Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Akranes

For one person, living is cheaper in Akranes: $3,713 a month against $4,040 in Reykjavik, rent and utilities included – about $3,900 less a year. Rent and utilities account for most of the difference.

194

Cost of Living Index in Reykjavik
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Reykjavik Living Index
179

Cost of Living Index in Akranes
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Akranes Living Index

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Reykjavik

🇮🇸 Iceland

$4,040

/mo nomad

Akranes

🇮🇸 Iceland

$3,713

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Akranes

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

Monthly costs for one person with rent: $4,040 in Reykjavik versus $3,713 in Akranes.

Reykjavik $4,040
Akranes $3,713

Estimated couple costs with rent: $5,742 in Reykjavik versus $5,859 in Akranes.

Reykjavik $5,742
Akranes $5,859

Monthly costs for a family of three with rent: $7,445 in Reykjavik versus $8,006 in Akranes.

Reykjavik $7,445
Akranes $8,006

Living in Reykjavik is roughly 9% more expensive than in Akranes, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Reykjavik 197% above, Akranes 173% above.

Meal at Budget Restaurant

$31.42 ISK 3,815

$31.70 ISK 3,848

-0.88%

Three-Course Dinner for Two, Mid-Range

$125 ISK 15.2K

$123 ISK 15.0K

1.40%

Fast Food Meal (McDonalds, etc)

$27.18 ISK 3,300

$26.72 ISK 3,243

1.72%

Cappuccino

$6.65 ISK 807

$6.01 ISK 730

10.65%

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

$3.41 ISK 414

$3.19 ISK 388

6.90%

Water (0.33 liter bottle)

$3.04 ISK 369

$2.51 ISK 304

21.12%

Local Beer (0.5 liter draught)

$14.18 ISK 1,721

$10.69 ISK 1,298

32.65%

Imported Beer (0.33 liter bottle)

$12.16 ISK 1,477

$8.10 ISK 984

50.12%

Milk (1 liter)

$2.10 ISK 255

White Bread (500g)

$4.14 ISK 502

$2.04 ISK 248

102.94%

Rice (white) (1kg)

$3.69 ISK 447

$3.71 ISK 451

-0.54%

Eggs

$7.09 ISK 860

$6.26 ISK 760

13.26%

Local Cheese (1kg)

$22.32 ISK 2,709

$20.35 ISK 2,470

9.68%

Chicken Fillets (1kg)

$24.78 ISK 3,008

$24.72 ISK 3,001

0.24%

Beef Round Steak (1kg)

$42.67 ISK 5,181

$42.16 ISK 5,119

1.21%

Apples (1kg)

$3.29 ISK 400

$3.30 ISK 400

-0.30%

Banana (1kg)

$2.88 ISK 350

$2.72 ISK 330

5.88%

Oranges (1kg)

$3.27 ISK 397

$3.23 ISK 392

1.24%

Tomato (1kg)

$6.37 ISK 773

$4.89 ISK 593

30.27%

Potato (1kg)

$3.96 ISK 481

$3.82 ISK 463

3.66%

Onion (1kg)

$1.62 ISK 197

$1.71 ISK 207

-5.26%

Lettuce (1 head)

$3.70 ISK 449

$3.65 ISK 443

1.37%

Water (1.5 liter bottle)

$1.77 ISK 215

$1.81 ISK 220

-2.21%

Cigarettes 20 Pack (Marlboro, Camel)

$13.66 ISK 1,658

$13.90 ISK 1,687

-1.73%

Wine (Bottle)

$24.16 ISK 2,933

$23.57 ISK 2,862

2.50%

Local Beer (0.5 liter bottle)

$3.66 ISK 444

$2.88 ISK 350

27.08%

Imported Beer (0.33 liter bottle)

$3.43 ISK 416

$2.07 ISK 251

65.70%

One-way Ticket (Public Transport)

$5.49 ISK 666

$3.61 ISK 439

52.08%

Public Transport Monthly Pass (Regular Price)

$96.1 ISK 11.7K

$72.3 ISK 8,778

32.96%

Taxi Start (Normal Tariff)

$6.85 ISK 831

$6.55 ISK 795

4.58%

Taxi (Normal Tariff) (1km)

$2.90 ISK 352

$1.25 ISK 152

132.00%

Taxi 1hour Waiting (Normal Tariff)

