Last update: Oct 2026

Cost of Living Comparison Between Italy and Iceland

Name: Iceland
Address: IS

For one person, living is cheaper in Italy: $1,843 a month against $3,897 in Iceland, rent and utilities included – about $24,600 less a year. Rent and utilities account for most of the difference.

88

Cost of Living Index in Italy
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Italy Living Index
187

Cost of Living Index in Iceland
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Iceland Living Index

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🇮🇹 Italy

$1,843

/mo nomad

🇮🇸 Iceland

$3,897

/mo nomad

Monthly Cost of Living

How much you'll spend in Italy and in Iceland

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

A single person spends $1,843 per month in Italy vs $3,897 in Iceland, rent included.

Italy $1,843
Iceland $3,897

A couple spends around $2,816 per month in Italy vs $5,533 in Iceland, rent included.

Italy $2,816
Iceland $5,533

A family of three spends $3,788 per month in Italy vs $7,168 in Iceland, rent included.

Italy $3,788
Iceland $7,168

The regional cost range is wider in Iceland ($179–$4,040) than in Italy ($1,038–$2,555), so city choice matters more there.

The cost of living in Italy is roughly 53% lower than in Iceland on average.

Both Italy and Iceland are pricier than the global median – Italy by 35%, Iceland by 186%.

Meal at Budget Restaurant

$20.46 €18.33

$28.48 ISK 3,457

-28.16%

Three-Course Dinner for Two, Mid-Range

$79.5 €71.2

$123 ISK 14.9K

-35.39%

Fast Food Meal (McDonalds, etc)

$11.15 €9.99

$23.70 ISK 2,877

-52.95%

Cappuccino

$2.04 €1.83

$6.09 ISK 740

-66.50%

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

$3.10 €2.78

$3.11 ISK 378

-0.32%

Water (0.33 liter bottle)

$1.40 €1.25

$2.95 ISK 358

-52.54%

Local Beer (0.5 liter draught)

$5.51 €4.94

$12.19 ISK 1,479

-54.80%

Imported Beer (0.33 liter bottle)

$5.74 €5.14

$12.42 ISK 1,508

-53.78%

Milk (1 liter)

$1.57 €1.41

$2.03 ISK 246

-22.66%

White Bread (500g)

$2.38 €2.13

$3.99 ISK 484

-40.35%

Rice (white) (1kg)

$2.90 €2.60

$3.45 ISK 419

-15.94%

Eggs

$4.07 €3.65

$7.17 ISK 870

-43.24%

Local Cheese (1kg)

$17.44 €15.63

$20.65 ISK 2,507

-15.54%

Chicken Fillets (1kg)

$12.56 €11.25

$24.78 ISK 3,008

-49.31%

Beef Round Steak (1kg)

$20.17 €18.07

$42.17 ISK 5,119

-52.17%

Apples (1kg)

$2.58 €2.31

$3.01 ISK 366

-14.29%

Banana (1kg)

$2.19 €1.96

$2.67 ISK 325

-17.98%

Oranges (1kg)

$2.68 €2.40

$3.15 ISK 382

-14.92%

Tomato (1kg)

$3.27 €2.93

$5.93 ISK 719

-44.86%

Potato (1kg)

$1.90 €1.70

$3.86 ISK 469

-50.78%

Onion (1kg)

$1.82 €1.63

$1.85 ISK 225

-1.62%

Lettuce (1 head)

$1.57 €1.41

$3.59 ISK 436

-56.27%

Water (1.5 liter bottle)

$0.55 €0.49

$1.89 ISK 229

-70.90%

Cigarettes 20 Pack (Marlboro, Camel)

$6.69 €6.00

$14.17 ISK 1,721

-52.79%

Wine (Bottle)

$7.99 €7.16

$22.52 ISK 2,734

-64.52%

Local Beer (0.5 liter bottle)

$1.77 €1.59

$3.65 ISK 443

-51.51%

Imported Beer (0.33 liter bottle)

$2.35 €2.11

$3.33 ISK 405

-29.43%

One-way Ticket (Public Transport)

$1.91 €1.71

$5.51 ISK 669

-65.34%

Public Transport Monthly Pass (Regular Price)

$43.44 €38.92

$94.7 ISK 11.5K

-54.13%

Taxi Start (Normal Tariff)

$5.62 €5.03

$6.77 ISK 822

-16.99%

Taxi (Normal Tariff) (1km)

$1.71 €1.54

$2.87 ISK 349

-40.42%

Taxi 1hour Waiting (Normal Tariff)

$33.64 €30.14

$79.3 ISK 9,631

-57.59%

Gasoline (1 liter)

$2.03 €1.82

$2.35 ISK 285

-13.62%

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

$35.3K €31.6K

$69.7K ISK 8.5M

-49.34%

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

$36.7K €32.9K

$56.0K ISK 6.8M

-34.41%

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

$227 €203

$103 ISK 12.5K

119.82%

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

$11.59 €10.39

$32.44 ISK 3,939

-64.27%

Internet (50+ Mbps, Unlimited Data)

