Last update: Oct 2026

Cost of Living Comparison Between Istanbul and Bakkafjordur

For one person, living is cheaper in Bakkafjordur: $250 a month against $1,550 in Istanbul, rent and utilities included – about $15,600 less a year. Rent and utilities account for most of the difference.

75

Cost of Living Index in Istanbul
Learn more

Istanbul Living Index

Jump to prices

Istanbul

🇹🇷 Turkey

$1,550

/mo nomad

Bakkafjordur

🇮🇸 Iceland

$250

/mo nomad

Monthly Cost of Living

How much you'll spend in Istanbul and in Bakkafjordur

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

A single person spends $1,550 per month in Istanbul vs $250 in Bakkafjordur, rent included.

Istanbul $1,550
Bakkafjordur $250

A couple spends around $2,415 per month in Istanbul vs $427 in Bakkafjordur, rent included.

Istanbul $2,415
Bakkafjordur $427

A family of three spends $3,281 per month in Istanbul vs $604 in Bakkafjordur, rent included.

Istanbul $3,281
Bakkafjordur $604

Istanbul costs about 520% more than Bakkafjordur, and outside of rent the biggest gap is in eating out.

Istanbul sits 15% above the global median, while Bakkafjordur is 81% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$12.30 ₺609

Three-Course Dinner for Two, Mid-Range

$54.7 ₺2,708

Fast Food Meal (McDonalds, etc)

$9.22 ₺456

Cappuccino

$4.40 ₺218

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

$1.68 ₺83.1

Water (0.33 liter bottle)

$0.59 ₺29.40

Local Beer (0.5 liter draught)

$4.70 ₺233

Imported Beer (0.33 liter bottle)

$5.91 ₺292

Milk (1 liter)

$1.21 ₺60.0

White Bread (500g)

$0.89 ₺44.10

$2.26 ISK 275

-60.62%

Rice (white) (1kg)

$2.19 ₺108

$2.17 ISK 263

0.92%

Eggs

$2.35 ₺116

$4.88 ISK 591

-51.84%

Local Cheese (1kg)

$10.42 ₺516

$8.91 ISK 1,081

16.95%

Chicken Fillets (1kg)

$5.65 ₺280

$11.17 ISK 1,355

-49.42%

Beef Round Steak (1kg)

$20.94 ₺1,037

$11.19 ISK 1,357

87.13%

Apples (1kg)

$1.90 ₺94.1

$2.22 ISK 269

-14.41%

Banana (1kg)

$2.31 ₺114

$2.25 ISK 273

2.67%

Oranges (1kg)

$1.28 ₺63.1

$2.22 ISK 269

-42.34%

Tomato (1kg)

$1.80 ₺89.0

$2.19 ISK 265

-17.81%

Potato (1kg)

$0.65 ₺32.16

$2.18 ISK 264

-70.18%

Onion (1kg)

$0.64 ₺31.91

$2.24 ISK 272

-71.43%

Lettuce (1 head)

$1.25 ₺62.1

$1.02 ISK 124

22.55%

Water (1.5 liter bottle)

$0.56 ₺27.58

$1.97 ISK 238

-71.57%

Cigarettes 20 Pack (Marlboro, Camel)

$2.37 ₺118

Wine (Bottle)

$13.42 ₺664

Local Beer (0.5 liter bottle)

$2.40 ₺119

Imported Beer (0.33 liter bottle)

$3.48 ₺172

One-way Ticket (Public Transport)

$0.89 ₺43.84

Public Transport Monthly Pass (Regular Price)

$67.4 ₺3,338

Taxi Start (Normal Tariff)

$1.29 ₺64.1

Taxi (Normal Tariff) (1km)

$0.92 ₺45.70

Taxi 1hour Waiting (Normal Tariff)

$10.96 ₺542

Gasoline (1 liter)

$1.47 ₺72.9

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

$50.8K ₺2.5M

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

$44.5K ₺2.2M

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

$88.6 ₺4,387

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

$11.59 ₺574

Internet (50+ Mbps, Unlimited Data)

$15.81 ₺783

Gym Membership (Monthly)

