Cost of Living in Iceland
Summary of cost of living in Iceland:
- The estimated monthly costs for a family of four are €5,011.4 (720,515.6 kr), excluding rent.
- The estimated monthly costs for a single person are €1,326.1 (190,666.0 kr), excluding rent.
- Cost of living in Iceland is, on average, 42.3% higher than in United States.
- Rent in Iceland is, on average, 29.5% higher than in United States.
Restaurants |  Edit |
Range |
|---|---|---|
| Meal at an Inexpensive Restaurant | €24.34 | |
| Meal for Two at a Mid-Range Restaurant (Three Courses, Without Drinks) | €97.37 | |
| Combo Meal at McDonald's (or Equivalent Fast-Food Meal) | €19.47 | |
| Domestic Draft Beer (1 Pint) | €10.43 | |
| Imported Beer (12 oz Small Bottle) | €10.43 | |
| Cappuccino (Regular Size) | €5.38 | |
| Soft Drink (Coca-Cola or Pepsi, 12 oz Small Bottle) | €2.73 | |
| Bottled Water (12 oz) | €2.62 | |
Markets | Edit |
|
| Milk (Regular, 1 Liter) | €1.76 | |
| Fresh White Bread (1 lb Loaf) | €3.14 | |
| White Rice (1 lb) | €1.34 | |
| Eggs (12, Large Size) | €6.06 | |
| Local Cheese (1 lb) | €7.82 | |
| Chicken Fillets (1 lb) | €9.68 | |
| Beef Round or Equivalent Back Leg Red Meat (1 lb) | €16.92 | |
| Apples (1 lb) | €1.25 | |
| Bananas (1 lb) | €1.02 | |
| Oranges (1 lb) | €1.21 | |
| Tomatoes (1 lb) | €2.21 | |
| Potatoes (1 lb) | €1.42 | |
| Onions (1 lb) | €0.75 | |
| Lettuce (1 Head) | €2.79 | |
| Bottled Water (50 oz) | €1.73 | |
| Bottle of Wine (Mid-Range) | €19.47 | |
| Domestic Beer (16.9 oz Bottle) | €3.21 | |
| Imported Beer (12 oz Small Bottle) | €2.80 | |
| Cigarettes (Pack of 20, Marlboro) | €12.00 | |
Transportation | Edit |
|
| One-Way Ticket (Local Transport) | €4.66 | |
| Monthly Public Transport Pass (Regular Price) | €77.90 | |
| Taxi Start (Standard Tariff) | €5.63 | |
| Taxi 1 mile (Standard Tariff) | €3.86 | |
| Taxi 1 Hour Waiting (Standard Tariff) | €62.60 | |
| Gasoline (1 Liter) | €2.07 | |
| Volkswagen Golf 1.5 (or Equivalent New Compact Car) | €43,053.58 | |
| Toyota Corolla Sedan 1.6 (or Equivalent New Mid-Size Car) | €45,548.81 | |
Utilities (Monthly) | Edit |
|
| Basic Utilities for 915 Square Feet Apartment (Electricity, Heating, Cooling, Water, Garbage) | €81.73 | |
| Mobile Phone Plan (Monthly, with Calls and 10GB+ Data) | €26.44 | |
| Broadband Internet (Unlimited Data, 60 Mbps or Higher) | €73.38 | |
Sports And Leisure | Edit |
|
| Monthly Fitness Club Membership | €75.16 | |
| Tennis Court Rental (1 Hour, Weekend) | €42.96 | |
| Cinema Ticket (International Release) | €16.35 | |
Childcare | Edit |
|
| Private Full-Day Preschool or Kindergarten, Monthly Fee per Child | €764.35 | |
| International Primary School, Annual Tuition per Child | €26,042.86 | |
Clothing And Shoes | Edit |
|
| Jeans (Levi's 501 or Similar) | €123.84 | |
| Summer Dress in a Chain Store (e.g. Zara or H&M) | €41.20 | |
| Nike Running Shoes (Mid-Range) | €148.11 | |
| Men's Leather Business Shoes | €199.39 | |
Rent Per Month | Edit |
|
| 1 Bedroom Apartment in City Centre | €2,015.56 | |
| 1 Bedroom Apartment Outside of City Centre | €1,660.36 | |
| 3 Bedroom Apartment in City Centre | €2,854.59 | |
| 3 Bedroom Apartment Outside of City Centre | €2,278.11 | |
Buy Apartment Price | Edit |
|
| Price per Square Feet to Buy Apartment in City Centre | €611.67 | |
| Price per Square Feet to Buy Apartment Outside of Centre | €500.57 | |
Salaries And Financing | Edit |
|
| Average Monthly Net Salary (After Tax) | €4,033.98 | |
| Annual Mortgage Interest Rate (20-Year Fixed, in %) | 9.31 | |
Prices in Iceland
This country had 649 entries in the past 12 months by 99 different contributors.
Last update: 15 June 2026
Our data for each country are based on all entries from all cities in that country.
Last update: 15 June 2026
Our data for each country are based on all entries from all cities in that country.
Sources and References
Moving to Iceland? Explore:
Distribution of Expenses Using Our Statistical Model:
Salary Calculator:Got a job offer in Iceland? Estimate your take-home pay with our Salary Calculator for Iceland.
Moving to Iceland? Explore:
This Page in Other Languages:
 DeutschLebenshaltungskosten in Island
|
 PortuguêsCusto de Vida na Islândia
|
 ItalianoCosto della vita in Islanda
|
 FrançaisCoût de la vie en Islande
|
 EspañolCoste de vida en Islandia
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