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: $3,824 in Reykjavik versus $3,507 in Akranes.

Estimated couple costs with rent: $5,556 in Reykjavik versus $5,547 in Akranes.

Monthly costs for a family of three with rent: $7,289 in Reykjavik versus $7,588 in Akranes.

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

Both cities are pricier than the global median: Reykjavik 184% above, Akranes 161% above.

Meal at Budget Restaurant

$27.13 ISK 3,378

$27.23 ISK 3,390

-0.37%

Three-Course Dinner for Two, Mid-Range

$147 ISK 18.3K

$145 ISK 18.0K

1.49%

Fast Food Meal (McDonalds, etc)

$22.15 ISK 2,757

$22.36 ISK 2,784

-0.94%

Cappuccino

$6.08 ISK 756

$5.86 ISK 730

3.75%

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

$3.24 ISK 404

$3.18 ISK 397

1.89%

Water (0.33 liter bottle)

$2.60 ISK 324

$2.37 ISK 295

9.70%

Local Beer (0.5 liter draught)

$13.07 ISK 1,627

$10.25 ISK 1,276

27.51%

Imported Beer (0.33 liter bottle)

$11.14 ISK 1,387

$8.16 ISK 1,016

36.52%

Milk (1 liter)

$1.86 ISK 231

$1.86 ISK 232

White Bread (500g)

$4.34 ISK 541

$1.99 ISK 248

118.09%

Rice (white) (1kg)

$3.63 ISK 451

$3.68 ISK 458

-1.36%

Eggs

$6.31 ISK 786

$5.99 ISK 745

5.34%

Local Cheese (1kg)

$18.05 ISK 2,247

$17.88 ISK 2,226

0.95%

Chicken Fillets (1kg)

$24.02 ISK 2,990

$24.33 ISK 3,029

-1.27%

Beef Round Steak (1kg)

$43.15 ISK 5,372

$42.76 ISK 5,324

0.91%

Apples (1kg)

$3.26 ISK 406

$3.30 ISK 410

-1.21%

Banana (1kg)

$2.45 ISK 304

$2.50 ISK 311

-2.00%

Oranges (1kg)

$3.11 ISK 387

$3.07 ISK 382

1.30%

Tomato (1kg)

$4.87 ISK 606

$4.71 ISK 587

3.40%

Potato (1kg)

$3.68 ISK 459

$3.56 ISK 443

3.37%

Onion (1kg)

$2.34 ISK 291

$2.37 ISK 295

-1.27%

Lettuce (1 head)

$3.04 ISK 379

$3.12 ISK 389

-2.56%

Water (1.5 liter bottle)

$1.92 ISK 239

$1.92 ISK 240

Cigarettes 20 Pack (Marlboro, Camel)

$13.59 ISK 1,692

$13.77 ISK 1,715

-1.31%

Wine (Bottle)

$23.29 ISK 2,900

$22.98 ISK 2,862

1.35%

Local Beer (0.5 liter bottle)

$3.71 ISK 462

$2.88 ISK 359

28.82%

Imported Beer (0.33 liter bottle)

$3.30 ISK 411

$2.03 ISK 253

62.56%

One-way Ticket (Public Transport)

$5.08 ISK 633

$3.72 ISK 464

36.56%

Public Transport Monthly Pass (Regular Price)

$88.4 ISK 11.0K

$73.2 ISK 9,110

20.81%

Taxi Start (Normal Tariff)

$6.30 ISK 784

$6.16 ISK 767

2.27%

Taxi (Normal Tariff) (1km)

$2.64 ISK 328

$1.09 ISK 136

142.20%

Taxi 1hour Waiting (Normal Tariff)

$86.7 ISK 10.8K

$87.5 ISK 10.9K

-0.87%

Gasoline (1 liter)

$2.48 ISK 308

$2.56 ISK 319

-3.13%

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

$46.4K ISK 5.8M

$47.9K ISK 6.0M

-3.20%

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

$52.0K ISK 6.5M

$53.0K ISK 6.6M

-1.87%

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

$89.0 ISK 11.1K

0.01%

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

$27.11 ISK 3,376

$27.09 ISK 3,372

0.07%

Internet (50+ Mbps, Unlimited Data)

$83.7 ISK 10.4K

$85.4 ISK 10.6K

-2.00%

Gym Membership (Monthly)

$83.2 ISK 10.4K

Tennis Court (1 Hour on Weekend)

$37.19 ISK 4,630

Cinema Ticket

$17.41 ISK 2,167

$17.79 ISK 2,215

-2.14%

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

$319 ISK 39.7K

$323 ISK 40.2K

-1.29%

International Primary School, 1 Child (Yearly)

$29.8K ISK 3.7M

$29.7K ISK 3.7M

0.22%

Jeans (Levis 501 Or Similar)

$138 ISK 17.1K

$139 ISK 17.3K

-0.98%

Summer Dress (H&M, Zara, etc)

$60.8 ISK 7,569

$62.0 ISK 7,714

-1.89%

Sport Shoes (Adidas, Nike)

$181 ISK 22.5K

$182 ISK 22.7K

-0.73%

Men's Leather Business Shoes

$269 ISK 33.5K

$267 ISK 33.2K

0.90%

1-bedroom Apartment, City Center (Monthly)

$2,246 ISK 279.6K

$2,952 ISK 367.5K

-23.92%

1-bedroom Apartment, Outside City Center (Monthly)

$2,025 ISK 252.1K

$1,904 ISK 237.1K

6.33%

3-bedroom Apartment, City Center (Monthly)

$3,220 ISK 400.9K

$4,727 ISK 588.5K

-31.87%

3-bedroom Apartment, Outside City Center (Monthly)

$2,728 ISK 339.6K

$3,649 ISK 454.3K

-25.25%

Buy Apartment in City Center (m2)

$7,686 ISK 957.0K

Buy Apartment Outside City Center (m2)

$6,267 ISK 780.3K

Average Monthly Net Salary (After Tax)

$4,442 ISK 553.0K

$5,692 ISK 708.6K

-21.95%

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: June 8, 2026

Last update for Akranes: June 8, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,246 in Reykjavik and $2,952 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 28% more on average while also being the cheaper of the two. The combined effect is a noticeably stronger local purchasing power.

Dining out: $147 in Reykjavik vs $145 in Akranes for a mid-range dinner for two. Groceries echo the gap at $596 vs $564 per month, with Akranes 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

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, Akranes earns 28% less. 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: $2,246 in Reykjavik versus $2,952 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $3,824 per month in Reykjavik versus $3,507 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 21% 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 $3,507 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.