Last update: Oct 2026

Cost of Living Comparison Between Lisbon and Bakkafjordur

For one person, living is cheaper in Bakkafjordur: $250 a month against $2,223 in Lisbon, rent and utilities included – about $23,700 less a year. Rent and utilities account for most of the difference.

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Cost of Living Index in Lisbon
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Lisbon Living Index

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Lisbon

🇵🇹 Portugal

$2,223

/mo nomad

Bakkafjordur

🇮🇸 Iceland

$250

/mo nomad

Monthly Cost of Living

How much you'll spend in Lisbon 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 Lisbon and in Bakkafjordur actually costs, broken down by who's living it.

A single person spends $2,223 per month in Lisbon vs $250 in Bakkafjordur, rent included.

Lisbon $2,223
Bakkafjordur $250

A couple spends around $3,271 per month in Lisbon vs $427 in Bakkafjordur, rent included.

Lisbon $3,271
Bakkafjordur $427

A family of three spends $4,319 per month in Lisbon vs $604 in Bakkafjordur, rent included.

Lisbon $4,319
Bakkafjordur $604

Lisbon costs about 789% more than Bakkafjordur, and outside of rent the biggest gap is in eating out.

Lisbon sits 65% above the global median, while Bakkafjordur is 81% below – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$16.50 €14.67

Three-Course Dinner for Two, Mid-Range

$61.3 €54.5

Fast Food Meal (McDonalds, etc)

$11.27 €10.03

Cappuccino

$3.06 €2.72

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

$2.26 €2.01

Water (0.33 liter bottle)

$1.73 €1.54

Local Beer (0.5 liter draught)

$3.39 €3.02

Imported Beer (0.33 liter bottle)

$3.40 €3.02

Milk (1 liter)

$1.12 €1.00

White Bread (500g)

$1.86 €1.65

$2.26 ISK 275

-17.70%

Rice (white) (1kg)

$1.53 €1.36

$2.17 ISK 263

-29.49%

Eggs

$3.96 €3.53

$4.88 ISK 591

-18.85%

Local Cheese (1kg)

$12.76 €11.35

$8.91 ISK 1,081

43.21%

Chicken Fillets (1kg)

$7.90 €7.02

$11.17 ISK 1,355

-29.27%

Beef Round Steak (1kg)

$16.97 €15.09

$11.19 ISK 1,357

51.65%

Apples (1kg)

$2.27 €2.02

$2.22 ISK 269

2.25%

Banana (1kg)

$1.75 €1.55

$2.25 ISK 273

-22.22%

Oranges (1kg)

$1.85 €1.64

$2.22 ISK 269

-16.67%

Tomato (1kg)

$2.57 €2.28

$2.19 ISK 265

17.35%

Potato (1kg)

$1.86 €1.65

$2.18 ISK 264

-14.68%

Onion (1kg)

$2.02 €1.80

$2.24 ISK 272

-9.82%

Lettuce (1 head)

$1.44 €1.28

$1.02 ISK 124

41.18%

Water (1.5 liter bottle)

$0.82 €0.73

$1.97 ISK 238

-58.38%

Cigarettes 20 Pack (Marlboro, Camel)

$6.56 €5.83

Wine (Bottle)

$5.62 €5.00

Local Beer (0.5 liter bottle)

$1.28 €1.14

Imported Beer (0.33 liter bottle)

$2.07 €1.84

One-way Ticket (Public Transport)

$2.35 €2.09

Public Transport Monthly Pass (Regular Price)

$44.18 €39.30

Taxi Start (Normal Tariff)

$3.99 €3.55

Taxi (Normal Tariff) (1km)

$1.09 €0.97

Taxi 1hour Waiting (Normal Tariff)

$16.64 €14.81

Gasoline (1 liter)

$2.28 €2.03

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

$33.7K €30.0K

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

$39.3K €35.0K

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

$167 €149

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

$18.80 €16.72

Internet (50+ Mbps, Unlimited Data)

$33.09 €29.43

Gym Membership (Monthly)

$46.01 €40.93

Tennis Court (1 Hour on Weekend)

$19.19 €17.07

Cinema Ticket

$9.84 €8.75

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

$677 €602

International Primary School, 1 Child (Yearly)

$16.9K €15.1K

Jeans (Levis 501 Or Similar)

$101 €90.1

Summer Dress (H&M, Zara, etc)

$45.76 €40.70

Sport Shoes (Adidas, Nike)

$100.0 €88.9

Men's Leather Business Shoes

$123 €109

1-bedroom Apartment, City Center (Monthly)

$1,614 €1,436

1-bedroom Apartment, Outside City Center (Monthly)

$1,197 €1,065

3-bedroom Apartment, City Center (Monthly)

$2,862 €2,545

3-bedroom Apartment, Outside City Center (Monthly)

$1,990 €1,770

Buy Apartment in City Center (m2)

$7,577 €6,740

Buy Apartment Outside City Center (m2)

$4,307 €3,831

Average Monthly Net Salary (After Tax)

$1,588 €1,412

$5,928 ISK 719.0K

-73.22%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.85

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

Last update for Lisbon: October 11, 2026

Last update for Bakkafjordur: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Lisbon

$1.2K 53.9%

Bakkafjordur

–

Groceries & Markets

Lisbon

$269 12.1%

Bakkafjordur

–

Eating Out

Lisbon

$242 10.9%

Bakkafjordur

–

Monthly Utilities & Internet

Lisbon

$219 9.9%

Bakkafjordur

–

Clothing & Footwear

Lisbon

$166 7.5%

Bakkafjordur

–

Sport & Entertainment

Lisbon

$66 3%

Bakkafjordur

–

Getting Around

Lisbon

$63 2.8%

Bakkafjordur

–

Cost Breakdown

Salaries run about 273% higher in Bakkafjordur, which reinforces the cost advantage – you earn more and spend less. Purchasing power leans clearly in its favor.

Good to know

🇵🇹 Lisbon

🇮🇸 Bakkafjordur

🕒 Local time

02:03 2:03 AM

01:03 1:03 AM

1 h behind Lisbon

🌤 Weather

👥 Population

545,923 Capital

100

💱 Currency

Euro EUR €

Icelandic Króna ISK kr

📈 Exchange rate

1 EUR = 1.12 USD

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

Exchange rates and currency converter

ISK, USD to EUR – Euro Converter

🇺🇸 United States Dollar ($)

🇪🇺 Euro (€)

Euro exchange rates as of October 19, 2026: 1 USD = 0.889 EUR (1 EUR = 1.12 USD).

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 EUR in detail →

On the map

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Between locations

Lisbon Bakkafjordur 3,060 km ≈ 4 h 15 min nonstop flight

From you

Lisbon
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

Lisbon vs Bakkafjordur: Cost of Living - Frequently Asked Questions

Lisbon costs about 789% 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 $3,335 per month in Lisbon 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 $2,223 in Lisbon and $250 in Bakkafjordur. That's a gap of about 789%.

Groceries cost about 8% more in Lisbon, 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 Lisbon at $2,223. In Bakkafjordur it covers expenses comfortably, while in Lisbon it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Bakkafjordur costs $250 versus $2,223 in Lisbon. 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, Lisbon makes more sense. Both are solid long-term options with distinct trade-offs.