Last update: Oct 2026

Cost of Living Comparison Between Colonia and Reykjavik

For one person, living is cheaper in Colonia: $1,511 a month against $4,002 in Reykjavik, rent and utilities included – about $29,900 less a year. Rent and utilities account for most of the difference.

74

Cost of Living Index in Colonia
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Colonia Living Index
193

Cost of Living Index in Reykjavik
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Reykjavik Living Index

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Colonia

🇺🇾 Uruguay

$1,511

/mo nomad

Reykjavik

🇮🇸 Iceland

$4,002

/mo nomad

Monthly Cost of Living

How much you'll spend in Colonia and in Reykjavik

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Colonia and in Reykjavik actually costs, broken down by who's living it.

Monthly costs for one person with rent: $1,511 in Colonia versus $4,002 in Reykjavik.

Colonia $1,511
Reykjavik $4,002

Estimated couple costs with rent: $2,462 in Colonia versus $5,705 in Reykjavik.

Colonia $2,462
Reykjavik $5,705

Monthly costs for a family of three with rent: $3,413 in Colonia versus $7,407 in Reykjavik.

Colonia $3,413
Reykjavik $7,407

Living in Colonia costs roughly 62% less than in Reykjavik, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Colonia 12% above, Reykjavik 196% above.

Meal at Budget Restaurant

$15.94 UYU 640

$31.56 ISK 3,828

-49.49%

Three-Course Dinner for Two, Mid-Range

$75.1 UYU 3,015

$122 ISK 14.8K

-38.59%

Fast Food Meal (McDonalds, etc)

$12.92 UYU 519

$26.86 ISK 3,258

-51.90%

Cappuccino

$5.83 UYU 234

$6.81 ISK 827

-14.39%

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

$1.85 UYU 74.4

$3.39 ISK 411

-45.43%

Water (0.33 liter bottle)

$1.40 UYU 56.2

$3.20 ISK 388

-56.25%

Local Beer (0.5 liter draught)

$4.88 UYU 196

$14.14 ISK 1,715

-65.49%

Imported Beer (0.33 liter bottle)

$4.74 UYU 190

$12.31 ISK 1,493

-61.49%

Milk (1 liter)

$1.15 UYU 46.11

$2.10 ISK 255

-45.24%

White Bread (500g)

$2.11 UYU 84.7

$4.19 ISK 508

-49.64%

Rice (white) (1kg)

$1.21 UYU 48.39

$3.72 ISK 451

-67.47%

Eggs

$3.51 UYU 141

$7.05 ISK 856

-50.21%

Local Cheese (1kg)

$9.96 UYU 400

$21.56 ISK 2,615

-53.80%

Chicken Fillets (1kg)

$12.34 UYU 495

$24.68 ISK 2,993

-50.00%

Beef Round Steak (1kg)

$11.03 UYU 443

$42.19 ISK 5,117

-73.86%

Apples (1kg)

$2.17 UYU 87.3

$3.23 ISK 392

-32.82%

Banana (1kg)

$1.89 UYU 76.0

$2.73 ISK 331

-30.77%

Oranges (1kg)

$1.27 UYU 51.1

$3.17 ISK 384

-59.94%

Tomato (1kg)

$5.58 UYU 224

$6.61 ISK 802

-15.58%

Potato (1kg)

$2.04 UYU 81.8

$3.85 ISK 467

-47.01%

Onion (1kg)

$1.98 UYU 79.3

$1.66 ISK 201

19.28%

Lettuce (1 head)

$1.23 UYU 49.17

$3.80 ISK 461

-67.63%

Water (1.5 liter bottle)

$1.25 UYU 50.2

$1.75 ISK 212

-28.57%

Cigarettes 20 Pack (Marlboro, Camel)

$7.65 UYU 307

$13.71 ISK 1,662

-44.20%

Wine (Bottle)

$12.60 UYU 506

$24.21 ISK 2,937

-47.96%

Local Beer (0.5 liter bottle)

$4.44 UYU 178

$3.53 ISK 428

25.78%

Imported Beer (0.33 liter bottle)

$2.52 UYU 101

$3.32 ISK 402

-24.10%

One-way Ticket (Public Transport)

$0.95 UYU 38.29

$5.75 ISK 697

-83.48%

Public Transport Monthly Pass (Regular Price)

$93.8 ISK 11.4K

Taxi Start (Normal Tariff)

$0.86 UYU 34.47

$6.61 ISK 802

-86.99%

Taxi (Normal Tariff) (1km)

$2.53 UYU 101

$2.90 ISK 352

-12.76%

Taxi 1hour Waiting (Normal Tariff)

$79.2 ISK 9,602

Gasoline (1 liter)

$1.98 UYU 79.4

$2.09 ISK 253

-5.26%

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

$32.0K UYU 1.3M

$51.0K ISK 6.2M

-37.18%

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

$39.2K UYU 1.6M

$53.3K ISK 6.5M

-26.43%

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

$123 UYU 4,923

$95.3 ISK 11.6K

28.76%

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

$18.70 UYU 750

$32.35 ISK 3,923

-42.19%

Internet (50+ Mbps, Unlimited Data)

$38.73 UYU 1,555

$87.5 ISK 10.6K

-55.76%

Gym Membership (Monthly)

$41.35 UYU 1,660

$102 ISK 12.4K

-59.41%

Tennis Court (1 Hour on Weekend)