$81.8 ISK 9,935

$81.9 ISK 9,944

-0.09%

Gasoline (1 liter)

$2.02 ISK 245

$2.08 ISK 252

-2.88%

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

$68.2K ISK 8.3M

$67.8K ISK 8.2M

0.50%

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

$56.3K ISK 6.8M

$54.6K ISK 6.6M

3.22%

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

$95.9 ISK 11.6K

$96.4 ISK 11.7K

-0.46%

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

$32.16 ISK 3,904

$33.29 ISK 4,041

-3.39%

Internet (50+ Mbps, Unlimited Data)

$86.4 ISK 10.5K

$85.0 ISK 10.3K

1.63%

Gym Membership (Monthly)

$96.9 ISK 11.8K

$104 ISK 12.6K

-7.02%

Tennis Court (1 Hour on Weekend)

$51.2 ISK 6,216

Cinema Ticket

$19.28 ISK 2,340

$19.29 ISK 2,342

-0.05%

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

$1,178 ISK 143.0K

$1,205 ISK 146.3K

-2.27%

International Primary School, 1 Child (Yearly)

$25.8K ISK 3.1M

$26.1K ISK 3.2M

-1.13%

Jeans (Levis 501 Or Similar)

$152 ISK 18.5K

$150 ISK 18.2K

1.68%

Summer Dress (H&M, Zara, etc)

$66.5 ISK 8,076

$67.1 ISK 8,147

-0.88%

Sport Shoes (Adidas, Nike)

$183 ISK 22.3K

$179 ISK 21.7K

2.34%

Men's Leather Business Shoes

$246 ISK 29.8K

-0.02%

1-bedroom Apartment, City Center (Monthly)

$2,585 ISK 313.8K

$3,064 ISK 372.0K

-15.65%

1-bedroom Apartment, Outside City Center (Monthly)

$2,098 ISK 254.7K

$1,889 ISK 229.3K

11.07%

3-bedroom Apartment, City Center (Monthly)

$3,513 ISK 426.5K

$5,013 ISK 608.6K

-29.92%

3-bedroom Apartment, Outside City Center (Monthly)

$2,792 ISK 338.9K

$3,654 ISK 443.6K

-23.60%

Buy Apartment in City Center (m2)

$8,038 ISK 975.8K

Buy Apartment Outside City Center (m2)

$6,305 ISK 765.5K

Average Monthly Net Salary (After Tax)

$4,549 ISK 552.3K

$5,704 ISK 692.5K

-20.24%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

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

Last update for Reykjavik: October 25, 2026

Last update for Akranes: October 27, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.9%

Akranes

$1.9K 50.9% 10% $209

Groceries & Markets

Reykjavik

$628 15.5%

Akranes

$579 15.6% 7.7% $48

Eating Out

Reykjavik

$534 13.2%

Akranes

$498 13.4% 6.6% $35

Clothing & Footwear

Reykjavik

$291 7.2%

Akranes

$289 7.8% 0.9% $2.7

Monthly Utilities & Internet

Reykjavik

$215 5.3%

Akranes

$215 5.8% 0.1% $0.2

Getting Around

Reykjavik

$139 3.5%

Akranes

$100 2.7% 28.6% $40

Sport & Entertainment

Reykjavik

$135 3.4%

Akranes

$143 3.9% 5.4% $7.3

Cost Breakdown

A one-bedroom apartment in the center runs $2,585 in Reykjavik and $3,064 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: $125 in Reykjavik vs $123 in Akranes for a mid-range dinner for two. Groceries echo the gap at $628 vs $579 per month, with Akranes cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇮🇸 Akranes

🕒 Local time

23:25 11:25 PM

Same time as Reykjavik

🌤 Weather

👥 Population

136,894 Capital

7,800

💱 Currency

Icelandic Króna ISK kr

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

Exchange rates and currency converter

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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 8% 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 20% 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: $2,585 in Reykjavik versus $3,064 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

Supermarket bills run roughly 8% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

All in, you’ll spend $4,040 per month in Reykjavik versus $3,713 in Akranes – Akranes is about 8% cheaper, which adds up to real savings over time.

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 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, Reykjavik and Akranes are both considered safe, so it’s unlikely to be the deciding factor between them.