Cost of Living in Iceland

Summary of cost of living in Iceland:

A family of four estimated monthly costs are 5,036.8€ (718,731.3kr) without rent.
A single person estimated monthly costs are 1,345.0€ (191,927.4kr) without rent.
Cost of living in Iceland is, on average, 35.9% higher than in United States.
Rent in Iceland is, on average, 12.1% higher than in United States.

Restaurants	Edit	Range
Meal, Inexpensive Restaurant	21.02 €	13.90-38.54
Meal for 2 People, Mid-range Restaurant, Three-course	126.14 €	77.09-210.24
McMeal at McDonalds (or Equivalent Combo Meal)	17.52 €	15.42-22.43
Domestic Beer (1 pint draught)	10.51 €	7.01-12.61
Imported Beer (12 oz small bottle)	9.11 €	7.01-12.61
Cappuccino (regular)	5.26 €	3.50-7.01
Coke/Pepsi (12 oz small bottle)	2.92 €	2.10-3.50
Water (12 oz small bottle)	2.32 €	1.75-3.43
Markets	Edit
Milk (regular), (1 gallon)	6.14 €	5.41-9.28
Loaf of Fresh White Bread (1 lb)	3.24 €	2.07-6.36
Rice (white), (1 lb)	1.38 €	0.94-2.06
Eggs (regular) (12)	5.65 €	4.20-6.73
Local Cheese (1 lb)	7.12 €	4.45-9.54
Chicken Fillets (1 lb)	9.31 €	4.77-11.76
Beef Round (1 lb) (or Equivalent Back Leg Red Meat)	16.70 €	9.47-22.25
Apples (1 lb)	1.22 €	0.64-1.91
Banana (1 lb)	0.98 €	0.93-1.65
Oranges (1 lb)	1.16 €	0.86-2.38
Tomato (1 lb)	2.07 €	0.95-3.02
Potato (1 lb)	1.44 €	0.79-1.78
Onion (1 lb)	0.89 €	0.63-1.65
Lettuce (1 head)	2.98 €	1.58-4.20
Water (1.5 liter bottle)	2.05 €	1.12-3.15
Bottle of Wine (Mid-Range)	21.02 €	14.02-31.54
Domestic Beer (0.5 liter bottle)	3.22 €	2.74-4.24
Imported Beer (12 oz small bottle)	2.69 €	1.75-3.57
Cigarettes 20 Pack (Marlboro)	12.09 €	10.51-13.24
Transportation	Edit
One-way Ticket (Local Transport)	4.49 €	4.20-4.56
Monthly Pass (Regular Price)	72.88 €	65.17-77.09
Taxi Start (Normal Tariff)	5.54 €	4.91-7.01
Taxi 1 mile (Normal Tariff)	3.65 €	3.38-5.10
Taxi 1hour Waiting (Normal Tariff)	74.42 €	69.38-84.09
Gasoline (1 gallon)	8.28 €	7.75-8.54
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)	41,276.22 €	38,543.16-43,378.58
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)	46,718.98 €	43,448.66-49,054.93
Utilities (Monthly)	Edit
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment	76.56 €	53.00-168.19
Mobile Phone Monthly Plan with Calls and 10GB+ Data	24.02 €	17.52-35.04
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)	71.91 €	46.85-105.12
Sports And Leisure	Edit
Fitness Club, Monthly Fee for 1 Adult	70.10 €	49.05-110.37
Tennis Court Rent (1 Hour on Weekend)	36.94 €	21.02-52.56
Cinema, International Release, 1 Seat	15.35 €	12.61-17.52
Childcare	Edit
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child	297.66 €	234.06-410.85
International Primary School, Yearly for 1 Child	26,239.45 €	26,239.45-26,239.45
Clothing And Shoes	Edit
1 Pair of Jeans (Levis 501 Or Similar)	124.59 €	84.09-175.20
1 Summer Dress in a Chain Store (Zara, H&M, ...)	54.88 €	35.04-91.10
1 Pair of Nike Running Shoes (Mid-Range)	154.47 €	105.12-210.20
1 Pair of Men Leather Business Shoes	218.88 €	126.14-294.33
Rent Per Month	Edit
Apartment (1 bedroom) in City Centre	1,943.22 €	1,611.80-2,382.67
Apartment (1 bedroom) Outside of Centre	1,747.13 €	1,401.57-2,102.35
Apartment (3 bedrooms) in City Centre	2,760.82 €	2,452.75-3,503.92
Apartment (3 bedrooms) Outside of Centre	2,369.17 €	2,102.35-2,803.14
Buy Apartment Price	Edit
Price per Square Feet to Buy Apartment in City Centre	599.99 €	520.84-716.15
Price per Square Feet to Buy Apartment Outside of Centre	508.24 €	455.73-585.94
Salaries And Financing	Edit
Average Monthly Net Salary (After Tax)	3,898.06 €
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate	9.72	5.00-11.00

Prices in Iceland

This country had 1005 entries in the past 12 months by 142 different contributors.
Last update: March 2025
Our data for each country are based on all entries from all cities in that country.

Sources and References