$77.2 ₺3,820

Tennis Court (1 Hour on Weekend)

$22.74 ₺1,126

Cinema Ticket

$8.14 ₺403

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

$1,008 ₺49.9K

International Primary School, 1 Child (Yearly)

$25.6K ₺1.3M

Jeans (Levis 501 Or Similar)

$54.0 ₺2,671

Summer Dress (H&M, Zara, etc)

$40.83 ₺2,021

Sport Shoes (Adidas, Nike)

$98.9 ₺4,895

Men's Leather Business Shoes

$96.6 ₺4,783

1-bedroom Apartment, City Center (Monthly)

$985 ₺48.7K

1-bedroom Apartment, Outside City Center (Monthly)

$650 ₺32.2K

3-bedroom Apartment, City Center (Monthly)

$1,983 ₺98.2K

3-bedroom Apartment, Outside City Center (Monthly)

$1,180 ₺58.4K

Buy Apartment in City Center (m2)

$3,138 ₺155.4K

Buy Apartment Outside City Center (m2)

$1,780 ₺88.1K

Average Monthly Net Salary (After Tax)

$1,205 ₺59.7K

$5,928 ISK 719.0K

-79.66%

20-Year Fixed Mortgage Interest Rate (Annual %)

40.92

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

Last update for Istanbul: October 13, 2026

Last update for Bakkafjordur: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Istanbul

$650 41.9%

Bakkafjordur

–

Groceries & Markets

Istanbul

$260 16.8%

Bakkafjordur

–

Eating Out

Istanbul

$223 14.4%

Bakkafjordur

–

Clothing & Footwear

Istanbul

$131 8.4%

Bakkafjordur

–

Monthly Utilities & Internet

Istanbul

$116 7.5%

Bakkafjordur

–

Sport & Entertainment

Istanbul

$93 6%

Bakkafjordur

–

Getting Around

Istanbul

$77 5%

Bakkafjordur

–

Cost Breakdown

Salaries run about 392% higher in Bakkafjordur, which reinforces the cost advantage – you earn more and spend less. Purchasing power leans clearly in its favor.

Good to know

🇹🇷 Istanbul

🇮🇸 Bakkafjordur

🕒 Local time

06:21 6:21 AM

03:21 3:21 AM

3 h behind Istanbul

🌤 Weather

👥 Population

15,701,602

100

💱 Currency

Turkish Lira TRY ₺

Icelandic Króna ISK kr

📈 Exchange rate

100 TRY = 2.02 USD

100 TRY = 1.8 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

Exchange rates and currency converter

ISK, USD, EUR to TRY – Turkish Lira Converter

🇺🇸 United States Dollar ($)

🇹🇷 Turkish Lira (₺)

Turkish Lira exchange rates as of October 19, 2026: 1 USD = 49.51 TRY (100 TRY = 2.02 USD). 1 EUR = 55.66 TRY (100 TRY = 1.8 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 TRY in detail →

On the map

Lowest

Highest

Between locations

Istanbul Bakkafjordur 3,870 km ≈ 5 h nonstop flight

From you

Istanbul
Bakkafjordur

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

Istanbul vs Bakkafjordur: Cost of Living - Frequently Asked Questions

Istanbul costs about 520% more than Bakkafjordur, and outside of rent the gap comes mainly from eating out. That's enough to noticeably affect everyday spending and lifestyle for anyone choosing between the two.

For a comfortable life, plan on about $2,325 per month in Istanbul and $375 in Bakkafjordur. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Monthly expenses with rent come to $1,550 in Istanbul and $250 in Bakkafjordur. That's a gap of about 520%.

Groceries cost about 4% more in Istanbul, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,000 monthly budget goes further in Bakkafjordur, where all-in costs run around $250, than in Istanbul at $1,550. In Bakkafjordur it covers expenses comfortably, while in Istanbul it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Bakkafjordur costs $250 versus $1,550 in Istanbul. Both have workable remote work infrastructure, but the cost gap matters when income varies month to month.

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 Bakkafjordur. If higher salaries, better infrastructure, or specific career opportunities are the priority, Istanbul makes more sense. Both are solid long-term options with distinct trade-offs.