Last update: Oct 2026

Cost of Living Comparison Between Akranes and Reykjavik

For one person, living is cheaper in Akranes: $3,713 a month against $4,040 in Reykjavik, rent and utilities included – about $3,900 less a year. Rent and utilities account for most of the difference.

179

Cost of Living Index in Akranes
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Akranes Living Index
194

Cost of Living Index in Reykjavik
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Reykjavik Living Index

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Akranes

🇮🇸 Iceland

$3,713

/mo nomad

Reykjavik

🇮🇸 Iceland

$4,040

/mo nomad

Monthly Cost of Living

How much you'll spend in Akranes and in Reykjavik

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Akranes and in Reykjavik actually costs, broken down by who's living it.

Monthly costs for one person with rent: $3,713 in Akranes versus $4,040 in Reykjavik.

Akranes $3,713
Reykjavik $4,040

Estimated couple costs with rent: $5,859 in Akranes versus $5,742 in Reykjavik.

Akranes $5,859
Reykjavik $5,742

Monthly costs for a family of three with rent: $8,006 in Akranes versus $7,445 in Reykjavik.

Akranes $8,006
Reykjavik $7,445

Living in Akranes costs roughly 8% less than in Reykjavik, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Akranes 173% above, Reykjavik 197% above.

Meal at Budget Restaurant

$31.70 ISK 3,848

$31.42 ISK 3,815

0.89%

Three-Course Dinner for Two, Mid-Range

$123 ISK 15.0K

$125 ISK 15.2K

-1.38%

Fast Food Meal (McDonalds, etc)

$26.72 ISK 3,243

$27.18 ISK 3,300

-1.69%

Cappuccino

$6.01 ISK 730

$6.65 ISK 807

-9.62%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$3.19 ISK 388

$3.41 ISK 414

-6.45%

Water (0.33 liter bottle)

$2.51 ISK 304

$3.04 ISK 369

-17.43%

Local Beer (0.5 liter draught)

$10.69 ISK 1,298

$14.18 ISK 1,721

-24.61%

Imported Beer (0.33 liter bottle)

$8.10 ISK 984

$12.16 ISK 1,477

-33.39%

Milk (1 liter)

$2.10 ISK 255

White Bread (500g)

$2.04 ISK 248

$4.14 ISK 502

-50.72%

Rice (white) (1kg)

$3.71 ISK 451

$3.69 ISK 447

0.54%

Eggs

$6.26 ISK 760

$7.09 ISK 860

-11.71%

Local Cheese (1kg)

$20.35 ISK 2,470

$22.32 ISK 2,709

-8.83%

Chicken Fillets (1kg)

$24.72 ISK 3,001

$24.78 ISK 3,008

-0.24%

Beef Round Steak (1kg)

$42.16 ISK 5,119

$42.67 ISK 5,181

-1.20%

Apples (1kg)

$3.30 ISK 400

$3.29 ISK 400

0.30%

Banana (1kg)

$2.72 ISK 330

$2.88 ISK 350

-5.56%

Oranges (1kg)

$3.23 ISK 392

$3.27 ISK 397

-1.22%

Tomato (1kg)

$4.89 ISK 593

$6.37 ISK 773

-23.23%

Potato (1kg)

$3.82 ISK 463

$3.96 ISK 481

-3.54%

Onion (1kg)

$1.71 ISK 207

$1.62 ISK 197

5.56%

Lettuce (1 head)

$3.65 ISK 443

$3.70 ISK 449

-1.35%

Water (1.5 liter bottle)

$1.81 ISK 220

$1.77 ISK 215

2.26%

Cigarettes 20 Pack (Marlboro, Camel)

$13.90 ISK 1,687

$13.66 ISK 1,658

1.76%

Wine (Bottle)

$23.57 ISK 2,862

$24.16 ISK 2,933

-2.44%

Local Beer (0.5 liter bottle)

$2.88 ISK 350

$3.66 ISK 444

-21.31%

Imported Beer (0.33 liter bottle)

$2.07 ISK 251

$3.43 ISK 416

-39.65%

One-way Ticket (Public Transport)

$3.61 ISK 439

$5.49 ISK 666

-34.24%

Public Transport Monthly Pass (Regular Price)

$72.3 ISK 8,778

$96.1 ISK 11.7K

-24.79%

Taxi Start (Normal Tariff)

$6.55 ISK 795

$6.85 ISK 831

-4.38%

Taxi (Normal Tariff) (1km)

$1.25 ISK 152

$2.90 ISK 352

-56.90%

Taxi 1hour Waiting (Normal Tariff)

$81.9 ISK 9,944

$81.8 ISK 9,935

0.09%

Gasoline (1 liter)