$12.52 UYU 503

$50.1 ISK 6,074

-75.00%

Cinema Ticket

$7.80 UYU 313

$19.88 ISK 2,412

-60.76%

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

$1,194 ISK 144.8K

International Primary School, 1 Child (Yearly)

$25.4K ISK 3.1M

Jeans (Levis 501 Or Similar)

$56.7 UYU 2,274

$149 ISK 18.1K

-61.98%

Summer Dress (H&M, Zara, etc)

$50.5 UYU 2,027

$66.6 ISK 8,080

-24.17%

Sport Shoes (Adidas, Nike)

$112 UYU 4,503

$180 ISK 21.8K

-37.63%

Men's Leather Business Shoes

$201 UYU 8,079

$253 ISK 30.7K

-20.51%

1-bedroom Apartment, City Center (Monthly)

$597 UYU 24.0K

$2,549 ISK 309.2K

-76.56%

1-bedroom Apartment, Outside City Center (Monthly)

$470 UYU 18.9K

$2,056 ISK 249.4K

-77.13%

3-bedroom Apartment, City Center (Monthly)

$1,126 UYU 45.2K

$3,498 ISK 424.2K

-67.81%

3-bedroom Apartment, Outside City Center (Monthly)

$977 UYU 39.2K

$2,764 ISK 335.2K

-64.65%

Buy Apartment in City Center (m2)

$8,120 ISK 984.9K

Buy Apartment Outside City Center (m2)

$6,254 ISK 758.5K

Average Monthly Net Salary (After Tax)

$4,573 ISK 554.6K

20-Year Fixed Mortgage Interest Rate (Annual %)

4.5

8.81

-48.92%

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

Last update for Colonia: October 11, 2026

Last update for Reykjavik: October 12, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Colonia

$470 31.1%

Reykjavik

$2.1K 51.4% 337% $1.6K

Groceries & Markets

Colonia

$314 20.8%

Reykjavik

$623 15.6% 98.4% $309

Eating Out

Colonia

$283 18.7%

Reykjavik

$536 13.4% 89.5% $253

Clothing & Footwear

Colonia

$189 12.5%

Reykjavik

$292 7.3% 54.2% $103

Monthly Utilities & Internet

Colonia

$180 11.9%

Reykjavik

$215 5.4% 19.5% $35

Sport & Entertainment

Colonia

$57 3.8%

Reykjavik

$142 3.5% 149% $85

Getting Around

Colonia

$17 * 1.2%

Reykjavik

$138 3.5% 697% $121

Categories marked with * are only partly priced – their share counts the items that do have prices.

Cost Breakdown

A one-bedroom apartment in the center runs $597 in Colonia and $2,549 in Reykjavik. Housing cost is often the main lever when comparing two cities.

Dining out: $75.0 in Colonia vs $122 in Reykjavik for a mid-range dinner for two. Groceries echo the gap at $314 vs $623 per month, with Colonia cheaper across the board.

Good to know

🇺🇾 Colonia

🇮🇸 Reykjavik

🕒 Local time

21:51 9:51 PM

00:51 12:51 AM

3 h ahead of Colonia

🌤 Weather

👥 Population

26,231

136,894 Capital

💱 Currency

Uruguayan Peso UYU $U

Icelandic Króna ISK kr

📈 Exchange rate

100 UYU = 2.49 USD

100 UYU = 2.22 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

Exchange rates and currency converter

ISK, USD, EUR to UYU – Uruguayan Peso Converter

🇺🇸 United States Dollar ($)

🇺🇾 Uruguayan Peso ($U)

Uruguayan Peso exchange rates as of October 19, 2026: 1 USD = 40.14 UYU (100 UYU = 2.49 USD). 1 EUR = 45.12 UYU (100 UYU = 2.22 EUR).

Icelandic Króna exchange rates as of October 19, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.33 EUR).

USD to UYU in detail →

On the map

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Highest

Between locations

Colonia Reykjavik 11,410 km ≈ 15 h nonstop flight

From you

Colonia
Reykjavik

Distances are measured in a straight line. Your location is detected approximately.

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

Colonia vs Reykjavik: Cost of Living - Frequently Asked Questions

Colonia wins on cost – living expenses run 165% lower than in Reykjavik. Housing and daily spending are where you'll feel the difference most, making Colonia the obvious pick if budget is a priority.

You'd need roughly $2,266 in Colonia and $6,003 in Reykjavik to live well. The gap comes down to housing and overall price levels. Both cities are liveable on less, but these numbers represent actual comfort.

Rent for a central apartment: $597 in Colonia versus $2,549 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $1,511 per month in Colonia versus $4,002 in Reykjavik – a 165% gap that adds up to real savings over time for anyone picking the cheaper option.

Supermarket bills run roughly 98% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

At $1,511 in Colonia versus $4,002 in Reykjavik, a $1,000 budget is realistic in Colonia but tight or insufficient in Reykjavik. The gap between the two cities makes Colonia the clear choice for anyone on this budget.

Both work as nomad bases, but Colonia delivers better value – similar infrastructure at $1,511 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Colonia hard to pass up.

Safety-wise, Colonia and Reykjavik are on par. Petty crime is typical for cities this size, and most residents feel comfortable going about their daily routines in either place.

Expats usually find Colonia gentler on the wallet – expenses run 165% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.