Last update: Oct 2026

Cost of Living Comparison Between Akureyri and Bakkafjordur

For one person, living is cheaper in Bakkafjordur: $250 a month against $3,077 in Akureyri, rent and utilities included – about $33,900 less a year. Rent and utilities account for most of the difference.

Jump to prices

Akureyri

🇮🇸 Iceland

$3,077

/mo nomad

Bakkafjordur

🇮🇸 Iceland

$250

/mo nomad

Monthly Cost of Living

How much you'll spend in Akureyri and in Bakkafjordur

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

A single person spends $3,077 per month in Akureyri vs $250 in Bakkafjordur, rent included.

Akureyri $3,077
Bakkafjordur $250

A couple spends around $4,153 per month in Akureyri vs $427 in Bakkafjordur, rent included.

Akureyri $4,153
Bakkafjordur $427

A family of three spends $5,229 per month in Akureyri vs $604 in Bakkafjordur, rent included.

Akureyri $5,229
Bakkafjordur $604

Akureyri costs about 1131% more than Bakkafjordur, and outside of rent the biggest gap is in eating out.

Akureyri sits 128% above the global median, while Bakkafjordur is 81% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$24.88 ISK 3,018

Three-Course Dinner for Two, Mid-Range

$129 ISK 15.7K

Fast Food Meal (McDonalds, etc)

$22.70 ISK 2,753

Cappuccino

$5.07 ISK 615

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

$3.35 ISK 407

Water (0.33 liter bottle)

$3.03 ISK 368

Local Beer (0.5 liter draught)

$10.86 ISK 1,317

Imported Beer (0.33 liter bottle)

$9.32 ISK 1,131

Milk (1 liter)

$2.85 ISK 346

White Bread (500g)

$2.31 ISK 281

$2.26 ISK 275

2.21%

Rice (white) (1kg)

$3.16 ISK 384

$2.17 ISK 263

45.62%

Eggs

$7.98 ISK 968

$4.88 ISK 591

63.52%

Local Cheese (1kg)

$15.35 ISK 1,862

$8.91 ISK 1,081

72.28%

Chicken Fillets (1kg)

$24.80 ISK 3,008

$11.17 ISK 1,355

122.02%

Beef Round Steak (1kg)

$11.19 ISK 1,357

Apples (1kg)

$2.22 ISK 269

Banana (1kg)

$2.85 ISK 346

$2.25 ISK 273

26.67%

Oranges (1kg)

$3.51 ISK 426

$2.22 ISK 269

58.11%

Tomato (1kg)

$6.15 ISK 746

$2.19 ISK 265

180.82%

Potato (1kg)

$2.18 ISK 264

Onion (1kg)

$2.24 ISK 272

Lettuce (1 head)

$1.02 ISK 124

Water (1.5 liter bottle)

$1.97 ISK 238

Cigarettes 20 Pack (Marlboro, Camel)

$13.88 ISK 1,684

Gasoline (1 liter)

$2.64 ISK 320

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

$41.7K ISK 5.1M

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

$66.3K ISK 8.0M

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

$124 ISK 15.0K

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

$25.96 ISK 3,149

Internet (50+ Mbps, Unlimited Data)

$163 ISK 19.8K

Gym Membership (Monthly)

$84.4 ISK 10.2K

Cinema Ticket

$15.29 ISK 1,855

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

$365 ISK 44.3K

Jeans (Levis 501 Or Similar)

$83.1 ISK 10.1K

Sport Shoes (Adidas, Nike)

$122 ISK 14.8K

1-bedroom Apartment, City Center (Monthly)

$1,829 ISK 221.8K

1-bedroom Apartment, Outside City Center (Monthly)

$1,802 ISK 218.6K

3-bedroom Apartment, Outside City Center (Monthly)

$2,163 ISK 262.4K

Buy Apartment in City Center (m2)

$6,455 ISK 783.0K

Buy Apartment Outside City Center (m2)

$6,684 ISK 810.7K

Average Monthly Net Salary (After Tax)

$5,928 ISK 719.0K

20-Year Fixed Mortgage Interest Rate (Annual %)

9.4

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

Last update for Akureyri: October 11, 2026

Last update for Bakkafjordur: October 11, 2026

Good to know

🇮🇸 Akureyri

🇮🇸 Bakkafjordur

🕒 Local time

01:45 1:45 AM

Same time as Akureyri

🌤 Weather

👥 Population

19,219

100

💱 Currency

Icelandic Króna ISK kr

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

Exchange rates and currency converter

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Akureyri Bakkafjordur 160 km

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Akureyri
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Distances are measured in a straight line. Your location is detected approximately.

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

Akureyri vs Bakkafjordur: Cost of Living - Frequently Asked Questions

Yes – Akureyri is pricier by about 1131%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $4,616 per month in Akureyri and $375 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $3,077 in Akureyri and $250 in Bakkafjordur. That's a gap of about 1131%.

Groceries cost about 31% more in Akureyri, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,000 monthly budget goes further in Bakkafjordur, where all-in costs run around $250, than in Akureyri at $3,077. In Bakkafjordur it covers expenses comfortably, while in Akureyri it requires careful planning or may not stretch far enough.

Families tend to lean toward Bakkafjordur – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Bakkafjordur. If higher salaries, better infrastructure, or specific career opportunities are the priority, Akureyri makes more sense. Both are solid long-term options with distinct trade-offs.