Cost of Living Comparison Between Akureyri and Bakkafjordur Cost of Living Comparison Between Akureyri and Bakkafjordur

Monthly Cost of Living

A single person spends $2,882 per month in Akureyri vs $243 in Bakkafjordur, rent included.

A couple spends around $3,886 per month in Akureyri vs $415 in Bakkafjordur, rent included.

A family of three spends $4,890 per month in Akureyri vs $587 in Bakkafjordur, rent included.

Akureyri costs about 1085% more than Bakkafjordur, driven mainly by Eating Out.

Akureyri sits 115% above the global median, while Bakkafjordur is 82% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$23.72 ISK 2,921

Three-Course Dinner for Two, Mid-Range

$128 ISK 15.8K

Fast Food Meal (McDonalds, etc)

$22.22 ISK 2,737

Cappuccino

$4.83 ISK 595

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

$3.26 ISK 402

Water (0.33 liter bottle)

$3.03 ISK 374

Local Beer (0.5 liter draught)

$10.68 ISK 1,315

Imported Beer (0.33 liter bottle)

$9.17 ISK 1,129

Milk (1 liter)

$2.89 ISK 356

White Bread (500g)

$2.36 ISK 291

$2.18 ISK 269

8.26%

Rice (white) (1kg)

$3.14 ISK 386

$2.22 ISK 273

41.44%

Eggs

$8.08 ISK 996

$4.67 ISK 575

73.02%

Local Cheese (1kg)

$8.77 ISK 1,080

Chicken Fillets (1kg)

$23.63 ISK 2,910

$11.20 ISK 1,379

110.98%

Beef Round Steak (1kg)

$10.98 ISK 1,353

Apples (1kg)

$2.17 ISK 267

Banana (1kg)

$2.26 ISK 278

Oranges (1kg)

$2.16 ISK 266

Tomato (1kg)

$2.16 ISK 266

Potato (1kg)

$2.23 ISK 275

Onion (1kg)

$2.18 ISK 269

Lettuce (1 head)

$1.01 ISK 125

Water (1.5 liter bottle)

$1.98 ISK 244

Cigarettes 20 Pack (Marlboro, Camel)

$13.17 ISK 1,622

Gasoline (1 liter)

$2.45 ISK 301

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

$40.3K ISK 5.0M

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

$64.0K ISK 7.9M

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

$120 ISK 14.8K

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

$24.83 ISK 3,058

Internet (50+ Mbps, Unlimited Data)

$164 ISK 20.2K

Gym Membership (Monthly)

$84.4 ISK 10.4K

Cinema Ticket

$15.27 ISK 1,881

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

$369 ISK 45.4K

Jeans (Levis 501 Or Similar)

$79.4 ISK 9,782

Sport Shoes (Adidas, Nike)

$121 ISK 14.9K

1-bedroom Apartment, City Center (Monthly)

$1,790 ISK 220.5K

1-bedroom Apartment, Outside City Center (Monthly)

$1,741 ISK 214.4K

3-bedroom Apartment, Outside City Center (Monthly)

$2,143 ISK 263.9K

Buy Apartment in City Center (m2)

$6,370 ISK 784.4K

Buy Apartment Outside City Center (m2)

$6,428 ISK 791.6K

Average Monthly Net Salary (After Tax)

$5,902 ISK 726.8K

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: June 1, 2026

Last update for Bakkafjordur: June 2, 2026

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 1085%, and the gap shows up most in Eating Out. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $4,322 per month in Akureyri and $365 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $2,882 in Akureyri and $243 in Bakkafjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Interestingly, groceries are about 15% cheaper in Akureyri – one category where the pricier city actually offers better value, probably thanks to stronger retail competition or local farming.

A $1,000 monthly budget goes further in Bakkafjordur, where all-in costs run around $243, than in Akureyri at $2,882. 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.