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

Monthly Cost of Living

A single person spends $2,857 per month in Akureyri vs $3,824 in Reykjavik, rent included.

A couple spends around $3,910 per month in Akureyri vs $5,556 in Reykjavik, rent included.

A family of three spends $4,964 per month in Akureyri vs $7,289 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 113%, Reykjavik by 184%.

Meal at Budget Restaurant

$23.84 ISK 2,969

$27.13 ISK 3,378

-12.13%

Three-Course Dinner for Two, Mid-Range

$129 ISK 16.0K

$147 ISK 18.3K

-12.54%

Fast Food Meal (McDonalds, etc)

$22.40 ISK 2,789

$22.15 ISK 2,757

1.13%

Cappuccino

$4.95 ISK 617

$6.08 ISK 756

-18.59%

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

$3.28 ISK 409

$3.24 ISK 404

1.23%

Water (0.33 liter bottle)

$3.08 ISK 383

$2.60 ISK 324

18.46%

Local Beer (0.5 liter draught)

$10.68 ISK 1,330

$13.07 ISK 1,627

-18.29%

Imported Beer (0.33 liter bottle)

$9.04 ISK 1,125

$11.14 ISK 1,387

-18.85%

Milk (1 liter)

$2.87 ISK 357

$1.86 ISK 231

54.30%

White Bread (500g)

$2.31 ISK 288

$4.34 ISK 541

-46.77%

Rice (white) (1kg)

$3.02 ISK 376

$3.63 ISK 451

-16.80%

Eggs

$7.92 ISK 986

$6.31 ISK 786

25.52%

Local Cheese (1kg)

$18.05 ISK 2,247

Chicken Fillets (1kg)

$24.30 ISK 3,026

$24.02 ISK 2,990

1.17%

Beef Round Steak (1kg)

$43.15 ISK 5,372

Apples (1kg)

$3.26 ISK 406

Banana (1kg)

$2.45 ISK 304

Oranges (1kg)

$3.11 ISK 387

Tomato (1kg)

$4.87 ISK 606

Potato (1kg)

$3.68 ISK 459

Onion (1kg)

$2.34 ISK 291

Lettuce (1 head)

$3.04 ISK 379

Water (1.5 liter bottle)

$1.92 ISK 239

Cigarettes 20 Pack (Marlboro, Camel)

$13.20 ISK 1,643

$13.59 ISK 1,692

-2.87%

Wine (Bottle)

$23.29 ISK 2,900

Local Beer (0.5 liter bottle)

$3.71 ISK 462

Imported Beer (0.33 liter bottle)

$3.30 ISK 411

One-way Ticket (Public Transport)

$5.08 ISK 633

Public Transport Monthly Pass (Regular Price)

$88.4 ISK 11.0K

Taxi Start (Normal Tariff)

$6.30 ISK 784

Taxi (Normal Tariff) (1km)

$2.64 ISK 328

Taxi 1hour Waiting (Normal Tariff)

$86.7 ISK 10.8K

Gasoline (1 liter)

$2.50 ISK 311

$2.48 ISK 308

0.81%

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

$40.9K ISK 5.1M

$46.4K ISK 5.8M

-11.91%

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

$63.6K ISK 7.9M

$52.0K ISK 6.5M

22.39%

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

$120 ISK 14.9K

$89.0 ISK 11.1K

34.36%

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

$25.24 ISK 3,143

$27.11 ISK 3,376

-6.90%

Internet (50+ Mbps, Unlimited Data)

$159 ISK 19.8K

$83.7 ISK 10.4K

90.28%

Gym Membership (Monthly)

$82.4 ISK 10.3K

$83.2 ISK 10.4K

-0.89%

Tennis Court (1 Hour on Weekend)

$37.19 ISK 4,630

Cinema Ticket

$14.82 ISK 1,845

$17.41 ISK 2,167

-14.88%

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

$362 ISK 45.1K

$319 ISK 39.7K

13.59%

International Primary School, 1 Child (Yearly)

$29.8K ISK 3.7M

Jeans (Levis 501 Or Similar)

$81.4 ISK 10.1K

$138 ISK 17.1K

-40.83%

Summer Dress (H&M, Zara, etc)

$60.8 ISK 7,569

Sport Shoes (Adidas, Nike)

$119 ISK 14.9K

$181 ISK 22.5K

-34.13%

Men's Leather Business Shoes

$269 ISK 33.5K

1-bedroom Apartment, City Center (Monthly)

$1,802 ISK 224.3K

$2,246 ISK 279.6K

-19.76%

1-bedroom Apartment, Outside City Center (Monthly)

$1,786 ISK 222.3K

$2,025 ISK 252.1K

-11.79%

3-bedroom Apartment, City Center (Monthly)

$3,220 ISK 400.9K

3-bedroom Apartment, Outside City Center (Monthly)

$2,144 ISK 266.9K

$2,728 ISK 339.6K

-21.40%

Buy Apartment in City Center (m2)

$6,488 ISK 807.7K

$7,686 ISK 957.0K

-15.59%

Buy Apartment Outside City Center (m2)

$6,500 ISK 809.2K

$6,267 ISK 780.3K

3.71%

Average Monthly Net Salary (After Tax)

$4,442 ISK 553.0K

20-Year Fixed Mortgage Interest Rate (Annual %)

9.4

9.63

-2.39%

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

Last update for Akureyri: June 6, 2026

Last update for Reykjavik: June 8, 2026

Cost Breakdown

A central one-bedroom costs $1,802 in Akureyri versus $2,246 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 $129 in Akureyri versus $147 in Reykjavik. Monthly groceries follow the same trend: $217 vs $596 – 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 34%, 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 $4,285 per month in Akureyri and $5,735 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 $129 in Akureyri and $147 in Reykjavik. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

Groceries cost about 174% 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 $2,857 in Akureyri and $3,824 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.