Cost of Living in Iceland

Summary of cost of living in Iceland:

The estimated monthly costs for a family of four are 4,920.6€ (712,961.8kr), excluding rent.
The estimated monthly costs for a single person are 1,315.2€ (190,564.5kr), excluding rent.
Cost of living in Iceland is, on average, 39.5% higher than in United States.
Rent in Iceland is, on average, 15.9% higher than in United States.

Restaurants	Edit	Range
Meal, Inexpensive Restaurant	21.91 €	13.23-41.41
Meal for 2 People, Mid-range Restaurant, Three-course	120.78 €	75.92-207.05
McMeal at McDonalds (or Equivalent Combo Meal)	17.25 €	15.18-22.09
Domestic Beer (1 pint draught)	10.35 €	6.90-12.42
Imported Beer (12 oz small bottle)	8.90 €	6.90-12.42
Cappuccino (regular)	5.17 €	3.19-6.90
Coke/Pepsi (12 oz small bottle)	2.82 €	2.07-3.45
Water (12 oz small bottle)	2.26 €	1.73-3.38
Markets	Edit
Milk (regular), (1 gallon)	6.15 €	5.33-9.14
Loaf of Fresh White Bread (1 lb)	3.08 €	1.88-5.68
Rice (white), (1 lb)	1.36 €	0.93-2.00
Eggs (regular) (12)	5.65 €	4.14-6.90
Local Cheese (1 lb)	7.11 €	4.70-9.39
Chicken Fillets (1 lb)	9.32 €	4.70-11.58
Beef Round (1 lb) (or Equivalent Back Leg Red Meat)	16.06 €	9.32-21.91
Apples (1 lb)	1.21 €	0.63-1.88
Banana (1 lb)	0.97 €	0.88-1.41
Oranges (1 lb)	1.13 €	0.85-2.03
Tomato (1 lb)	1.98 €	0.93-2.97
Potato (1 lb)	1.40 €	0.78-1.75
Onion (1 lb)	0.87 €	0.62-1.63
Lettuce (1 head)	2.78 €	1.55-4.14
Water (1.5 liter bottle)	1.93 €	1.10-3.11
Bottle of Wine (Mid-Range)	20.70 €	13.80-31.06
Domestic Beer (0.5 liter bottle)	3.19 €	2.70-4.17
Imported Beer (12 oz small bottle)	2.69 €	1.73-3.52
Cigarettes 20 Pack (Marlboro)	11.91 €	10.35-13.04
Transportation	Edit
One-way Ticket (Local Transport)	4.42 €	3.93-4.49
Monthly Pass (Regular Price)	71.78 €	64.18-75.92
Taxi Start (Normal Tariff)	5.45 €	5.04-6.90
Taxi 1 mile (Normal Tariff)	3.60 €	3.33-5.02
Taxi 1hour Waiting (Normal Tariff)	73.29 €	68.33-82.82
Gasoline (1 gallon)	8.16 €	7.63-8.41
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)	40,650.26 €	37,958.65-42,720.73
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)	46,010.48 €	42,789.75-48,311.01
Utilities (Monthly)	Edit
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment	75.40 €	52.20-165.64
Mobile Phone Monthly Plan with Calls and 10GB+ Data	23.67 €	17.25-34.51
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)	70.85 €	46.83-103.52
Sports And Leisure	Edit
Fitness Club, Monthly Fee for 1 Adult	69.58 €	48.31-108.70
Tennis Court Rent (1 Hour on Weekend)	33.24 €	20.70-41.41
Cinema, International Release, 1 Seat	15.11 €	12.42-17.25
Childcare	Edit
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child	293.15 €	230.51-404.62
International Primary School, Yearly for 1 Child	25,841.52 €	25,841.52-25,841.52
Clothing And Shoes	Edit
1 Pair of Jeans (Levis 501 Or Similar)	119.79 €	82.82-158.74
1 Summer Dress in a Chain Store (Zara, H&M, ...)	51.32 €	34.51-89.72
1 Pair of Nike Running Shoes (Mid-Range)	148.84 €	103.52-207.01
1 Pair of Men Leather Business Shoes	204.88 €	124.23-276.06
Rent Per Month	Edit
Apartment (1 bedroom) in City Centre	1,897.93 €	1,518.35-2,346.53
Apartment (1 bedroom) Outside of Centre	1,725.39 €	1,380.31-2,070.47
Apartment (3 bedrooms) in City Centre	2,718.95 €	2,415.55-3,450.79
Apartment (3 bedrooms) Outside of Centre	2,333.24 €	2,070.47-2,760.63
Buy Apartment Price	Edit
Price per Square Feet to Buy Apartment in City Centre	590.89 €	512.94-705.29
Price per Square Feet to Buy Apartment Outside of Centre	503.12 €	448.82-577.05
Salaries And Financing	Edit
Average Monthly Net Salary (After Tax)	3,806.43 €
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate	9.76	5.00-11.00

Prices in Iceland

This country had 1022 entries in the past 12 months by 145 different contributors.
Last update: April 2025
Our data for each country are based on all entries from all cities in that country.

Sources and References