$2.08 ISK 252

$2.02 ISK 245

2.97%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$67.8K ISK 8.2M

$68.2K ISK 8.3M

-0.50%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$54.6K ISK 6.6M

$56.3K ISK 6.8M

-3.12%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$96.4 ISK 11.7K

$95.9 ISK 11.6K

0.46%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$33.29 ISK 4,041

$32.16 ISK 3,904

3.51%

Internet (50+ Mbps, Unlimited Data)

$85.0 ISK 10.3K

$86.4 ISK 10.5K

-1.61%

Gym Membership (Monthly)

$104 ISK 12.6K

$96.9 ISK 11.8K

7.55%

Tennis Court (1 Hour on Weekend)

$51.2 ISK 6,216

Cinema Ticket

$19.29 ISK 2,342

$19.28 ISK 2,340

0.05%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$1,205 ISK 146.3K

$1,178 ISK 143.0K

2.32%

International Primary School, 1 Child (Yearly)

$26.1K ISK 3.2M

$25.8K ISK 3.1M

1.14%

Jeans (Levis 501 Or Similar)

$150 ISK 18.2K

$152 ISK 18.5K

-1.65%

Summer Dress (H&M, Zara, etc)

$67.1 ISK 8,147

$66.5 ISK 8,076

0.89%

Sport Shoes (Adidas, Nike)

$179 ISK 21.7K

$183 ISK 22.3K

-2.29%

Men's Leather Business Shoes

$246 ISK 29.8K

0.02%

1-bedroom Apartment, City Center (Monthly)

$3,064 ISK 372.0K

$2,585 ISK 313.8K

18.55%

1-bedroom Apartment, Outside City Center (Monthly)

$1,889 ISK 229.3K

$2,098 ISK 254.7K

-9.97%

3-bedroom Apartment, City Center (Monthly)

$5,013 ISK 608.6K

$3,513 ISK 426.5K

42.69%

3-bedroom Apartment, Outside City Center (Monthly)

$3,654 ISK 443.6K

$2,792 ISK 338.9K

30.90%

Buy Apartment in City Center (m2)

$8,038 ISK 975.8K

Buy Apartment Outside City Center (m2)

$6,305 ISK 765.5K

Average Monthly Net Salary (After Tax)

$5,704 ISK 692.5K

$4,549 ISK 552.3K

25.38%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Akranes: October 27, 2026

Last update for Reykjavik: October 25, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Akranes

$1.9K 50.9%

Reykjavik

$2.1K 51.9% 11.1% $209

Groceries & Markets

Akranes

$579 15.6%

Reykjavik

$628 15.5% 8.3% $48

Eating Out

Akranes

$498 13.4%

Reykjavik

$534 13.2% 7.1% $35

Clothing & Footwear

Akranes

$289 7.8%

Reykjavik

$291 7.2% 0.9% $2.7

Monthly Utilities & Internet

Akranes

$215 5.8%

Reykjavik

$215 5.3% 0.1% $0.2

Sport & Entertainment

Akranes

$143 3.9%

Reykjavik

$135 3.4% 5.1% $7.3

Getting Around

Akranes

$100 2.7%

Reykjavik

$139 3.5% 40% $40

Cost Breakdown

A one-bedroom apartment in the center runs $3,064 in Akranes and $2,585 in Reykjavik. Housing cost is often the main lever when comparing two cities.

Akranes pays 25% more on average while also being the cheaper of the two. The combined effect is a noticeably stronger local purchasing power.

Dining out: $123 in Akranes vs $125 in Reykjavik for a mid-range dinner for two. Groceries echo the gap at $579 vs $628 per month, with Akranes cheaper across the board.

Good to know

🇮🇸 Akranes

🇮🇸 Reykjavik

🕒 Local time

15:32 3:32 PM

Same time as Akranes

🌤 Weather

👥 Population

7,800

136,894 Capital

💱 Currency

Icelandic Króna ISK kr

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

Exchange rates and currency converter

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Akranes Reykjavik 20 km

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City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Akranes vs Reykjavik: Cost of Living - Frequently Asked Questions

Akranes wins on cost – living expenses run 8% lower than in Reykjavik. Housing and daily spending are where you’ll feel the difference most, making Akranes the obvious pick if budget is a priority.

Average pay runs 25% higher in Akranes, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $3,064 in Akranes versus $2,585 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

Supermarket bills run roughly 8% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

All in, you’ll spend $3,713 per month in Akranes versus $4,040 in Reykjavik – Akranes is about 8% cheaper, which adds up to real savings over time.

Both cities are expensive relative to $2,000. Akranes is the more realistic option, but even there you’ll need to be disciplined with housing, food, and fun money.

Both cities offer a good standard of living with different trade-offs. Neither is objectively better – the right pick depends on what matters most: affordability, career, cultural scene, or climate.

Safety-wise, Akranes and Reykjavik are both considered safe, so it’s unlikely to be the deciding factor between them.