Cost of Living in Iceland

Summary of cost of living in Iceland:

The estimated monthly costs for a family of four are 4,943.6€ (709,845.8kr), excluding rent.
The estimated monthly costs for a single person are 1,323.0€ (189,966.2kr), excluding rent.
Cost of living in Iceland is, on average, 42.0% higher than in United States.
Rent in Iceland is, on average, 18.3% higher than in United States.

Restaurants	Edit	Range
Meal, Inexpensive Restaurant	22.98 €	13.23-41.79
Meal for 2 People, Mid-range Restaurant, Three-course	111.43 €	76.61-208.93
McMeal at McDonalds (or Equivalent Combo Meal)	17.41 €	16.02-22.98
Domestic Beer (1 pint draught)	10.45 €	6.96-12.54
Imported Beer (12 oz small bottle)	9.05 €	6.96-12.54
Cappuccino (regular)	5.18 €	3.22-6.62
Coke/Pepsi (12 oz small bottle)	2.84 €	2.08-3.48
Water (12 oz small bottle)	2.28 €	1.74-3.41
Markets	Edit
Milk (regular), (1 gallon)	6.24 €	5.38-9.23
Loaf of Fresh White Bread (1 lb)	3.23 €	1.75-6.32
Rice (white), (1 lb)	1.38 €	0.91-2.46
Eggs (regular) (12)	5.50 €	4.18-6.96
Local Cheese (1 lb)	7.25 €	4.42-9.48
Chicken Fillets (1 lb)	9.56 €	4.74-11.69
Beef Round (1 lb) (or Equivalent Back Leg Red Meat)	16.82 €	9.41-22.11
Apples (1 lb)	1.22 €	0.85-1.90
Banana (1 lb)	0.97 €	0.88-1.74
Oranges (1 lb)	1.14 €	0.88-1.90
Tomato (1 lb)	1.96 €	1.36-2.84
Potato (1 lb)	1.41 €	0.88-1.77
Onion (1 lb)	0.88 €	0.63-1.64
Lettuce (1 head)	2.72 €	1.57-4.18
Water (1.5 liter bottle)	1.94 €	1.18-3.13
Bottle of Wine (Mid-Range)	20.54 €	13.93-31.34
Domestic Beer (0.5 liter bottle)	3.19 €	2.72-4.18
Imported Beer (12 oz small bottle)	2.71 €	1.74-3.55
Cigarettes 20 Pack (Marlboro)	12.32 €	10.45-13.16
Transportation	Edit
One-way Ticket (Local Transport)	4.53 €	3.90-4.53
Monthly Pass (Regular Price)	72.78 €	64.77-76.61
Taxi Start (Normal Tariff)	5.50 €	5.08-6.96
Taxi 1 mile (Normal Tariff)	3.63 €	3.36-5.07
Taxi 1hour Waiting (Normal Tariff)	74.59 €	68.95-83.57
Gasoline (1 gallon)	8.22 €	7.78-8.49
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)	41,019.98 €	38,303.88-43,109.28
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)	46,428.95 €	43,178.92-48,750.40
Utilities (Monthly)	Edit
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment	77.88 €	55.50-167.14
Mobile Phone Monthly Plan with Calls and 10GB+ Data	23.89 €	17.41-34.82
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)	75.10 €	52.30-111.43
Sports And Leisure	Edit
Fitness Club, Monthly Fee for 1 Adult	71.22 €	55.02-104.47
Tennis Court Rent (1 Hour on Weekend)	32.50 €	14.63-52.23
Cinema, International Release, 1 Seat	15.25 €	12.54-16.71
Childcare	Edit
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child	303.86 €	243.75-408.30
International Primary School, Yearly for 1 Child	26,076.55 €	26,076.55-26,076.55
Clothing And Shoes	Edit
1 Pair of Jeans (Levis 501 Or Similar)	119.94 €	69.64-160.18
1 Summer Dress in a Chain Store (Zara, H&M, ...)	55.12 €	34.82-90.54
1 Pair of Nike Running Shoes (Mid-Range)	151.24 €	104.47-208.93
1 Pair of Men Leather Business Shoes	219.94 €	125.36-278.57
Rent Per Month	Edit
Apartment (1 bedroom) in City Centre	1,915.19 €	1,532.16-2,367.88
Apartment (1 bedroom) Outside of Centre	1,729.48 €	1,392.87-2,089.30
Apartment (3 bedrooms) in City Centre	2,743.68 €	2,437.52-3,482.17
Apartment (3 bedrooms) Outside of Centre	2,354.46 €	2,089.30-2,785.74
Buy Apartment Price	Edit
Price per Square Feet to Buy Apartment in City Centre	601.51 €	549.31-711.70
Price per Square Feet to Buy Apartment Outside of Centre	510.09 €	452.90-582.30
Salaries And Financing	Edit
Average Monthly Net Salary (After Tax)	3,870.49 €
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate	9.88	5.00-11.00

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.

Sources and References