Cost of Living Comparison Between Lisbon and Reykjavik Cost of Living Comparison Between Lisbon and Reykjavik

Monthly Cost of Living

Monthly costs for one person with rent: $2,316 in Lisbon versus $4,048 in Reykjavik.

Estimated couple costs with rent: $3,361 in Lisbon versus $5,736 in Reykjavik.

Monthly costs for a family of three with rent: $4,405 in Lisbon versus $7,424 in Reykjavik.

Living in Lisbon costs roughly 43% less than in Reykjavik, driven mainly by Groceries & Markets.

Both cities are pricier than the global median: Lisbon 69% above, Reykjavik 195% above.

Meal at Budget Restaurant

$17.30 €14.93

$30.26 ISK 3,667

-42.83%

Three-Course Dinner for Two, Mid-Range

$63.3 €54.6

$135 ISK 16.4K

-53.30%

Fast Food Meal (McDonalds, etc)

$11.39 €9.83

$26.29 ISK 3,186

-56.68%

Cappuccino

$3.19 €2.75

$6.95 ISK 842

-54.10%

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

$2.45 €2.11

$3.30 ISK 400

-25.76%

Water (0.33 liter bottle)

$1.76 €1.52

$3.35 ISK 406

-47.46%

Local Beer (0.5 liter draught)

$3.59 €3.10

$14.06 ISK 1,704

-74.47%

Imported Beer (0.33 liter bottle)

$3.39 €2.93

$12.60 ISK 1,527

-73.10%

Milk (1 liter)

$1.24 €1.07

$2.10 ISK 254

-40.95%

White Bread (500g)

$1.98 €1.71

$4.47 ISK 542

-55.70%

Rice (white) (1kg)

$1.52 €1.31

$3.59 ISK 436

-57.66%

Eggs

$4.04 €3.49

$7.13 ISK 865

-43.34%

Local Cheese (1kg)

$13.54 €11.68

$21.34 ISK 2,586

-36.55%

Chicken Fillets (1kg)

$8.39 €7.24

$24.37 ISK 2,953

-65.57%

Beef Round Steak (1kg)

$18.25 €15.75

$42.10 ISK 5,102

-56.65%

Apples (1kg)

$2.29 €1.98

$3.35 ISK 406

-31.64%

Banana (1kg)

$1.74 €1.50

$2.82 ISK 341

-38.30%

Oranges (1kg)

$1.86 €1.60

$3.21 ISK 389

-42.06%

Tomato (1kg)

$2.63 €2.27

$6.24 ISK 756

-57.85%

Potato (1kg)

$1.92 €1.65

$4.01 ISK 487

-52.12%

Onion (1kg)

$2.09 €1.81

$1.70 ISK 206

22.94%

Lettuce (1 head)

$1.44 €1.24

$3.83 ISK 464

-62.40%

Water (1.5 liter bottle)

$0.84 €0.73

$1.78 ISK 216

-52.81%

Cigarettes 20 Pack (Marlboro, Camel)

$6.78 €5.85

$13.75 ISK 1,666

-50.69%

Wine (Bottle)

$5.71 €4.93

$24.28 ISK 2,942

-76.48%

Local Beer (0.5 liter bottle)

$1.38 €1.19

$3.79 ISK 460

-63.59%

Imported Beer (0.33 liter bottle)

$2.22 €1.91

$3.45 ISK 418

-35.65%

One-way Ticket (Public Transport)

$2.40 €2.07

$5.81 ISK 704

-58.69%

Public Transport Monthly Pass (Regular Price)

$46.78 €40.37

$92.7 ISK 11.2K

-49.55%

Taxi Start (Normal Tariff)

$4.17 €3.60

$6.84 ISK 829

-39.04%

Taxi (Normal Tariff) (1km)

$1.14 €0.98

$2.90 ISK 352

-60.69%

Taxi 1hour Waiting (Normal Tariff)

$17.68 €15.26

$74.5 ISK 9,033

-76.28%

Gasoline (1 liter)

$2.32 €2.01

$2.00 ISK 242

16.00%

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

$35.3K €30.5K

$50.6K ISK 6.1M

-30.12%

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

$41.4K €35.8K

$53.4K ISK 6.5M

-22.42%

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

$170 €147

$89.6 ISK 10.9K

90.14%

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

$19.34 €16.69

$33.11 ISK 4,013

-41.59%

Internet (50+ Mbps, Unlimited Data)

$33.64 €29.03

$85.1 ISK 10.3K

-60.49%

Gym Membership (Monthly)

$48.10 €41.50

$99.0 ISK 12.0K

-51.40%

Tennis Court (1 Hour on Weekend)

$19.90 €17.17

$50.3 ISK 6,100

-60.47%

Cinema Ticket

$9.92 €8.56

$19.43 ISK 2,354

-48.94%

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

$717 €619

$1,173 ISK 142.1K

-38.84%

International Primary School, 1 Child (Yearly)

$17.5K €15.1K

$31.2K ISK 3.8M

-44.07%

Jeans (Levis 501 Or Similar)

$105 €90.4

$161 ISK 19.5K

-34.90%

Summer Dress (H&M, Zara, etc)

$46.95 €40.51

$65.1 ISK 7,890

-27.89%

Sport Shoes (Adidas, Nike)

$103 €89.2

$183 ISK 22.2K

-43.53%

Men's Leather Business Shoes

$124 €107

$249 ISK 30.2K

-50.27%

1-bedroom Apartment, City Center (Monthly)

$1,677 €1,447

$2,506 ISK 303.7K

-33.10%

1-bedroom Apartment, Outside City Center (Monthly)

$1,271 €1,097

$2,092 ISK 253.5K

-39.25%

3-bedroom Apartment, City Center (Monthly)

$2,985 €2,575

$3,408 ISK 413.0K

-12.43%

3-bedroom Apartment, Outside City Center (Monthly)

$1,992 €1,719

$2,752 ISK 333.5K

-27.61%

Buy Apartment in City Center (m2)

$7,826 €6,753

$7,972 ISK 966.1K

-1.83%

Buy Apartment Outside City Center (m2)

$4,658 €4,019

$6,354 ISK 770.0K

-26.69%

Average Monthly Net Salary (After Tax)

$1,583 €1,366

$4,606 ISK 558.1K

-65.63%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.79

8.88

-57.32%

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

Last update for Lisbon: August 30, 2026

Last update for Reykjavik: August 29, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,677 in Lisbon and $2,506 in Reykjavik. Housing cost is often the main lever when comparing two cities.

Reykjavik pays 191% 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: $63.0 in Lisbon vs $135 in Reykjavik for a mid-range dinner for two. Groceries echo the gap at $283 vs $625 per month, with Lisbon 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

Lisbon vs Reykjavik: Cost of Living - Frequently Asked Questions

Lisbon and Reykjavik differ by about 75% in total monthly costs ($2,316 vs $4,048 including rent). Lisbon is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

On paper, salaries run 191% lower in Reykjavik. That's worth factoring in alongside costs, though remote workers earning in a stronger currency may not notice the difference at all.

Rent for a central apartment: $1,677 in Lisbon versus $2,506 in Reykjavik. Housing is usually the single largest factor when comparing overall living costs between the two.

Childcare runs $717 in Lisbon versus $1,173 in Reykjavik. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

Supermarket bills run roughly 121% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

Both cities are expensive relative to $3,000. Lisbon 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, Lisbon 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 Lisbon gentler on the wallet – expenses run 75% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.