Cost of living in Iceland

Summary of cost of living in Iceland

  • Family of four estimated monthly costs: 778,989 kr
  • Single person estimated monthly costs: 411,817 kr
  • Iceland is the 2nd most expensive country in Western Europe (2 out of 18)
  • Iceland is the 4th most expensive country in the World (4 out of 71)
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Food
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 100 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 459 kr
1 bottle of red table wine, good quality 2,821 kr
2 liters of coca-cola 336 kr
Bread for 2 people for 1 day 504 kr
Housing
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 33,887 kr
Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area 205,251 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 21,721 kr
Internet 8 mbps (1 month) 9,153 kr
40” flat screen tv 121,874 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 4,355 kr
Clothes
1 pair of jeans (levis 501 or similar) 16,512 kr
1 summer dress in a high street store (zara, h&m or similar retailers) 7,331 kr
1 pair of sport shoes (nike, adidas, or equivalent brands) 18,754 kr
1 pair of men’s leather business shoes 25,104 kr
Transportation
Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new 3,899,760 kr
1 liter (1/4 gallon) of gas 231 kr
Monthly ticket public transport 12,639 kr
Personal Care
Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) 1,200 kr
1 box of antibiotics (12 doses) 2,068 kr
Short visit to private doctor (15 minutes) 7,697 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.) 677 kr
4 rolls of toilet paper 520 kr
Tube of toothpaste 650 kr
Standard men's haircut in expat area of the city 5,217 kr
Entertainment
Basic dinner out for two in neighborhood pub 11,778 kr
2 tickets to the movies 3,223 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 14,645 kr
1 cocktail drink in downtown club 2,690 kr
Cappuccino in expat area of the city 599 kr
1 beer in neighbourhood pub (500ml or 1pt.) 1,191 kr
Ipad wi-fi 128gb 120,000 kr
1 min. of prepaid mobile tariff (no discounts or plans) 22 kr
1 month of gym membership in business district 7,357 kr
1 package of marlboro cigarettes 2,057 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

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