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: $4,054 in Reykjavik versus $3,696 in Akranes.

Estimated couple costs with rent: $5,691 in Reykjavik versus $5,877 in Akranes.

Monthly costs for a family of three with rent: $7,329 in Reykjavik versus $8,058 in Akranes.

Living in Reykjavik is roughly 10% more expensive than in Akranes, driven mainly by Eating Out.

Both cities are pricier than the global median: Reykjavik 196% above, Akranes 170% above.

Meal at Budget Restaurant

$30.01 ISK 3,655

$29.64 ISK 3,610

1.25%

Three-Course Dinner for Two, Mid-Range

$134 ISK 16.3K

$137 ISK 16.7K

-2.46%

Fast Food Meal (McDonalds, etc)

$27.02 ISK 3,292

$26.36 ISK 3,210

2.50%

Cappuccino

$7.03 ISK 857

$6.09 ISK 742

15.44%

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

$3.36 ISK 410

$3.32 ISK 404

1.20%

Water (0.33 liter bottle)

$3.35 ISK 408

$2.54 ISK 309

31.89%

Local Beer (0.5 liter draught)

$13.80 ISK 1,681

$10.76 ISK 1,311

28.25%

Imported Beer (0.33 liter bottle)

$12.17 ISK 1,482

$8.27 ISK 1,007

47.16%

Milk (1 liter)

$2.03 ISK 248

$2.13 ISK 259

-4.69%

White Bread (500g)

$4.29 ISK 522

$2.10 ISK 256

104.29%

Rice (white) (1kg)

$3.51 ISK 428

$3.55 ISK 432

-1.13%

Eggs

$7.13 ISK 869

$6.17 ISK 751

15.56%

Local Cheese (1kg)

$21.15 ISK 2,576

$20.99 ISK 2,557

0.76%

Chicken Fillets (1kg)

$25.14 ISK 3,062

$24.68 ISK 3,006

1.86%

Beef Round Steak (1kg)

$42.98 ISK 5,234

$41.49 ISK 5,053

3.59%

Apples (1kg)

$3.38 ISK 412

$3.45 ISK 420

-2.03%

Banana (1kg)

$2.85 ISK 347

$2.77 ISK 337

2.89%

Oranges (1kg)

$3.33 ISK 406

$3.28 ISK 399

1.52%

Tomato (1kg)

$6.30 ISK 767

$5.02 ISK 611

25.50%

Potato (1kg)

$4.08 ISK 497

$4.05 ISK 493

0.74%

Onion (1kg)

$1.66 ISK 202

$1.69 ISK 206

-1.78%

Lettuce (1 head)

$3.66 ISK 446

$3.79 ISK 462

-3.43%

Water (1.5 liter bottle)

$1.76 ISK 215

$1.84 ISK 224

-4.35%

Cigarettes 20 Pack (Marlboro, Camel)

$13.96 ISK 1,700

$14.24 ISK 1,735

-1.97%

Wine (Bottle)

$23.46 ISK 2,858

$24.31 ISK 2,961

-3.50%

Local Beer (0.5 liter bottle)

$3.73 ISK 455

$2.96 ISK 360

26.01%

Imported Beer (0.33 liter bottle)

$3.49 ISK 425

$2.11 ISK 257

65.40%

One-way Ticket (Public Transport)

$5.55 ISK 676

$3.79 ISK 461

46.44%

Public Transport Monthly Pass (Regular Price)

$94.3 ISK 11.5K

$74.6 ISK 9,090

26.38%

Taxi Start (Normal Tariff)

$6.56 ISK 799

$6.86 ISK 836

-4.37%

Taxi (Normal Tariff) (1km)

$2.89 ISK 351

$1.27 ISK 155

127.56%

Taxi 1hour Waiting (Normal Tariff)

$73.8 ISK 8,985

$75.0 ISK 9,135

-1.64%

Gasoline (1 liter)

$2.00 ISK 243

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

$50.6K ISK 6.2M

$51.3K ISK 6.2M

-1.37%

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

$54.2K ISK 6.6M

$54.4K ISK 6.6M

-0.47%

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

$88.8 ISK 10.8K

$86.5 ISK 10.5K

2.69%

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

$32.93 ISK 4,011

$33.37 ISK 4,064

-1.32%

Internet (50+ Mbps, Unlimited Data)

$83.1 ISK 10.1K

$82.9 ISK 10.1K

0.22%

Gym Membership (Monthly)

$96.3 ISK 11.7K

$103 ISK 12.5K

-6.27%

Tennis Court (1 Hour on Weekend)

$49.54 ISK 6,034

Cinema Ticket

$19.82 ISK 2,414

$19.79 ISK 2,410

0.15%

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

$1,213 ISK 147.7K

$1,180 ISK 143.8K

2.73%

International Primary School, 1 Child (Yearly)

$31.2K ISK 3.8M

$30.5K ISK 3.7M

2.34%

Jeans (Levis 501 Or Similar)

$156 ISK 19.0K

$156 ISK 19.1K

-0.12%

Summer Dress (H&M, Zara, etc)

$66.3 ISK 8,076

$65.7 ISK 8,000

0.96%

Sport Shoes (Adidas, Nike)

$178 ISK 21.7K

$181 ISK 22.0K

-1.40%

Men's Leather Business Shoes

$247 ISK 30.1K

$251 ISK 30.6K

-1.82%

1-bedroom Apartment, City Center (Monthly)

$2,466 ISK 300.3K

$3,048 ISK 371.3K

-19.11%

1-bedroom Apartment, Outside City Center (Monthly)

$2,078 ISK 253.1K

$1,882 ISK 229.2K

10.41%

3-bedroom Apartment, City Center (Monthly)

$3,438 ISK 418.8K

$4,893 ISK 596.0K

-29.73%

3-bedroom Apartment, Outside City Center (Monthly)

$2,764 ISK 336.6K

$3,735 ISK 454.9K

-26.01%

Buy Apartment in City Center (m2)

$8,085 ISK 984.8K

Buy Apartment Outside City Center (m2)

$6,258 ISK 762.2K

Average Monthly Net Salary (After Tax)

$4,745 ISK 577.9K

$5,863 ISK 714.1K

-19.08%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.88

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

Last update for Reykjavik: September 13, 2026

Last update for Akranes: September 14, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,466 in Reykjavik and $3,048 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 24% more on average while also being the cheaper of the two. The combined effect is a noticeably stronger local purchasing power.

Dining out: $134 in Reykjavik vs $137 in Akranes. Groceries flip the comparison at $627 vs $584, 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 10% 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 24% 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: $2,466 in Reykjavik versus $3,048 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $4,054 per month in Reykjavik versus $3,696 in Akranes – a 10% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Akranes runs roughly 26% 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 $3,696 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 10% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.