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: $4,618 in George Town versus $3,869 in Reykjavik.

Estimated couple costs with rent: $7,071 in George Town versus $5,475 in Reykjavik.

Monthly costs for a family of three with rent: $9,524 in George Town versus $7,081 in Reykjavik.

Living in George Town is roughly 19% more expensive than in Reykjavik, driven mainly by Monthly Utilities & Internet.

Both cities are pricier than the global median: George Town 246% above, Reykjavik 190% above.

Meal at Budget Restaurant

$30.65 KYD 25.13

$27.43 ISK 3,418

11.74%

Three-Course Dinner for Two, Mid-Range

$144 KYD 118

$142 ISK 17.7K

1.15%

Fast Food Meal (McDonalds, etc)

$15.94 KYD 13.07

$22.54 ISK 2,809

-29.28%

Cappuccino

$6.90 KYD 5.65

$6.05 ISK 754

14.05%

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

$3.36 KYD 2.76

$3.22 ISK 402

4.35%

Water (0.33 liter bottle)

$2.72 KYD 2.23

$2.52 ISK 314

7.94%

Local Beer (0.5 liter draught)

$9.27 KYD 7.60

$12.93 ISK 1,611

-28.31%

Imported Beer (0.33 liter bottle)

$8.18 KYD 6.71

$11.39 ISK 1,420

-28.18%

Milk (1 liter)

$3.02 KYD 2.48

$1.89 ISK 235

59.79%

White Bread (500g)

$5.30 KYD 4.35

$4.19 ISK 522

26.49%

Rice (white) (1kg)

$5.75 KYD 4.72

$3.54 ISK 441

62.43%

Eggs

$9.84 KYD 8.07

$6.31 ISK 786

55.94%

Local Cheese (1kg)

$11.71 KYD 9.60

$18.00 ISK 2,243

-34.94%

Chicken Fillets (1kg)

$16.01 KYD 13.13

$24.46 ISK 3,048

-34.55%

Beef Round Steak (1kg)

$16.24 KYD 13.32

$41.94 ISK 5,226

-61.28%

Apples (1kg)

$10.67 KYD 8.75

$3.33 ISK 415

220.42%

Banana (1kg)

$4.66 KYD 3.82

$2.40 ISK 300

94.17%

Oranges (1kg)

$7.91 KYD 6.49

$3.03 ISK 377

161.06%

Tomato (1kg)

$7.64 KYD 6.27

$5.13 ISK 639

48.93%

Potato (1kg)

$5.34 KYD 4.38

$3.66 ISK 455

45.90%

Onion (1kg)

$5.50 KYD 4.51

$2.42 ISK 302

127.27%

Lettuce (1 head)

$6.09 KYD 5.00

$3.17 ISK 394

92.11%

Water (1.5 liter bottle)

$3.00 KYD 2.46

$1.93 ISK 241

55.44%

Cigarettes 20 Pack (Marlboro, Camel)

$14.61 KYD 11.98

$13.76 ISK 1,714

6.18%

Wine (Bottle)

$25.67 KYD 21.05

$22.67 ISK 2,825

13.23%

Local Beer (0.5 liter bottle)

$3.92 KYD 3.21

$3.75 ISK 467

4.53%

Imported Beer (0.33 liter bottle)

$5.16 KYD 4.23

$3.26 ISK 406

58.28%

One-way Ticket (Public Transport)

$2.45 KYD 2.01

$5.30 ISK 661

-53.77%

Public Transport Monthly Pass (Regular Price)

$30.28 KYD 24.83

$88.2 ISK 11.0K

-65.68%

Taxi Start (Normal Tariff)

$18.28 KYD 14.99

$6.51 ISK 811

180.80%

Taxi (Normal Tariff) (1km)

$4.82 KYD 3.95

$2.57 ISK 321

87.55%

Taxi 1hour Waiting (Normal Tariff)

$59.4 KYD 48.69

$86.4 ISK 10.8K

-31.29%

Gasoline (1 liter)

$1.71 KYD 1.40

$2.52 ISK 314

-32.14%

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

$39.2K KYD 32.1K

$47.7K ISK 5.9M

-17.91%

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

$34.0K KYD 27.9K

$51.8K ISK 6.5M

-34.39%

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

$385 KYD 316

$87.1 ISK 10.9K

342.43%

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

$97.8 KYD 80.2

$27.13 ISK 3,380

260.34%

Internet (50+ Mbps, Unlimited Data)

$110 KYD 90.4

$85.4 ISK 10.6K

29.05%

Gym Membership (Monthly)

$106 KYD 86.9

$84.0 ISK 10.5K

26.04%

Tennis Court (1 Hour on Weekend)

$40.38 KYD 33.11

$38.12 ISK 4,750

5.93%

Cinema Ticket

$18.17 KYD 14.90

$17.35 ISK 2,162

4.73%

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

$1,744 KYD 1,430

$319 ISK 39.8K

446.38%

International Primary School, 1 Child (Yearly)

$24.3K KYD 19.9K

$30.7K ISK 3.8M

-20.72%

Jeans (Levis 501 Or Similar)

$91.7 KYD 75.2

$138 ISK 17.1K

-33.35%

Summer Dress (H&M, Zara, etc)

$70.8 KYD 58.1

$62.8 ISK 7,821

12.84%

Sport Shoes (Adidas, Nike)

$147 KYD 121

$182 ISK 22.7K

-19.20%

Men's Leather Business Shoes

$149 KYD 122

$269 ISK 33.5K

-44.66%

1-bedroom Apartment, City Center (Monthly)

$2,806 KYD 2,301

$2,254 ISK 280.8K

24.52%

1-bedroom Apartment, Outside City Center (Monthly)

$2,485 KYD 2,038

$2,008 ISK 250.2K

23.78%

3-bedroom Apartment, City Center (Monthly)

$5,558 KYD 4,557

$3,231 ISK 402.6K

72.00%

3-bedroom Apartment, Outside City Center (Monthly)

$4,697 KYD 3,851

$2,756 ISK 343.4K

70.39%

Buy Apartment in City Center (m2)

$8,809 KYD 7,223

$7,955 ISK 991.2K

10.73%

Buy Apartment Outside City Center (m2)

$2,303 KYD 1,889

$6,156 ISK 767.1K

-62.59%

Average Monthly Net Salary (After Tax)

$7,125 KYD 5,842

$4,438 ISK 553.0K

60.53%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.25

9.63

-14.33%

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

Last update for George Town: July 12, 2026

Last update for Reykjavik: July 11, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,806 in George Town and $2,254 in Reykjavik. Housing cost is often the main lever when comparing two cities.

George Town pays 61% 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: $144 in George Town vs $142 in Reykjavik for a mid-range dinner for two. Groceries echo the gap at $629 vs $593 per month, with Reykjavik cheaper across the board.

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 ($4,618 vs $3,869 including rent). Reykjavik is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

Average pay runs 61% 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: $2,806 in George Town versus $2,254 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $4,618 per month in George Town versus $3,869 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 191% 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 $2,000. 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.