Cost of Living Comparison Between George Town and Reykjavik Cost of Living Comparison Between George Town and Reykjavik

Monthly Cost of Living

Monthly costs for one person with rent: $4,824 in George Town versus $4,048 in Reykjavik.

Estimated couple costs with rent: $7,348 in George Town versus $5,736 in Reykjavik.

Monthly costs for a family of three with rent: $9,872 in George Town versus $7,424 in Reykjavik.

Living in George Town is roughly 19% more expensive than in Reykjavik, driven mainly by Sport & Entertainment.

Both cities are pricier than the global median: George Town 251% above, Reykjavik 195% above.

Meal at Budget Restaurant

$29.84 KYD 24.47

$30.26 ISK 3,667

-1.39%

Three-Course Dinner for Two, Mid-Range

$115 KYD 94.6

$135 ISK 16.4K

-14.84%

Fast Food Meal (McDonalds, etc)

$16.54 KYD 13.57

$26.29 ISK 3,186

-37.09%

Cappuccino

$7.07 KYD 5.80

$6.95 ISK 842

1.73%

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

$3.05 KYD 2.50

$3.30 ISK 400

-7.58%

Water (0.33 liter bottle)

$2.79 KYD 2.28

$3.35 ISK 406

-16.72%

Local Beer (0.5 liter draught)

$7.27 KYD 5.96

$14.06 ISK 1,704

-48.29%

Imported Beer (0.33 liter bottle)

$9.69 KYD 7.94

$12.60 ISK 1,527

-23.10%

Milk (1 liter)

$4.64 KYD 3.80

$2.10 ISK 254

120.95%

White Bread (500g)

$4.33 KYD 3.55

$4.47 ISK 542

-3.13%

Rice (white) (1kg)

$4.39 KYD 3.60

$3.59 ISK 436

22.28%

Eggs

$7.46 KYD 6.12

$7.13 ISK 865

4.63%

Local Cheese (1kg)

$55.0 KYD 45.06

$21.34 ISK 2,586

157.50%

Chicken Fillets (1kg)

$19.25 KYD 15.79

$24.37 ISK 2,953

-21.01%

Beef Round Steak (1kg)

$19.72 KYD 16.17

$42.10 ISK 5,102

-53.16%

Apples (1kg)

$7.41 KYD 6.08

$3.35 ISK 406

121.19%

Banana (1kg)

$3.68 KYD 3.02

$2.82 ISK 341

30.50%

Oranges (1kg)

$6.09 KYD 4.99

$3.21 ISK 389

89.72%

Tomato (1kg)

$7.88 KYD 6.46

$6.24 ISK 756

26.28%

Potato (1kg)

$4.14 KYD 3.39

$4.01 ISK 487

3.24%

Onion (1kg)

$3.98 KYD 3.26

$1.70 ISK 206

134.12%

Lettuce (1 head)

$3.19 KYD 2.62

$3.83 ISK 464

-16.71%

Water (1.5 liter bottle)

$2.17 KYD 1.78

$1.78 ISK 216

21.91%

Cigarettes 20 Pack (Marlboro, Camel)

$14.43 KYD 11.83

$13.75 ISK 1,666

4.95%

Wine (Bottle)

$25.24 KYD 20.69

$24.28 ISK 2,942

3.95%

Local Beer (0.5 liter bottle)

$4.14 KYD 3.40

$3.79 ISK 460

9.23%

Imported Beer (0.33 liter bottle)

$5.68 KYD 4.66

$3.45 ISK 418

64.64%

One-way Ticket (Public Transport)

$2.33 KYD 1.91

$5.81 ISK 704

-59.90%

Public Transport Monthly Pass (Regular Price)

$81.6 KYD 66.9

$92.7 ISK 11.2K

-12.03%

Taxi Start (Normal Tariff)

$18.57 KYD 15.23

$6.84 ISK 829

171.49%

Taxi (Normal Tariff) (1km)

$3.89 KYD 3.19

$2.90 ISK 352

34.14%

Taxi 1hour Waiting (Normal Tariff)

