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

Monthly Cost of Living

A single person spends $2,878 per month in Akureyri vs $251 in Bakkafjordur, rent included.

A couple spends around $3,875 per month in Akureyri vs $427 in Bakkafjordur, rent included.

A family of three spends $4,871 per month in Akureyri vs $602 in Bakkafjordur, rent included.

Akureyri costs about 1048% more than Bakkafjordur, driven mainly by Eating Out.

Akureyri sits 115% above the global median, while Bakkafjordur is 81% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$23.99 ISK 2,989

Three-Course Dinner for Two, Mid-Range

$129 ISK 16.1K

Fast Food Meal (McDonalds, etc)

$22.32 ISK 2,781

Cappuccino

$4.83 ISK 602

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

$3.39 ISK 422

Water (0.33 liter bottle)

$3.07 ISK 383

Local Beer (0.5 liter draught)

$10.69 ISK 1,332

Imported Beer (0.33 liter bottle)

$9.08 ISK 1,132

Milk (1 liter)

$2.76 ISK 344

White Bread (500g)

$2.28 ISK 284

$2.24 ISK 280

1.79%

Rice (white) (1kg)

$3.00 ISK 374

$2.15 ISK 268

39.53%

Eggs

$7.93 ISK 988

$4.83 ISK 602

64.18%

Local Cheese (1kg)

$9.01 ISK 1,122

Chicken Fillets (1kg)

$23.73 ISK 2,956

$11.19 ISK 1,395

112.06%

Beef Round Steak (1kg)

$10.86 ISK 1,353

Apples (1kg)

$2.25 ISK 280

Banana (1kg)

$2.18 ISK 271

Oranges (1kg)

$2.14 ISK 267

Tomato (1kg)

$2.23 ISK 278

Potato (1kg)

$2.19 ISK 273

Onion (1kg)

$2.24 ISK 280

Lettuce (1 head)

$1.02 ISK 127

Water (1.5 liter bottle)

$2.02 ISK 252

Cigarettes 20 Pack (Marlboro, Camel)

$13.56 ISK 1,689

Gasoline (1 liter)

$2.54 ISK 317

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

$40.4K ISK 5.0M

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

$64.1K ISK 8.0M

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

$120 ISK 15.0K

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

$25.14 ISK 3,133

Internet (50+ Mbps, Unlimited Data)

$160 ISK 19.9K

Gym Membership (Monthly)

$84.0 ISK 10.5K

Cinema Ticket

$15.09 ISK 1,880

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

$367 ISK 45.7K

Jeans (Levis 501 Or Similar)

$82.0 ISK 10.2K

Sport Shoes (Adidas, Nike)

$119 ISK 14.9K

1-bedroom Apartment, City Center (Monthly)

$1,774 ISK 221.1K

1-bedroom Apartment, Outside City Center (Monthly)

$1,782 ISK 222.0K

3-bedroom Apartment, Outside City Center (Monthly)

$2,084 ISK 259.7K

Buy Apartment in City Center (m2)

$6,329 ISK 788.6K

Buy Apartment Outside City Center (m2)

$6,340 ISK 790.0K

Average Monthly Net Salary (After Tax)

$5,788 ISK 721.1K

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: July 13, 2026

Last update for Bakkafjordur: July 13, 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 1048%, 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 $4,317 per month in Akureyri and $376 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $2,878 in Akureyri and $251 in Bakkafjordur. The difference isn't just one category – it shows up across housing, food, transport, and services.

Interestingly, groceries are about 17% 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 $251, than in Akureyri at $2,878. 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.