Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 909,501 kr
  • Single person estimated monthly costs: 467,327 kr
  • WARNING!  These estimates are based on data that may have some inconsistencies at the moment. They already provide a decent estimate but they are not currently bullet-proof.
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Food
Basic lunchtime menu (including a drink) in the business district 5,030 kr
Combo meal in fast food restaurant (big mac meal or similar) 3,299 kr
500 gr (1 lb.) of boneless chicken breast 1,018 kr
1 liter (1 qt.) of whole fat milk 207 kr
12 eggs, large 720 kr
1 kg (2 lb.) of tomatoes 706 kr
500 gr (16 oz.) of local cheese 1,069 kr
1 kg (2 lb.) of apples 270 kr
1 kg (2 lb.) of potatoes 414 kr
0.5 l (16 oz) domestic beer in the supermarket 463 kr
1 bottle of red table wine, good quality 2,821 kr
2 liters of coca-cola 309 kr
Bread for 2 people for 1 day 492 kr
Housing
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 357,641 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 279,609 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 54,829 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 221,182 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 161,707 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 30,820 kr
Internet 8 mbps (1 month) 8,104 kr
40” flat screen tv 94,218 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 48,000 kr
Laundry detergent (3 l. ~ 100 oz.) 3,700 kr
Hourly rate for cleaning help 6,316 kr
Clothes
1 pair of jeans (levis 501 or similar) 15,379 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 11,736 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 27,493 kr
1 pair of men’s leather business shoes 26,006 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 5,737,720 kr
1 liter (1/4 gallon) of gas 316 kr
Monthly ticket public transport 9,391 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 680 kr
1 box of antibiotics (12 doses) 2,068 kr
Short visit to private doctor (15 minutes) -
1 box of 32 tampons (tampax, ob, ...) 950 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 1,395 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 685 kr
4 rolls of toilet paper 638 kr
Tube of toothpaste 454 kr
Standard men's haircut in expat area of the city 6,773 kr
Entertainment
Basic dinner out for two in neighborhood pub 4,944 kr
2 tickets to the movies 4,170 kr
2 tickets to the theater (best available seats) 16,317 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 14,878 kr
1 cocktail drink in downtown club 3,005 kr
Cappuccino in expat area of the city 785 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,516 kr
Ipad wi-fi 128gb 11,800 kr
1 min. of prepaid mobile tariff (no discounts or plans) 20 kr
1 month of gym membership in business district 11,171 kr
1 package of marlboro cigarettes 2,298 kr

Map of Cost of Living in Iceland

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This map shows only the top cities in Iceland. We also have on this page a list of all the cities available in Expatistan:
List of all the cities available in Expatistan

The color of each marker corresponds with the cost of living in the city red markers show more expensive cities green ones show cheaper cities
Moving the mouse on top of a city will show its name and the Cost of Living Index of that city.

What is the Cost of Living Index? To calculate each city's Price Index value, we start by assigning a value of 100 to a central reference city (that happens to be Prague). Once the reference point has been established, the Price Index value of every other city in the database is calculated by comparing their cost of living to the cost of living in Prague.
Therefore, if a city has a Price Index of 134, that means that living there is 34% more expensive than living in Prague.

List of all cities available in Iceland

Reykjavik

Prices recently added

  • Public transport in Reykjavik costs 8,000 kr (9 days ago)
  • Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new in Reykjavik costs 5,540,000 kr (9 days ago)
  • Furnished accommodation in normal area, monthly rent - 85 m2 in Reykjavik costs 300,000 kr (9 days ago)
  • Monthly rent - 85 m2 furnished accommodation in expensive area in Reykjavik costs 500,000 kr (9 days ago)
  • Combo meal in fast food restaurant (big mac meal or similar) in Reykjavik costs 5,000 kr (9 days ago)
  • Basic lunchtime menu (including a drink) in the business district in Reykjavik costs 6,000 kr (9 days ago)

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