Cost of Living Comparison Between Akureyri and Reykjavik Cost of Living Comparison Between Akureyri and Reykjavik

Monthly Cost of Living

A single person spends $3,040 per month in Akureyri vs $4,054 in Reykjavik, rent included.

A couple spends around $4,128 per month in Akureyri vs $5,691 in Reykjavik, rent included.

A family of three spends $5,217 per month in Akureyri vs $7,329 in Reykjavik, rent included.

Akureyri is about 25% cheaper than Reykjavik, driven mainly by Groceries & Markets.

Both Akureyri and Reykjavik sit above the global median – Akureyri by 122%, Reykjavik by 196%.

Meal at Budget Restaurant

$24.77 ISK 3,017

$30.01 ISK 3,655

-17.46%

Three-Course Dinner for Two, Mid-Range

$130 ISK 15.8K

$134 ISK 16.3K

-2.81%

Fast Food Meal (McDonalds, etc)

$22.81 ISK 2,779

$27.02 ISK 3,292

-15.58%

Cappuccino

$4.92 ISK 599

$7.03 ISK 857

-30.01%

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

$3.41 ISK 416

$3.36 ISK 410

1.49%

Water (0.33 liter bottle)

$3.02 ISK 368

$3.35 ISK 408

-9.85%

Local Beer (0.5 liter draught)

$11.32 ISK 1,379

$13.80 ISK 1,681

-17.97%

Imported Beer (0.33 liter bottle)

$9.57 ISK 1,165

$12.17 ISK 1,482

-21.36%

Milk (1 liter)

$2.87 ISK 350

$2.03 ISK 248

41.38%

White Bread (500g)

$2.41 ISK 293

$4.29 ISK 522

-43.82%

Rice (white) (1kg)

$3.20 ISK 389

$3.51 ISK 428

-8.83%

Eggs

$7.80 ISK 950

$7.13 ISK 869

9.40%

Local Cheese (1kg)

$15.74 ISK 1,917

$21.15 ISK 2,576

-25.58%

Chicken Fillets (1kg)

$24.51 ISK 2,985

$25.14 ISK 3,062

-2.51%

Beef Round Steak (1kg)

$42.98 ISK 5,234

Apples (1kg)

$3.38 ISK 412

Banana (1kg)

$2.93 ISK 357

$2.85 ISK 347

2.81%

Oranges (1kg)

$3.49 ISK 425

$3.33 ISK 406

4.80%

Tomato (1kg)

$6.26 ISK 763

$6.30 ISK 767

-0.63%

Potato (1kg)

$4.08 ISK 497

Onion (1kg)

$1.66 ISK 202

Lettuce (1 head)

$3.66 ISK 446

Water (1.5 liter bottle)

$1.76 ISK 215

Cigarettes 20 Pack (Marlboro, Camel)

$13.53 ISK 1,648

$13.96 ISK 1,700

-3.08%

Wine (Bottle)

$23.46 ISK 2,858

Local Beer (0.5 liter bottle)

$3.73 ISK 455

Imported Beer (0.33 liter bottle)

$3.49 ISK 425

One-way Ticket (Public Transport)

$5.55 ISK 676

Public Transport Monthly Pass (Regular Price)

$94.3 ISK 11.5K

Taxi Start (Normal Tariff)

$6.56 ISK 799

Taxi (Normal Tariff) (1km)

$2.89 ISK 351

Taxi 1hour Waiting (Normal Tariff)

$73.8 ISK 8,985

Gasoline (1 liter)

$2.64 ISK 322

$2.00 ISK 243

32.00%

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

$41.4K ISK 5.0M

$50.6K ISK 6.2M

-18.12%

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

$65.2K ISK 7.9M

$54.2K ISK 6.6M

20.39%

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

$125 ISK 15.2K

$88.8 ISK 10.8K

40.20%

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

$25.76 ISK 3,137

$32.93 ISK 4,011

-21.77%

Internet (50+ Mbps, Unlimited Data)

$166 ISK 20.2K

$83.1 ISK 10.1K

99.59%

Gym Membership (Monthly)

$86.9 ISK 10.6K

$96.3 ISK 11.7K

-9.74%

Tennis Court (1 Hour on Weekend)

$49.54 ISK 6,034

Cinema Ticket

$15.40 ISK 1,876

$19.82 ISK 2,414

-22.30%

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

$367 ISK 44.7K

$1,213 ISK 147.7K

-69.73%

International Primary School, 1 Child (Yearly)

$31.2K ISK 3.8M

Jeans (Levis 501 Or Similar)

$82.7 ISK 10.1K

$156 ISK 19.0K

-47.07%

Summer Dress (H&M, Zara, etc)

$66.3 ISK 8,076

Sport Shoes (Adidas, Nike)

$125 ISK 15.2K

$178 ISK 21.7K

-30.07%

Men's Leather Business Shoes

$247 ISK 30.1K

1-bedroom Apartment, City Center (Monthly)

$1,786 ISK 217.5K

$2,466 ISK 300.3K

-27.58%

1-bedroom Apartment, Outside City Center (Monthly)

$1,846 ISK 224.8K

$2,078 ISK 253.1K

-11.18%

3-bedroom Apartment, City Center (Monthly)

$3,438 ISK 418.8K

3-bedroom Apartment, Outside City Center (Monthly)

$2,182 ISK 265.7K

$2,764 ISK 336.6K

-21.05%

Buy Apartment in City Center (m2)

$6,717 ISK 818.1K

$8,085 ISK 984.8K

-16.92%

Buy Apartment Outside City Center (m2)

$6,544 ISK 797.0K

$6,258 ISK 762.2K

4.57%

Average Monthly Net Salary (After Tax)

$4,745 ISK 577.9K

20-Year Fixed Mortgage Interest Rate (Annual %)

9.4

8.88

5.86%

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

Last update for Akureyri: September 15, 2026

Last update for Reykjavik: September 13, 2026

Cost Breakdown

A central one-bedroom costs $1,786 in Akureyri versus $2,466 in Reykjavik. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

A mid-range dinner for two costs $130 in Akureyri versus $134 in Reykjavik. Monthly groceries follow the same trend: $329 vs $627 – making Akureyri the more affordable choice for daily food spending.

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 Reykjavik: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 33%, and the gap shows up most in Groceries & Markets. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $4,560 per month in Akureyri and $6,080 in Reykjavik. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Akureyri, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

A mid-range dinner for two costs $130 in Akureyri and $134 in Reykjavik. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Groceries cost about 90% more in Reykjavik, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

$2,500 is a stretch for both – monthly costs hit $3,040 in Akureyri and $4,054 in Reykjavik. You'll need shared housing and careful budgeting no matter which city you pick.

Families tend to lean toward Akureyri – 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 Akureyri. If higher salaries, better infrastructure, or specific career opportunities are the priority, Reykjavik makes more sense. Both are solid long-term options with distinct trade-offs.