Cost of Living in Reykjavik

Summary of cost of living in Reykjavik, Iceland:

Restaurants
Edit Range
Meal, Inexpensive Restaurant 3,300.00 kr 1,978.95-5,000.00
Meal for 2 People, Mid-range Restaurant, Three-course 18,000.00 kr 10,000.00-30,000.00
McMeal at McDonalds (or Equivalent Combo Meal) 2,500.00 kr 2,400.00-3,200.00
Domestic Beer (1 pint draught) 1,550.00 kr 1,000.00-1,900.00
Imported Beer (12 oz small bottle) 1,350.00 kr 1,100.00-1,800.00
Cappuccino (regular) 762.22 kr 500.00-1,000.00
Coke/Pepsi (12 oz small bottle) 412.95 kr 300.00-500.00
Water (12 oz small bottle) 324.77 kr 250.00-480.00
Markets
Edit
Milk (regular), (1 gallon) 876.08 kr 772.22-1,324.89
Loaf of Fresh White Bread (1 lb) 461.71 kr 317.52-997.90
Rice (white), (1 lb) 203.93 kr 134.26-353.80
Eggs (regular) (12) 817.20 kr 600.00-960.00
Local Cheese (1 lb) 1,015.14 kr 680.39-1,360.78
Chicken Fillets (1 lb) 1,335.50 kr 680.39-1,677.84
Beef Round (1 lb) (or Equivalent Back Leg Red Meat) 2,340.20 kr 1,350.80-3,175.15
Apples (1 lb) 182.96 kr 90.72-312.53
Banana (1 lb) 140.20 kr 131.93-249.48
Oranges (1 lb) 164.58 kr 122.47-294.84
Tomato (1 lb) 298.35 kr 195.50-453.14
Potato (1 lb) 203.79 kr 113.40-254.01
Onion (1 lb) 133.04 kr 89.81-235.87
Lettuce (1 head) 402.38 kr 225.00-550.00
Water (1.5 liter bottle) 266.90 kr 125.00-450.00
Bottle of Wine (Mid-Range) 3,000.00 kr 2,000.00-4,500.00
Domestic Beer (0.5 liter bottle) 454.12 kr 390.91-604.55
Imported Beer (12 oz small bottle) 396.14 kr 267.00-510.00
Cigarettes 20 Pack (Marlboro) 1,700.00 kr 1,500.00-1,890.00
Transportation
Edit
One-way Ticket (Local Transport) 650.00 kr 600.00-650.00
Monthly Pass (Regular Price) 10,800.00 kr 10,000.00-11,000.00
Taxi Start (Normal Tariff) 790.00 kr 730.00-890.00
Taxi 1 mile (Normal Tariff) 504.53 kr 482.80-727.42
Taxi 1hour Waiting (Normal Tariff) 10,620.00 kr 9,900.00-12,000.00
Gasoline (1 gallon) 1,180.35 kr 1,105.34-1,215.12
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 5,890,000.00 kr 5,500,000.00-6,190,000.00
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) 6,500,000.00 kr 6,200,000.00-7,000,000.00
Utilities (Monthly)
Edit
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment 10,673.77 kr 7,500.00-24,000.00
Mobile Phone Monthly Plan with Calls and 10GB+ Data 3,412.61 kr 2,500.00-5,000.00
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) 9,905.62 kr 6,816.77-14,000.00
Sports And Leisure
Edit
Fitness Club, Monthly Fee for 1 Adult 10,139.05 kr 7,000.00-15,750.00
Tennis Court Rent (1 Hour on Weekend) 4,816.67 kr 3,000.00-6,000.00
Cinema, International Release, 1 Seat 2,190.00 kr 1,800.00-2,400.00
Childcare
Edit
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child 38,078.11 kr 33,000.00-50,000.00
International Primary School, Yearly for 1 Child 3,744,295.00 kr 3,744,295.00-3,744,295.00
Clothing And Shoes
Edit
1 Pair of Jeans (Levis 501 Or Similar) 17,452.67 kr 12,000.00-23,000.00
1 Summer Dress in a Chain Store (Zara, H&M, ...) 7,570.71 kr 5,000.00-13,000.00
1 Pair of Nike Running Shoes (Mid-Range) 22,346.76 kr 12,000.00-30,000.00
1 Pair of Men Leather Business Shoes 31,075.00 kr 18,000.00-40,000.00
Rent Per Month
Edit
Apartment (1 bedroom) in City Centre 275,476.19 kr 220,000.00-340,000.00
Apartment (1 bedroom) Outside of Centre 254,782.61 kr 220,000.00-300,000.00
Apartment (3 bedrooms) in City Centre 395,541.67 kr 350,000.00-500,000.00
Apartment (3 bedrooms) Outside of Centre 341,272.73 kr 300,000.00-400,000.00
Buy Apartment Price
Edit
Price per Square Feet to Buy Apartment in City Centre 87,516.24 kr 79,554.25-102,192.49
Price per Square Feet to Buy Apartment Outside of Centre 73,795.28 kr 65,031.59-92,902.27
Salaries And Financing
Edit
Average Monthly Net Salary (After Tax) 527,515.98 kr
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate 9.53 5.00-11.00

Prices in Reykjavik

This city had 875 entries in the past 12 months by 116 different contributors.
Last update: March 2025
Distribution of Expenses Using Our Statistical Model:
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3 Comments so far
HB on Oct 23, 2023:
As the two comments above state, Schools in Iceland are free from 5 to 16 years old, therefore please dismiss the "831,666.67 kr for 1 Year of International Primary School"
HG on Oct 04, 2023:
What do you mean by "International Primary School, Yearly for 1 Child" ?
Primary schools in Iceland are free.
Helena on Apr 04, 2023:
Hi hi, this is not right "International Primary School, Yearly for 1 Child"
This is free in Iceland, everywhere...please make this right :)
I just took some time to put in the new price from the store Krónan here in Iceland so it is very accurate to day, but schoolf for children from 5 to 16 is free.
best regards,
Helena