  | 100 PAB (100 USD) | 200,000 MNT (58 USD) |
Men's Jeans  | 40 PAB (40 USD) | 50,000 MNT (14.50 USD) |
Women's Jeans  | 30 PAB (30 USD) | 50,000 MNT (14.50 USD) |
Men's Formal Shoes  | 80 PAB (80 USD) | 70,000 MNT (20.30 USD) |
Women's Formal Shoes  | 80 PAB (80 USD) | 70,000 MNT (20.30 USD) |
Men's Casual Shoes  | 50 PAB (50 USD) | 50,000 MNT (14.50 USD) |
Women's Casual Shoes  | 50 PAB (50 USD) | 50,000 MNT (14.50 USD) |
Underwear For Men  | 8 PAB (8 USD) | 5,000 MNT (1.45 USD) |
Underwear For Women  | 12 PAB (12 USD) | 7,000 MNT (2.03 USD) |
Socks For Men  | 3 PAB (3 USD) | 2,000 MNT (0.58 USD) |
Socks For Women  | 3 PAB (3 USD) | 2,000 MNT (0.58 USD) |
Wintercoat for Adults  | 80 PAB (80 USD) | 80,000 MNT (23.20 USD) |
Sportswear  | 40 PAB (40 USD) | 40,000 MNT (11.60 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 2.86 times more for Clothing and Footwear for Adults.
Indicators | Panama | Mongolia |
|---|---|---|
Children's Jeans  | 20 PAB (20 USD) | 30,000 MNT (8.70 USD) |
Children's Normal Sneakers  | 30 PAB (30 USD) | 40,000 MNT (11.60 USD) |
Children's Winter Coat  | 40 PAB (40 USD) | 50,000 MNT (14.50 USD) |
Daycare for Infant  | 200 PAB (200 USD) | 200,000 MNT (58 USD) |
Daycare for Toddler  | 150 PAB (150 USD) | 150,000 MNT (43.50 USD) |
Childcare for Sick Days  | 30 PAB (30 USD) | 20,000 MNT (5.80 USD) |
Early Childhood Education Programs  | 150 PAB (150 USD) | 150,000 MNT (43.50 USD) |
Extra Curricular Activities  | 100 PAB (100 USD) | 50,000 MNT (14.50 USD) |
Summer Camp for Kids  | 150 PAB (150 USD) | 200,000 MNT (58 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 3.37 times more for Childcare and kids clothing.
Indicators | Panama | Mongolia |
|---|---|---|
PreSchool Fees  | 250 PAB (250 USD) | 250,000 MNT (72.50 USD) |
Primary School Fees  | 400 PAB (400 USD) | 300,000 MNT (87 USD) |
Secondary School Fees  | 600 PAB (600 USD) | 400,000 MNT (116 USD) |
Private School Fees  | 1,000 PAB (1,000 USD) | 600,000 MNT (174 USD) |
University Tuition Fees  | 2,500 PAB (2,500 USD) | 2,000,000 MNT (580 USD) |
University Private Tuition Fees  | 3,500 PAB (3,500 USD) | 4,000,000 MNT (1,160 USD) |
After School Activities  | 75 PAB (75 USD) | 50,000 MNT (14.50 USD) |
Special Education Services  | 200 PAB (200 USD) | 200,000 MNT (58 USD) |
Tutoring  | 30 PAB (30 USD) | 20,000 MNT (5.80 USD) |
Textbooks Cost  | 50 PAB (50 USD) | 10,000 MNT (2.90 USD) |
School Supplies  | 30 PAB (30 USD) | 5,000 MNT (1.45 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 3.80 times more for school and education.
