Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 1,253,430 kr
  • Single person estimated monthly costs: 522,945 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 5,459 kr
Combo meal in fast food restaurant (big mac meal or similar) 2,999 kr
500 gr (1 lb.) of boneless chicken breast 1,493 kr
1 liter (1 qt.) of whole fat milk 236 kr
12 eggs, large 1,045 kr
1 kg (2 lb.) of tomatoes 666 kr
500 gr (16 oz.) of local cheese 1,713 kr
1 kg (2 lb.) of apples 399 kr
1 kg (2 lb.) of potatoes 468 kr
0.5 l (16 oz) domestic beer in the supermarket 699 kr
1 bottle of red table wine, good quality 4,138 kr
2 liters of coca-cola 396 kr
Bread for 2 people for 1 day 589 kr
Housing
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 340,925 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 290,344 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 222,135 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 246,021 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 155,625 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 62,145 kr
Internet 8 mbps (1 month) 21,072 kr
40” flat screen tv 150,515 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 24,394 kr
Laundry detergent (3 l. ~ 100 oz.) 3,236 kr
Hourly rate for cleaning help 7,154 kr
Clothes
1 pair of jeans (levis 501 or similar) 16,280 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 18,714 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 26,530 kr
1 pair of men’s leather business shoes 35,893 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 6,086,940 kr
1 liter (1/4 gallon) of gas 313 kr
Monthly ticket public transport 16,297 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 2,500 kr
1 box of antibiotics (12 doses) 3,085 kr
Short visit to private doctor (15 minutes) 19,528 kr
1 box of 32 tampons (tampax, ob, ...) 750 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 665 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 948 kr
4 rolls of toilet paper 863 kr
Tube of toothpaste 577 kr
Standard men's haircut in expat area of the city 6,596 kr
Entertainment
Basic dinner out for two in neighborhood pub 12,694 kr
2 tickets to the movies 5,796 kr
2 tickets to the theater (best available seats) 17,961 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 18,942 kr
1 cocktail drink in downtown club 3,082 kr
Cappuccino in expat area of the city 697 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,183 kr
Ipad wi-fi 128gb 179,000 kr
1 min. of prepaid mobile tariff (no discounts or plans) -
1 month of gym membership in business district 38,993 kr
1 package of marlboro cigarettes 1,775 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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