Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 884,103 kr
  • Single person estimated monthly costs: 404,026 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 3,296 kr
Combo meal in fast food restaurant (big mac meal or similar) 1,495 kr
500 gr (1 lb.) of boneless chicken breast 941 kr
1 liter (1 qt.) of whole fat milk 191 kr
12 eggs, large 831 kr
1 kg (2 lb.) of tomatoes 461 kr
500 gr (16 oz.) of local cheese 904 kr
1 kg (2 lb.) of apples 350 kr
1 kg (2 lb.) of potatoes 277 kr
0.5 l (16 oz) domestic beer in the supermarket 360 kr
1 bottle of red table wine, good quality 6,335 kr
2 liters of coca-cola 304 kr
Bread for 2 people for 1 day 484 kr
Housing
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 235,454 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 255,127 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 33,887 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 168,623 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 154,550 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 21,721 kr
Internet 8 mbps (1 month) 11,469 kr
40” flat screen tv 161,780 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 42,834 kr
Laundry detergent (3 l. ~ 100 oz.) 2,253 kr
Hourly rate for cleaning help 4,567 kr
Clothes
1 pair of jeans (levis 501 or similar) 42,000 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 22,000 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 35,000 kr
1 pair of men’s leather business shoes 44,000 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 5,289,920 kr
1 liter (1/4 gallon) of gas 258 kr
Monthly ticket public transport 13,639 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 1,200 kr
1 box of antibiotics (12 doses) 2,500 kr
Short visit to private doctor (15 minutes) 7,321 kr
1 box of 32 tampons (tampax, ob, ...) 620 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 1,188 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 650 kr
4 rolls of toilet paper 800 kr
Tube of toothpaste 650 kr
Standard men's haircut in expat area of the city 5,602 kr
Entertainment
Basic dinner out for two in neighborhood pub 16,689 kr
2 tickets to the movies 3,582 kr
2 tickets to the theater (best available seats) 20,600 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 27,766 kr
1 cocktail drink in downtown club 2,796 kr
Cappuccino in expat area of the city 722 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,097 kr
Ipad wi-fi 128gb 120,000 kr
1 min. of prepaid mobile tariff (no discounts or plans) 44 kr
1 month of gym membership in business district 15,861 kr
1 package of marlboro cigarettes 1,891 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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