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: $4,602 in George Town versus $3,883 in Reykjavik.

Estimated couple costs with rent: $7,054 in George Town versus $5,535 in Reykjavik.

Monthly costs for a family of three with rent: $9,505 in George Town versus $7,188 in Reykjavik.

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

Both cities are pricier than the global median: George Town 243% above, Reykjavik 190% above.

Meal at Budget Restaurant

$30.62 KYD 25.11

$27.17 ISK 3,350

12.70%

Three-Course Dinner for Two, Mid-Range

$144 KYD 118

$144 ISK 17.7K

0.52%

Fast Food Meal (McDonalds, etc)

$15.85 KYD 13.00

$22.42 ISK 2,764

-29.30%

Cappuccino

$6.91 KYD 5.66

$6.19 ISK 764

11.63%

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

$3.52 KYD 2.88

$3.28 ISK 405

7.32%

Water (0.33 liter bottle)

$2.72 KYD 2.23

$2.53 ISK 311

7.51%

Local Beer (0.5 liter draught)

$9.05 KYD 7.42

$13.11 ISK 1,617

-30.97%

Imported Beer (0.33 liter bottle)

$8.60 KYD 7.05

$11.43 ISK 1,409

-24.76%

Milk (1 liter)

$3.05 KYD 2.50

$1.94 ISK 239

57.22%

White Bread (500g)

$5.26 KYD 4.32

$4.29 ISK 529

22.61%

Rice (white) (1kg)

$5.83 KYD 4.78

$3.72 ISK 458

56.72%

Eggs

$9.98 KYD 8.19

$6.53 ISK 805

52.83%

Local Cheese (1kg)

$11.82 KYD 9.70

$17.88 ISK 2,205

-33.89%

Chicken Fillets (1kg)

$15.84 KYD 12.99

$24.10 ISK 2,971

-34.27%

Beef Round Steak (1kg)

$16.30 KYD 13.37

$42.88 ISK 5,288

-61.99%

Apples (1kg)

$10.46 KYD 8.58

$3.35 ISK 413

212.24%

Banana (1kg)

$4.55 KYD 3.73

$2.51 ISK 310

81.27%

Oranges (1kg)

$7.82 KYD 6.41

$3.13 ISK 386

149.84%

Tomato (1kg)

$7.78 KYD 6.38

$4.89 ISK 602

59.10%

Potato (1kg)

$5.30 KYD 4.35

$3.71 ISK 458

42.86%

Onion (1kg)

$5.41 KYD 4.44

$2.32 ISK 286

133.19%

Lettuce (1 head)

$6.37 KYD 5.22

$3.07 ISK 378

107.49%

Water (1.5 liter bottle)

$2.92 KYD 2.39

$1.99 ISK 246

46.73%

Cigarettes 20 Pack (Marlboro, Camel)

$14.42 KYD 11.82

$13.85 ISK 1,707

4.12%

Wine (Bottle)

$25.05 KYD 20.54

$23.47 ISK 2,894

6.73%

Local Beer (0.5 liter bottle)

$4.03 KYD 3.30

$3.62 ISK 447

11.33%

Imported Beer (0.33 liter bottle)

$5.18 KYD 4.25

$3.38 ISK 416

53.25%

One-way Ticket (Public Transport)

$2.39 KYD 1.96

$5.10 ISK 629

-53.14%

Public Transport Monthly Pass (Regular Price)

$30.50 KYD 25.01

$85.4 ISK 10.5K

-64.27%

Taxi Start (Normal Tariff)

$18.37 KYD 15.06

$6.28 ISK 774

192.52%

Taxi (Normal Tariff) (1km)

$4.89 KYD 4.01

$2.57 ISK 317

90.27%

Taxi 1hour Waiting (Normal Tariff)

$60.6 KYD 49.65

$85.8 ISK 10.6K

-29.40%

Gasoline (1 liter)

$1.76 KYD 1.44

$2.52 ISK 310

-30.16%

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

$39.3K KYD 32.2K

$47.2K ISK 5.8M

-16.68%

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

$33.7K KYD 27.6K

$51.8K ISK 6.4M

-34.95%

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

$398 KYD 326

$86.9 ISK 10.7K

357.94%

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

$97.7 KYD 80.1

$26.94 ISK 3,321

262.58%

Internet (50+ Mbps, Unlimited Data)

$109 KYD 89.0

$85.9 ISK 10.6K

26.28%

Gym Membership (Monthly)

$105 KYD 86.0

$83.4 ISK 10.3K

25.68%

Tennis Court (1 Hour on Weekend)

$40.53 KYD 33.24

$37.54 ISK 4,629

7.96%

Cinema Ticket

$17.74 KYD 14.55

$17.53 ISK 2,161

1.20%

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

$1,747 KYD 1,433

$321 ISK 39.5K

444.81%

International Primary School, 1 Child (Yearly)

$25.0K KYD 20.5K

$30.2K ISK 3.7M

-17.07%

Jeans (Levis 501 Or Similar)

$91.8 KYD 75.2

$140 ISK 17.2K

-34.39%

Summer Dress (H&M, Zara, etc)

$71.9 KYD 59.0

$60.6 ISK 7,465

18.78%

Sport Shoes (Adidas, Nike)

$150 KYD 123

$181 ISK 22.3K

-17.07%

Men's Leather Business Shoes

$149 KYD 122

$263 ISK 32.5K

-43.45%

1-bedroom Apartment, City Center (Monthly)

$2,839 KYD 2,328

$2,175 ISK 268.2K

30.52%

1-bedroom Apartment, Outside City Center (Monthly)

$2,527 KYD 2,072

$2,023 ISK 249.5K

24.89%

3-bedroom Apartment, City Center (Monthly)

$5,662 KYD 4,643

$3,139 ISK 387.1K

80.35%

3-bedroom Apartment, Outside City Center (Monthly)

$4,683 KYD 3,840

$2,738 ISK 337.5K

71.06%

Buy Apartment in City Center (m2)

$8,623 KYD 7,071

$8,022 ISK 989.1K

7.49%

Buy Apartment Outside City Center (m2)

$2,256 KYD 1,850

$6,223 ISK 767.3K

-63.75%

Average Monthly Net Salary (After Tax)

$7,737 KYD 6,344

$4,441 ISK 547.6K

74.21%

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: May 30, 2026

Last update for Reykjavik: May 30, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,839 in George Town and $2,175 in Reykjavik. Housing cost is often the main lever when comparing two cities.

George Town pays 74% 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 $144 in Reykjavik. Groceries flip the comparison at $628 vs $599, 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 ($4,602 vs $3,883 including rent). Reykjavik is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

George Town pays 74% more on average, 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: $2,839 in George Town versus $2,175 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $4,602 per month in George Town versus $3,883 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 180% 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.