Cost of Living in Iceland
Summary of cost of living in Iceland:
- The estimated monthly costs for a family of four are 4,944.9€ (710,016.9kr), excluding rent.
- The estimated monthly costs for a single person are 1,323.3€ (190,011.8kr), excluding rent.
- Cost of living in Iceland is, on average, 90.7% higher than in Latvia.
- Rent in Iceland is, on average, 332.2% higher than in Latvia.
Restaurants |  Edit |
Range |
|---|---|---|
| Meal, Inexpensive Restaurant | 3,300.00 kr | |
| Meal for 2 People, Mid-range Restaurant, Three-course | 16,000.00 kr | |
| McMeal at McDonalds (or Equivalent Combo Meal) | 2,500.00 kr | |
| Domestic Beer (0.5 liter draught) | 1,500.00 kr | |
| Imported Beer (0.33 liter bottle) | 1,300.00 kr | |
| Cappuccino (regular) | 743.18 kr | |
| Coke/Pepsi (0.33 liter bottle) | 407.22 kr | |
| Water (0.33 liter bottle) | 327.00 kr | |
Markets | Edit |
|
| Milk (regular), (1 liter) | 236.52 kr | |
| Loaf of Fresh White Bread (500g) | 511.60 kr | |
| Rice (white), (1kg) | 438.11 kr | |
| Eggs (regular) (12) | 789.74 kr | |
| Local Cheese (1kg) | 2,295.32 kr | |
| Chicken Fillets (1kg) | 3,026.77 kr | |
| Beef Round (1kg) (or Equivalent Back Leg Red Meat) | 5,324.47 kr | |
| Apples (1kg) | 387.18 kr | |
| Banana (1kg) | 306.45 kr | |
| Oranges (1kg) | 361.43 kr | |
| Tomato (1kg) | 619.38 kr | |
| Potato (1kg) | 447.32 kr | |
| Onion (1kg) | 277.65 kr | |
| Lettuce (1 head) | 390.38 kr | |
| Water (1.5 liter bottle) | 278.65 kr | |
| Bottle of Wine (Mid-Range) | 2,950.00 kr | |
| Domestic Beer (0.5 liter bottle) | 458.18 kr | |
| Imported Beer (0.33 liter bottle) | 389.57 kr | |
| Cigarettes 20 Pack (Marlboro) | 1,769.50 kr | |
Transportation | Edit |
|
| One-way Ticket (Local Transport) | 650.00 kr | |
| Monthly Pass (Regular Price) | 10,450.00 kr | |
| Taxi Start (Normal Tariff) | 790.00 kr | |
| Taxi 1km (Normal Tariff) | 324.00 kr | |
| Taxi 1hour Waiting (Normal Tariff) | 10,710.00 kr | |
| Gasoline (1 liter) | 311.91 kr | |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | 5,890,000.00 kr | |
| Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) | 6,666,666.67 kr | |
Utilities (Monthly) | Edit |
|
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | 11,183.22 kr | |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | 3,430.36 kr | |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 10,783.47 kr | |
Sports And Leisure | Edit |
|
| Fitness Club, Monthly Fee for 1 Adult | 10,227.00 kr | |
| Tennis Court Rent (1 Hour on Weekend) | 4,666.67 kr | |
| Cinema, International Release, 1 Seat | 2,190.00 kr | |
Childcare | Edit |
|
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | 43,630.30 kr | |
| International Primary School, Yearly for 1 Child | 3,744,295.00 kr | |
Clothing And Shoes | Edit |
|
| 1 Pair of Jeans (Levis 501 Or Similar) | 17,222.35 kr | |
| 1 Summer Dress in a Chain Store (Zara, H&M, ...) | 7,915.00 kr | |
| 1 Pair of Nike Running Shoes (Mid-Range) | 21,716.67 kr | |
| 1 Pair of Men Leather Business Shoes | 31,581.25 kr | |
Rent Per Month | Edit |
|
| Apartment (1 bedroom) in City Centre | 275,000.00 kr | |
| Apartment (1 bedroom) Outside of Centre | 248,333.33 kr | |
| Apartment (3 bedrooms) in City Centre | 393,961.54 kr | |
| Apartment (3 bedrooms) Outside of Centre | 338,074.07 kr | |
Buy Apartment Price | Edit |
|
| Price per Square Meter to Buy Apartment in City Centre | 929,688.13 kr | |
| Price per Square Meter to Buy Apartment Outside of Centre | 788,387.63 kr | |
Salaries And Financing | Edit |
|
| Average Monthly Net Salary (After Tax) | 555,738.87 kr | |
| Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate | 9.88 |
Prices in Iceland
This country had 1052 entries in the past 12 months by 151 different contributors.
Last update: 8 June 2025
Our data for each country are based on all entries from all cities in that country.
Last update: 8 June 2025
Our data for each country are based on all entries from all cities in that country.
Sources and References
Moving to Iceland? Explore:
Distribution of Expenses Using Our Statistical Model:
This Page in Other Languages:
 DeutschLebenshaltungskosten in Island
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 PortuguêsCusto de Vida na Islândia
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 ItalianoCosto della Vita in Islanda
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 FrançaisCoût de la Vie en Islande
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 EspañolCosto de Vida en Islandia
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