Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 733,750 kr
  • Single person estimated monthly costs: 393,036 kr
  • Iceland is the 2nd most expensive country in Western Europe (2 out of 19)
  • Iceland is the 4th most expensive country in the World (4 out of 95)
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Food
Basic lunchtime menu (including a drink) in the business district 2,682 kr
Combo meal in fast food restaurant (big mac meal or similar) 1,972 kr
500 gr (1 lb.) of boneless chicken breast 1,138 kr
1 liter (1 qt.) of whole fat milk 157 kr
12 eggs, large 755 kr
1 kg (2 lb.) of tomatoes 592 kr
500 gr (16 oz.) of local cheese 897 kr
1 kg (2 lb.) of apples 415 kr
1 kg (2 lb.) of potatoes 426 kr
0.5 l (16 oz) domestic beer in the supermarket 398 kr
1 bottle of red table wine, good quality 3,115 kr
2 liters of coca-cola 335 kr
Bread for 2 people for 1 day 320 kr
Housing
Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area 309,818 kr
Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area 232,178 kr
Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat 23,301 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 173,145 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area 176,252 kr
Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio 25,549 kr
Internet 8 mbps (1 month) 6,689 kr
40” flat screen tv 86,633 kr
Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) 25,900 kr
Laundry detergent (3 l. ~ 100 oz.) 1,925 kr
Hourly rate for cleaning help 3,410 kr
Clothes
1 pair of jeans (levis 501 or similar) 17,501 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 7,301 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 17,572 kr
1 pair of men’s leather business shoes 29,325 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 3,672,550 kr
1 liter (1/4 gallon) of gas 191 kr
Monthly ticket public transport 12,731 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 1,355 kr
1 box of antibiotics (12 doses) 1,601 kr
Short visit to private doctor (15 minutes) 4,855 kr
1 box of 32 tampons (tampax, ob, ...) 498 kr
Deodorant, roll-on (50ml ~ 1.5 oz.) 408 kr
Hair shampoo 2-in-1 (400 ml ~ 12 oz.) 866 kr
4 rolls of toilet paper 392 kr
Tube of toothpaste 403 kr
Standard men's haircut in expat area of the city 6,887 kr
Entertainment
Basic dinner out for two in neighborhood pub 6,422 kr
2 tickets to the movies 3,045 kr
2 tickets to the theater (best available seats) 10,062 kr
Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert 12,253 kr
1 cocktail drink in downtown club 2,505 kr
Cappuccino in expat area of the city 713 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,141 kr
Ipad wi-fi 128gb 88,913 kr
1 min. of prepaid mobile tariff (no discounts or plans) 64 kr
1 month of gym membership in business district 7,926 kr
1 package of marlboro cigarettes 1,429 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.

Are you moving to Iceland? Do you know how much money you will need there to maintain your current standard of living?

Find out what is the real equivalent in Iceland of your current salary and improve your chances of a happy relocation.

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List of all cities available in Iceland

Reykjavik

Prices recently added

  • Monthly rent - 85 m2 furnished accommodation in expensive area in Reykjavik costs 220,000 kr (9 days ago)