Cost of living in Reykjavik, Iceland

Summary of cost of living in Reykjavik

  • Family of four estimated monthly costs: 754,192 kr
  • Single person estimated monthly costs: 406,337 kr
  • Cost of living in Reykjavik is more expensive than in 88% of cities in Western Europe (7 out of 51)
  • Cost of living in Reykjavik is more expensive than in 94% of cities in the World (14 out of 208)

List of prices in Reykjavik, Iceland. Current as of May 2021.

Change the currency:
Food [Edit]
Basic lunchtime menu (including a drink) in the business district 2,674 kr
Combo meal in fast food restaurant (big mac meal or similar) 1,787 kr
500 gr (1 lb.) of boneless chicken breast 961 kr
1 liter (1 qt.) of whole fat milk 190 kr
12 eggs, large 788 kr
1 kg (2 lb.) of tomatoes 572 kr
500 gr (16 oz.) of local cheese 852 kr
1 kg (2 lb.) of apples 317 kr
1 kg (2 lb.) of potatoes 331 kr
0.5 l (16 oz) domestic beer in the supermarket 454 kr
1 bottle of red table wine, good quality 2,949 kr
2 liters of coca-cola 320 kr
Bread for 2 people for 1 day 504 kr
Housing [Edit]
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 301,800 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 267,065 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 18,704 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 202,644 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 170,620 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 13,134 kr
Internet 8 mbps (1 month) 9,153 kr
40” flat screen tv 97,992 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 24,102 kr
Laundry detergent (3 l. ~ 100 oz.) 1,913 kr
Hourly rate for cleaning help 4,144 kr
Clothes [Edit]
1 pair of jeans (levis 501 or similar) 15,871 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 7,315 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 18,995 kr
1 pair of men’s leather business shoes 25,454 kr
Transportation [Edit]
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 3,899,760 kr
1 liter (1/4 gallon) of gas 228 kr
Monthly ticket public transport 13,260 kr
Taxi trip on a business day, basic tariff, 8 km. (5 miles) 3,398 kr
Personal Care [Edit]
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 1,366 kr
1 box of antibiotics (12 doses) 1,999 kr
Short visit to private doctor (15 minutes) 6,835 kr
1 box of 32 tampons (tampax, ob, ...) 661 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 604 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 676 kr
4 rolls of toilet paper 485 kr
Tube of toothpaste 414 kr
Standard men's haircut in expat area of the city 5,671 kr
Entertainment [Edit]
Basic dinner out for two in neighborhood pub 7,096 kr
2 tickets to the movies 3,236 kr
2 tickets to the theater (best available seats) 12,001 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 14,645 kr
1 cocktail drink in downtown club 2,560 kr
Cappuccino in expat area of the city 599 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,095 kr
Ipad wi-fi 128gb 85,553 kr
1 min. of prepaid mobile tariff (no discounts or plans) 21 kr
1 month of gym membership in business district 7,357 kr
1 package of marlboro cigarettes 1,474 kr
These prices are based on abundant and consistent data. They are very reliable. They are based on 192 prices entered by 16 different people.
Latest price update: May 16, 2021

Reykjavik position in our World Ranking

the world
14th
out of 208
western europe
7th
out of 51

Cheapest and most expensive products in Reykjavik compared to other cities:

the world
1st
the world
2nd
the world
2nd
the world
2nd
the world
3rd
the world
4th

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International Cost of Living Index

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