Cost of Living in Iceland

Summary of cost of living in Iceland:

The estimated monthly costs for a family of four are 4,926.3€ (720,245.0kr), excluding rent.
The estimated monthly costs for a single person are 1,304.1€ (190,664.9kr), excluding rent.
Cost of living in Iceland is, on average, 43.0% higher than in United States.
Rent in Iceland is, on average, 25.9% higher than in United States.

Restaurants	Edit	Range
Meal at an Inexpensive Restaurant	22.23 €	13.00-41.04
Meal for Two at a Mid-Range Restaurant (Three Courses, Without Drinks)	102.60 €	68.40-205.19
Combo Meal at McDonald's (or Equivalent Fast-Food Meal)	19.15 €	17.03-23.26
Domestic Draft Beer (1 Pint)	10.26 €	6.84-11.97
Imported Beer (12 oz Small Bottle)	8.89 €	6.84-12.31
Cappuccino (Regular Size)	4.98 €	3.16-6.50
Soft Drink (Coca-Cola or Pepsi, 12 oz Small Bottle)	2.65 €	1.88-3.42
Bottled Water (12 oz)	2.34 €	1.71-3.42

Markets	Edit
Milk (Regular, 1 Liter)	1.64 €	1.40-2.39
Fresh White Bread (1 lb Loaf)	3.19 €	1.55-6.20
White Rice (1 lb)	1.33 €	0.92-1.86
Eggs (12, Large Size)	5.73 €	4.10-8.21
Local Cheese (1 lb)	7.61 €	6.14-9.31
Chicken Fillets (1 lb)	9.60 €	4.65-11.48
Beef Round or Equivalent Back Leg Red Meat (1 lb)	16.97 €	9.93-21.72
Apples (1 lb)	1.27 €	0.85-1.86
Bananas (1 lb)	0.98 €	0.85-1.71
Oranges (1 lb)	1.21 €	0.85-1.86
Tomatoes (1 lb)	2.03 €	1.34-2.79
Potatoes (1 lb)	1.31 €	0.85-1.74
Onions (1 lb)	0.77 €	0.61-1.61
Lettuce (1 Head)	2.53 €	1.54-3.76
Bottled Water (50 oz)	1.82 €	1.36-3.08
Bottle of Wine (Mid-Range)	20.18 €	13.68-30.78
Domestic Beer (16.9 oz Bottle)	3.25 €	2.67-4.40
Imported Beer (12 oz Small Bottle)	2.82 €	1.71-4.10
Cigarettes (Pack of 20, Marlboro)	11.80 €	10.26-12.93

Transportation	Edit
One-Way Ticket (Local Transport)	4.45 €	4.10-4.58
Monthly Public Transport Pass (Regular Price)	73.87 €	68.40-76.61
Taxi Start (Standard Tariff)	5.54 €	4.99-5.81
Taxi 1 mile (Standard Tariff)	3.80 €	3.57-4.84
Taxi 1 Hour Waiting (Standard Tariff)	61.56 €	61.56-72.64
Gasoline (1 Liter)	2.12 €	1.98-2.20
Volkswagen Golf 1.5 (or Equivalent New Compact Car)	42,338.17 €	36,702.11-42,338.17
Toyota Corolla Sedan 1.6 (or Equivalent New Mid-Size Car)	44,791.94 €	44,458.50-46,168.44

Utilities (Monthly)	Edit
Basic Utilities for 915 Square Feet Apartment (Electricity, Heating, Cooling, Water, Garbage)	76.95 €	51.73-116.28
Mobile Phone Plan (Monthly, with Calls and 10GB+ Data)	25.52 €	17.78-68.40
Broadband Internet (Unlimited Data, 60 Mbps or Higher)	77.64 €	54.03-109.44

Sports And Leisure	Edit
Monthly Fitness Club Membership	73.33 €	54.72-109.44
Tennis Court Rental (1 Hour, Weekend)	42.25 €	37.62-51.30
Cinema Ticket (International Release)	15.39 €	13.68-17.10

Childcare	Edit
Private Full-Day Preschool or Kindergarten, Monthly Fee per Child	518.55 €	239.39-1,848.50
International Primary School, Annual Tuition per Child	25,610.11 €	25,610.11-25,610.11

Clothing And Shoes	Edit
Jeans (Levi's 501 or Similar)	119.69 €	68.40-157.31
Summer Dress in a Chain Store (e.g. Zara or H&M)	40.52 €	27.36-102.60
Nike Running Shoes (Mid-Range)	142.35 €	88.92-198.35
Men's Leather Business Shoes	196.07 €	102.60-287.27

Rent Per Month	Edit
1 Bedroom Apartment in City Centre	1,981.34 €	1,709.94-2,393.92
1 Bedroom Apartment Outside of City Centre	1,678.37 €	1,333.75-2,051.93
3 Bedroom Apartment in City Centre	2,758.71 €	2,393.92-3,419.88
3 Bedroom Apartment Outside of City Centre	2,268.42 €	2,051.93-2,530.71

Buy Apartment Price	Edit
Price per Square Feet to Buy Apartment in City Centre	594.19 €	508.34-698.97
Price per Square Feet to Buy Apartment Outside of Centre	489.49 €	413.03-571.89

Salaries And Financing	Edit
Average Monthly Net Salary (After Tax)	3,886.54 €
Annual Mortgage Interest Rate (20-Year Fixed, in %)	9.23	4.90-11.00

Prices in Iceland

This country had 520 entries in the past 12 months by 70 different contributors.
Last update: 14 January 2026
Our data for each country are based on all entries from all cities in that country.

Sources and References