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

Monthly Cost of Living

A single person spends $3,122 per month in Akureyri vs $245 in Bakkafjordur, rent included.

A couple spends around $4,153 per month in Akureyri vs $417 in Bakkafjordur, rent included.

A family of three spends $5,184 per month in Akureyri vs $590 in Bakkafjordur, rent included.

Akureyri costs about 1176% more than Bakkafjordur, driven mainly by Eating Out.

Akureyri sits 127% above the global median, while Bakkafjordur is 82% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$24.26 ISK 2,940

Three-Course Dinner for Two, Mid-Range

$133 ISK 16.2K

Fast Food Meal (McDonalds, etc)

$22.44 ISK 2,719

Cappuccino

$4.94 ISK 599

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

$3.35 ISK 406

Water (0.33 liter bottle)

$3.15 ISK 382

Local Beer (0.5 liter draught)

$11.19 ISK 1,356

Imported Beer (0.33 liter bottle)

$9.57 ISK 1,159

Milk (1 liter)

$2.74 ISK 332

White Bread (500g)

$2.34 ISK 283

$2.26 ISK 273

3.54%

Rice (white) (1kg)

$3.19 ISK 386

$2.25 ISK 273

41.78%

Eggs

$7.64 ISK 926

$4.90 ISK 593

55.92%

Local Cheese (1kg)

$15.73 ISK 1,907

$8.69 ISK 1,053

81.01%

Chicken Fillets (1kg)

$24.74 ISK 2,998

$11.23 ISK 1,360

120.30%

Beef Round Steak (1kg)

$10.92 ISK 1,323

Apples (1kg)

$2.23 ISK 270

Banana (1kg)

$2.93 ISK 355

$2.22 ISK 269

31.98%

Oranges (1kg)

$3.48 ISK 422

$2.25 ISK 273

54.67%

Tomato (1kg)

$6.04 ISK 732

$2.16 ISK 262

179.63%

Potato (1kg)

$2.25 ISK 273

Onion (1kg)

$2.25 ISK 273

Lettuce (1 head)

$1.01 ISK 122

Water (1.5 liter bottle)

$1.99 ISK 241

Cigarettes 20 Pack (Marlboro, Camel)

$13.98 ISK 1,694

Gasoline (1 liter)

$2.65 ISK 321

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

$42.0K ISK 5.1M

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

$66.7K ISK 8.1M

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

$122 ISK 14.7K

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

$26.17 ISK 3,171

Internet (50+ Mbps, Unlimited Data)

$163 ISK 19.7K

Gym Membership (Monthly)

$86.4 ISK 10.5K

Cinema Ticket

$15.18 ISK 1,840

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

$375 ISK 45.4K

Jeans (Levis 501 Or Similar)

$80.9 ISK 9,802

Sport Shoes (Adidas, Nike)

$126 ISK 15.3K

1-bedroom Apartment, City Center (Monthly)

$1,827 ISK 221.5K

1-bedroom Apartment, Outside City Center (Monthly)

$1,785 ISK 216.3K

3-bedroom Apartment, Outside City Center (Monthly)

$2,204 ISK 267.1K

Buy Apartment in City Center (m2)

$6,515 ISK 789.5K

Buy Apartment Outside City Center (m2)

$6,675 ISK 808.8K

Average Monthly Net Salary (After Tax)

$5,847 ISK 708.6K

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: August 29, 2026

Last update for Bakkafjordur: August 30, 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 1176%, 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 $4,683 per month in Akureyri and $367 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $3,122 in Akureyri and $245 in Bakkafjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

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 $245, than in Akureyri at $3,122. 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.