$30.38 €27.22

$87.9 ISK 10.7K

-65.42%

Gym Membership (Monthly)

$51.8 €46.39

$92.3 ISK 11.2K

-43.91%

Tennis Court (1 Hour on Weekend)

$23.70 €21.24

$52.4 ISK 6,359

-54.75%

Cinema Ticket

$10.60 €9.50

$19.09 ISK 2,317

-44.47%

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

$568 €509

$947 ISK 115.0K

-40.07%

International Primary School, 1 Child (Yearly)

$11.5K €10.3K

$26.4K ISK 3.2M

-56.33%

Jeans (Levis 501 Or Similar)

$90.5 €81.1

$149 ISK 18.1K

-39.25%

Summer Dress (H&M, Zara, etc)

$38.55 €34.55

$47.82 ISK 5,806

-19.39%

Sport Shoes (Adidas, Nike)

$103 €92.0

$172 ISK 20.9K

-40.29%

Men's Leather Business Shoes

$131 €117

$234 ISK 28.4K

-44.06%

1-bedroom Apartment, City Center (Monthly)

$826 €740

$2,575 ISK 312.7K

-67.95%

1-bedroom Apartment, Outside City Center (Monthly)

$646 €579

$2,041 ISK 247.8K

-68.34%

3-bedroom Apartment, City Center (Monthly)

$1,400 €1,255

$3,504 ISK 425.4K

-60.04%

3-bedroom Apartment, Outside City Center (Monthly)

$1,054 €945

$2,712 ISK 329.2K

-61.12%

Buy Apartment in City Center (m2)

$3,662 €3,282

$7,617 ISK 924.7K

-51.92%

Buy Apartment Outside City Center (m2)

$2,301 €2,062

$6,338 ISK 769.4K

-63.69%

Average Monthly Net Salary (After Tax)

$1,886 €1,690

$4,789 ISK 581.4K

-60.62%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.56

9.29

-61.68%

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

Last update for Italy: October 24, 2026

Last update for Iceland: October 25, 2026

Monthly budget structure

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

Accommodation & Living

Italy

$646 35.1%

Iceland

$2K 52.4% 216% $1.4K

Groceries & Markets

Italy

$348 18.9%

Iceland

$611 15.7% 75.5% $263

Eating Out

Italy

$279 15.1%

Iceland

$482 12.4% 73% $203

Monthly Utilities & Internet

Italy

$269 14.6%

Iceland

$223 5.7% 16.8% $45

Clothing & Footwear

Italy

$163 8.9%

Iceland

$271 7% 66.2% $108

Sport & Entertainment

Italy

$73 4%

Iceland

$130 3.4% 78.8% $57

Getting Around

Italy

$65 3.5%

Iceland

$138 3.5% 111% $73

Cost Breakdown

Average rent: $729 in Italy vs $2,368 in Iceland. For reference, capital cities sit at $1,297 in Rome and $2,585 in Reykjavik.

Average salary: $1,890 in Italy vs $4,949 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 225% higher in Iceland.

Dining out costs 63% more in Iceland.

Public transport is 88% more expensive in Iceland.

Salaries are about 2.6 times higher in Iceland, and purchasing power comes out stronger in Iceland.

Good to know

🇮🇹 Italy

🇮🇸 Iceland

🕒 Local time

11:02 11:02 AM

10:02 10:02 AM

1 h behind Italy

🌤 Weather

👥 Population

58,850,717

364,260

💱 Currency

Euro EUR €

Icelandic Króna ISK kr

📈 Exchange rate

1 EUR = 1.12 USD

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

Exchange rates and currency converter

ISK, USD to EUR – Euro Converter

🇺🇸 United States Dollar ($)

🇪🇺 Euro (€)

Euro exchange rates as of November 2, 2026: 1 USD = 0.896 EUR (1 EUR = 1.12 USD).

Icelandic Króna exchange rates as of November 2, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 135 ISK (1,000 ISK = 7.38 EUR).

USD to EUR in detail →

On the map

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Between locations

Italy Iceland 3,300 km ≈ 4 h 45 min nonstop flight

From you

Italy
Iceland

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

Italy vs Iceland: Cost of Living - Frequently Asked Questions

Italy is the cheaper option – living costs run roughly 53% lower on average.

Housing costs more in Iceland: a central one-bedroom averages $2,368 versus $729 in Italy.

Groceries, public transport, and eating out all cost less in Italy – part of why living there is about 53% cheaper overall.

$2,500 buys a comfortable lifestyle in Italy, but in Iceland it only works with careful planning outside the capital. Same money, very different lives.

Italy is the budget-friendly choice for expats. But cost isn’t everything: visa policies, language, healthcare quality, and job markets all weigh in too.