Cost of Living in Reykjavik

Summary of cost of living in Reykjavik, Iceland:

Restaurants
Edit Range
Meal, Inexpensive Restaurant 36.39 C$ 20.83-59.74
Meal for 2 People, Mid-range Restaurant, Three-course 195.51 C$ 108.62-325.85
McMeal at McDonalds (or Equivalent Combo Meal) 27.15 C$ 26.07-34.76
Domestic Beer (1 pint draught) 16.84 C$ 10.86-20.64
Imported Beer (12 oz small bottle) 14.66 C$ 11.95-19.55
Cappuccino (regular) 8.26 C$ 5.43-10.86
Coke/Pepsi (12 oz small bottle) 4.48 C$ 3.26-5.43
Water (12 oz small bottle) 3.52 C$ 2.72-5.21
Markets
Edit
Milk (regular), (1 gallon) 9.56 C$ 8.39-14.39
Loaf of Fresh White Bread (1 lb) 5.01 C$ 3.45-9.85
Rice (white), (1 lb) 2.21 C$ 1.46-3.84
Eggs (regular) (12) 8.88 C$ 6.52-10.43
Local Cheese (1 lb) 11.03 C$ 7.39-14.78
Chicken Fillets (1 lb) 14.51 C$ 7.39-18.22
Beef Round (1 lb) (or Equivalent Back Leg Red Meat) 25.42 C$ 14.67-34.49
Apples (1 lb) 1.99 C$ 0.99-3.39
Banana (1 lb) 1.52 C$ 1.39-2.71
Oranges (1 lb) 1.79 C$ 1.33-3.20
Tomato (1 lb) 3.24 C$ 2.12-4.92
Potato (1 lb) 2.21 C$ 1.23-2.76
Onion (1 lb) 1.45 C$ 0.98-2.56
Lettuce (1 head) 4.37 C$ 2.44-5.97
Water (1.5 liter bottle) 2.90 C$ 1.36-4.89
Bottle of Wine (Mid-Range) 32.58 C$ 21.72-48.88
Domestic Beer (0.5 liter bottle) 4.93 C$ 4.25-6.57
Imported Beer (12 oz small bottle) 4.30 C$ 2.90-5.54
Cigarettes 20 Pack (Marlboro) 18.46 C$ 16.29-20.53
Transportation
Edit
One-way Ticket (Local Transport) 7.06 C$ 6.52-7.06
Monthly Pass (Regular Price) 117.30 C$ 108.62-119.48
Taxi Start (Normal Tariff) 8.58 C$ 7.93-9.67
Taxi 1 mile (Normal Tariff) 5.48 C$ 5.24-7.90
Taxi 1hour Waiting (Normal Tariff) 115.35 C$ 107.53-130.34
Gasoline (1 gallon) 12.82 C$ 12.01-13.20
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 63,974.57 C$ 59,738.56-67,233.03
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) 70,600.12 C$ 67,341.65-76,030.90
Utilities (Monthly)
Edit
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment 115.93 C$ 81.46-260.68
Mobile Phone Monthly Plan with Calls and 10GB+ Data 37.07 C$ 27.15-54.31
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) 107.57 C$ 73.69-152.06
Sports And Leisure
Edit
Fitness Club, Monthly Fee for 1 Adult 110.13 C$ 76.03-171.07
Tennis Court Rent (1 Hour on Weekend) 52.32 C$ 32.58-65.17
Cinema, International Release, 1 Seat 23.79 C$ 19.55-26.07
Childcare
Edit
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child 413.59 C$ 358.43-543.08
International Primary School, Yearly for 1 Child 40,668.87 C$ 40,668.87-40,668.87
Clothing And Shoes
Edit
1 Pair of Jeans (Levis 501 Or Similar) 189.56 C$ 130.34-249.82
1 Summer Dress in a Chain Store (Zara, H&M, ...) 82.23 C$ 54.31-141.20
1 Pair of Nike Running Shoes (Mid-Range) 242.72 C$ 130.34-325.85
1 Pair of Men Leather Business Shoes 337.52 C$ 195.51-434.46
Rent Per Month
Edit
Apartment (1 bedroom) in City Centre 2,992.10 C$ 2,389.54-3,692.93
Apartment (1 bedroom) Outside of Centre 2,767.34 C$ 2,389.54-3,258.47
Apartment (3 bedrooms) in City Centre 4,296.20 C$ 3,801.54-5,430.78
Apartment (3 bedrooms) Outside of Centre 3,706.75 C$ 3,258.47-4,344.62
Buy Apartment Price
Edit
Price per Square Feet to Buy Apartment in City Centre 950.56 C$ 864.08-1,109.97
Price per Square Feet to Buy Apartment Outside of Centre 801.53 C$ 706.34-1,009.06
Salaries And Financing
Edit
Average Monthly Net Salary (After Tax) 5,727.22 C$
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate 9.53 5.00-11.00

Prices in Reykjavik

This city had 876 entries in the past 12 months by 117 different contributors.
Last update: April 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