$44.79 KYD 36.73

$74.5 ISK 9,033

-39.91%

Gasoline (1 liter)

$1.64 KYD 1.35

$2.00 ISK 242

-18.00%

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

$42.5K KYD 34.8K

$50.6K ISK 6.1M

-16.04%

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

$42.3K KYD 34.7K

$53.4K ISK 6.5M

-20.83%

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

$458 KYD 376

$89.6 ISK 10.9K

411.40%

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

$120 KYD 98.5

$33.11 ISK 4,013

262.94%

Internet (50+ Mbps, Unlimited Data)

$115 KYD 94.1

$85.1 ISK 10.3K

34.84%

Gym Membership (Monthly)

$219 KYD 179

$99.0 ISK 12.0K

121.10%

Tennis Court (1 Hour on Weekend)

$35.38 KYD 29.01

$50.3 ISK 6,100

-29.72%

Cinema Ticket

$18.45 KYD 15.13

$19.43 ISK 2,354

-5.04%

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

$1,832 KYD 1,502

$1,173 ISK 142.1K

56.16%

International Primary School, 1 Child (Yearly)

$26.5K KYD 21.7K

$31.2K ISK 3.8M

-15.16%

Jeans (Levis 501 Or Similar)

$84.9 KYD 69.6

$161 ISK 19.5K

-47.27%

Summer Dress (H&M, Zara, etc)

$73.9 KYD 60.6

$65.1 ISK 7,890

13.42%

Sport Shoes (Adidas, Nike)

$137 KYD 112

$183 ISK 22.2K

-25.44%

Men's Leather Business Shoes

$143 KYD 117

$249 ISK 30.2K

-42.61%

1-bedroom Apartment, City Center (Monthly)

$2,909 KYD 2,385

$2,506 ISK 303.7K

16.08%

1-bedroom Apartment, Outside City Center (Monthly)

$2,443 KYD 2,003

$2,092 ISK 253.5K

16.78%

3-bedroom Apartment, City Center (Monthly)

$5,779 KYD 4,739

$3,408 ISK 413.0K

69.55%

3-bedroom Apartment, Outside City Center (Monthly)

$4,770 KYD 3,911

$2,752 ISK 333.5K

73.29%

Buy Apartment in City Center (m2)

$8,648 KYD 7,092

$7,972 ISK 966.1K

8.49%

Buy Apartment Outside City Center (m2)

$2,307 KYD 1,892

$6,354 ISK 770.0K

-63.69%

Average Monthly Net Salary (After Tax)

$7,390 KYD 6,060

$4,606 ISK 558.1K

60.46%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.88

-9.91%

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

Last update for George Town: August 31, 2026

Last update for Reykjavik: August 29, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,909 in George Town and $2,506 in Reykjavik. Housing cost is often the main lever when comparing two cities.

George Town pays 60% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $115 in George Town vs $135 in Reykjavik. Groceries flip the comparison at $722 vs $625, with Reykjavik cheaper for home cooking.

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

George Town vs Reykjavik: Cost of Living - Frequently Asked Questions

George Town and Reykjavik differ by about 19% in total monthly costs ($4,824 vs $4,048 including rent). Reykjavik is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

Average pay runs 60% higher in George Town, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $2,909 in George Town versus $2,506 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $4,824 per month in George Town versus $4,048 in Reykjavik – a 19% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Reykjavik runs roughly 14% less than in George Town. Both cities have functional networks, but the price difference matters if you're watching your budget.

Both cities are expensive relative to $3,000. Reykjavik is the more realistic option, but even there you'll need to be disciplined with housing, food, and fun money.

Both cities offer a good standard of living with different trade-offs. Neither is objectively better – the right pick depends on what matters most: affordability, career, cultural scene, or climate.

Safety-wise, George Town 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 Reykjavik gentler on the wallet – expenses run 19% less than in George Town. Beyond cost, consider language, visa policies, and how big the international community is in each city.