Cost of Living Comparison Between Reykjavik and Akranes Cost of Living Comparison Between Reykjavik and Akranes

Monthly Cost of Living

Monthly costs for one person with rent: $3,849 in Reykjavik versus $3,536 in Akranes.

Estimated couple costs with rent: $5,457 in Reykjavik versus $5,655 in Akranes.

Monthly costs for a family of three with rent: $7,065 in Reykjavik versus $7,774 in Akranes.

Living in Reykjavik is roughly 9% more expensive than in Akranes, driven mainly by Sport & Entertainment.

Both cities are pricier than the global median: Reykjavik 189% above, Akranes 166% above.

Meal at Budget Restaurant

$26.85 ISK 3,319

$26.91 ISK 3,326

-0.22%

Three-Course Dinner for Two, Mid-Range

$142 ISK 17.6K

$146 ISK 18.1K

-2.93%

Fast Food Meal (McDonalds, etc)

$22.18 ISK 2,741

$22.78 ISK 2,816

-2.63%

Cappuccino

$6.17 ISK 763

$5.95 ISK 736

3.70%

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

$3.24 ISK 401

$3.25 ISK 402

-0.31%

Water (0.33 liter bottle)

$2.62 ISK 324

$2.35 ISK 291

11.49%

Local Beer (0.5 liter draught)

$12.69 ISK 1,569

$10.47 ISK 1,294

21.20%

Imported Beer (0.33 liter bottle)

$11.39 ISK 1,408

$7.99 ISK 988

42.55%

Milk (1 liter)

$1.87 ISK 231

$1.93 ISK 238

-3.11%

White Bread (500g)

$4.30 ISK 531

$2.03 ISK 251

111.82%

Rice (white) (1kg)

$3.56 ISK 440

$3.59 ISK 443

-0.84%

Eggs

$6.28 ISK 777

$6.12 ISK 756

2.61%

Local Cheese (1kg)

$18.25 ISK 2,255

$17.79 ISK 2,198

2.59%

Chicken Fillets (1kg)

$23.69 ISK 2,929

$24.14 ISK 2,983

-1.86%

Beef Round Steak (1kg)

$42.14 ISK 5,209

$41.83 ISK 5,170

0.74%

Apples (1kg)

$3.33 ISK 412

$3.37 ISK 417

-1.19%

Banana (1kg)

$2.41 ISK 298

$2.51 ISK 311

-3.98%

Oranges (1kg)

$3.00 ISK 370

$3.12 ISK 386

-3.85%

Tomato (1kg)

$5.12 ISK 633

$4.80 ISK 593

6.67%

Potato (1kg)

$3.58 ISK 442

$3.67 ISK 453

-2.45%

Onion (1kg)

$2.36 ISK 292

$2.31 ISK 286

2.16%

Lettuce (1 head)

$3.14 ISK 388

$3.03 ISK 375

3.63%

Water (1.5 liter bottle)

$2.03 ISK 251

$2.00 ISK 247

1.50%

Cigarettes 20 Pack (Marlboro, Camel)

$13.89 ISK 1,717

$13.81 ISK 1,707

0.58%

Wine (Bottle)

$23.38 ISK 2,890

$22.94 ISK 2,835

1.92%

Local Beer (0.5 liter bottle)

$3.58 ISK 442

$2.88 ISK 356

24.31%

Imported Beer (0.33 liter bottle)

$3.21 ISK 397

$2.05 ISK 253

56.59%

One-way Ticket (Public Transport)

$5.09 ISK 629

$3.56 ISK 440

42.98%

Public Transport Monthly Pass (Regular Price)

$86.7 ISK 10.7K

$71.3 ISK 8,813

21.64%

Taxi Start (Normal Tariff)

$6.37 ISK 787

$6.30 ISK 778

1.11%

Taxi (Normal Tariff) (1km)

$2.56 ISK 316

$1.06 ISK 131

141.51%

Taxi 1hour Waiting (Normal Tariff)

$86.9 ISK 10.7K

$85.3 ISK 10.5K

1.90%

Gasoline (1 liter)

$2.45 ISK 303

$2.54 ISK 314

-3.54%

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

$48.1K ISK 5.9M

$46.8K ISK 5.8M

2.94%

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

$52.6K ISK 6.5M

$52.5K ISK 6.5M

0.19%

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

$87.4 ISK 10.8K

$88.4 ISK 10.9K

-1.14%

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

$27.40 ISK 3,386

$27.48 ISK 3,396

-0.29%

Internet (50+ Mbps, Unlimited Data)

$86.5 ISK 10.7K

$86.9 ISK 10.7K

-0.46%

Gym Membership (Monthly)

$83.6 ISK 10.3K

Tennis Court (1 Hour on Weekend)

$37.79 ISK 4,671

Cinema Ticket

$17.41 ISK 2,152

$17.65 ISK 2,181

-1.36%

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

$322 ISK 39.8K

$319 ISK 39.5K

0.88%

International Primary School, 1 Child (Yearly)

$30.1K ISK 3.7M

$29.8K ISK 3.7M

1.09%

Jeans (Levis 501 Or Similar)

$137 ISK 16.9K

$139 ISK 17.2K

-1.84%

Summer Dress (H&M, Zara, etc)

$61.0 ISK 7,536

$62.5 ISK 7,729

-2.49%

Sport Shoes (Adidas, Nike)

$181 ISK 22.4K

$186 ISK 23.0K

-2.34%

Men's Leather Business Shoes

$271 ISK 33.5K

$268 ISK 33.1K

1.18%

1-bedroom Apartment, City Center (Monthly)

$2,228 ISK 275.4K

$2,962 ISK 366.1K

-24.78%

1-bedroom Apartment, Outside City Center (Monthly)

$2,035 ISK 251.5K

$1,880 ISK 232.3K

8.27%

3-bedroom Apartment, City Center (Monthly)

$3,171 ISK 392.0K

$4,874 ISK 602.4K

-34.93%

3-bedroom Apartment, Outside City Center (Monthly)

$2,699 ISK 333.6K

$3,636 ISK 449.5K

-25.78%

Buy Apartment in City Center (m2)

$7,931 ISK 980.2K

Buy Apartment Outside City Center (m2)

$6,333 ISK 782.8K

Average Monthly Net Salary (After Tax)

$4,563 ISK 564.0K

$5,683 ISK 702.4K

-19.69%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.63

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

Last update for Reykjavik: July 28, 2026

Last update for Akranes: July 25, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,228 in Reykjavik and $2,962 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 25% more on average while also being the cheaper of the two. The combined effect is a noticeably stronger local purchasing power.

Dining out: $142 in Reykjavik vs $146 in Akranes. Groceries flip the comparison at $593 vs $562, with Akranes 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

Reykjavik vs Akranes: Cost of Living - Frequently Asked Questions

Akranes wins on cost – living expenses run 9% lower than in Reykjavik. Housing and daily spending are where you'll feel the difference most, making Akranes the obvious pick if budget is a priority.

On paper, salaries run 25% lower in Akranes. 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: $2,228 in Reykjavik versus $2,962 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $3,849 per month in Reykjavik versus $3,536 in Akranes – a 9% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Akranes runs roughly 22% less than in Reykjavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Both cities are expensive relative to $2,000. Akranes is the more realistic option, but even there you'll need to be disciplined with housing, food, and fun money.

Both work as nomad bases, but Akranes delivers better value – similar infrastructure at $3,536 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Akranes hard to pass up.

Safety-wise, Reykjavik and Akranes 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 Akranes gentler on the wallet – expenses run 9% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.