Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 1,116,823 kr
  • Single person estimated monthly costs: 515,535 kr
  • WARNING!  These estimates are based on only a few data points. At the moment, you should treat them only as a best guess.
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Food
Basic lunchtime menu (including a drink) in the business district 4,287 kr
Combo meal in fast food restaurant (big mac meal or similar) 2,748 kr
500 gr (1 lb.) of boneless chicken breast 1,229 kr
1 liter (1 qt.) of whole fat milk 251 kr
12 eggs, large 815 kr
1 kg (2 lb.) of tomatoes 653 kr
500 gr (16 oz.) of local cheese 1,271 kr
1 kg (2 lb.) of apples 429 kr
1 kg (2 lb.) of potatoes 475 kr
0.5 l (16 oz) domestic beer in the supermarket 760 kr
1 bottle of red table wine, good quality 8,578 kr
2 liters of coca-cola 346 kr
Bread for 2 people for 1 day 669 kr
Housing
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 351,541 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 277,929 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 65,177 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 242,439 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 192,461 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 42,933 kr
Internet 8 mbps (1 month) 6,518 kr
40” flat screen tv 165,479 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 49,096 kr
Laundry detergent (3 l. ~ 100 oz.) 3,317 kr
Hourly rate for cleaning help 11,734 kr
Clothes
1 pair of jeans (levis 501 or similar) 37,157 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 15,761 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 31,870 kr
1 pair of men’s leather business shoes 67,739 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 5,967,620 kr
1 liter (1/4 gallon) of gas 334 kr
Monthly ticket public transport 12,187 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 713 kr
1 box of antibiotics (12 doses) 3,600 kr
Short visit to private doctor (15 minutes) 24,000 kr
1 box of 32 tampons (tampax, ob, ...) 1,114 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 2,112 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 851 kr
4 rolls of toilet paper 1,255 kr
Tube of toothpaste 653 kr
Standard men's haircut in expat area of the city 8,660 kr
Entertainment
Basic dinner out for two in neighborhood pub 10,409 kr
2 tickets to the movies 5,350 kr
2 tickets to the theater (best available seats) 28,094 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 49,122 kr
1 cocktail drink in downtown club 4,786 kr
Cappuccino in expat area of the city 989 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,850 kr
Ipad wi-fi 128gb 188,000 kr
1 min. of prepaid mobile tariff (no discounts or plans) 70 kr
1 month of gym membership in business district 13,622 kr
1 package of marlboro cigarettes 2,105 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

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