Indicators | Panama | Mongolia |
|---|---|---|
Movie Ticket (Single)  | 8 PAB (8 USD) | 10,000 MNT (2.90 USD) |
Theater Ticket (Single)  | 15 PAB (15 USD) | 20,000 MNT (5.80 USD) |
Concert Ticket (Single)  | 25 PAB (25 USD) | 30,000 MNT (8.70 USD) |
Sports Event Ticket (Single)  | 15 PAB (15 USD) | 20,000 MNT (5.80 USD) |
Gym Membership  | 40 PAB (40 USD) | 30,000 MNT (8.70 USD) |
Swimming Pool Access  | 25 PAB (25 USD) | 20,000 MNT (5.80 USD) |
Museum Entry Ticket  | 8 PAB (8 USD) | 5,000 MNT (1.45 USD) |
Zoo Entry Ticket  | 12 PAB (12 USD) | 10,000 MNT (2.90 USD) |
Amusement Park Entry Ticket  | 20 PAB (20 USD) | 15,000 MNT (4.35 USD) |
Bowling  | 15 PAB (15 USD) | 10,000 MNT (2.90 USD) |
Mini Golf  | 12 PAB (12 USD) | 8,000 MNT (2.32 USD) |
Video Games  | 40 PAB (40 USD) | 20,000 MNT (5.80 USD) |
Streaming Services  | 12 PAB (12 USD) | 15,000 MNT (4.35 USD) |
Outdoor Equipment Rental  | 15 PAB (15 USD) | 10,000 MNT (2.90 USD) |
Theme Park Annual Pass  | 500 PAB (500 USD) | 300,000 MNT (87 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 5.02 times more for entertainment, recreation and fun activities.
Indicators | Panama | Mongolia |
|---|---|---|
Language Classes  | 150 PAB (150 USD) | 100,000 MNT (29 USD) |
Parenting Classes  | 150 PAB (150 USD) | 50,000 MNT (14.50 USD) |
Art Classes  | 25 PAB (25 USD) | 15,000 MNT (4.35 USD) |
Fitness Classes  | 25 PAB (25 USD) | 10,000 MNT (2.90 USD) |
Music Lessons  | 30 PAB (30 USD) | 20,000 MNT (5.80 USD) |
Dance Lessons  | 30 PAB (30 USD) | 20,000 MNT (5.80 USD) |
Reading Materials for Classes  | 8 PAB (8 USD) | 5,000 MNT (1.45 USD) |
Educational Software  | 150 PAB (150 USD) | 50,000 MNT (14.50 USD) |
If you lived in Panama, instead of Mongolia, you would have to pay 7.25 times more for Private Classes.
Indicators | Panama | Mongolia |
|---|---|---|
Average Gross Monthly Salary  | 1,500 PAB (1,500 USD) | 1,500,000 MNT (435 USD) |
Average Net Monthly Salary  | 1,200 PAB (1,200 USD) | 1,000,000 MNT (290 USD) |
Minimum Wages  | 20 PAB per hour (20 USD) | 16,666.67 MNT per hour (4.83 USD) |
Average Bonus  | 150 PAB (150 USD) | 300,000 MNT (87 USD) |
Income Tax Rate  | 0 to 7 % | 0 to 10 % |
Social Security Contributions  | 9 % | 10 % |
Pension Contributions  | 10 % | 10 % |
Cost of Living Index  | 50 | 40 |
Median Household Income  | 1,200 PAB (1,200 USD) | 1,200,000 MNT (348 USD) |
If you lived in Panama, you would earn 3.49 times more salary as compared to Mongolia.
Indicators | Panama | Mongolia |
|---|---|---|
Legal Consultation Per Hour Rate  | 100 PAB (100 USD) | 20,000 MNT (5.80 USD) |
Accounting Services Per Hour Rate  | 80 PAB (80 USD) | 15,000 MNT (4.35 USD) |
IT Support Services Per Hour Rate  | 80 PAB (80 USD) | 12,000 MNT (3.48 USD) |
Technician Services Per Hour Rate  | 60 PAB (60 USD) | 10,000 MNT (2.90 USD) |
Professional Services cost 19.36 times more in Panama, as compared to Mongolia.
We hope you enjoyed the detailed guide on the cost of living comparsion between Panama and Mongolia.
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