Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Colonia

For one person, living is cheaper in Colonia: $1,511 a month against $4,002 in Reykjavik, rent and utilities included – about $29,900 less a year. Rent and utilities account for most of the difference.

193

Cost of Living Index in Reykjavik
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Reykjavik Living Index
74

Cost of Living Index in Colonia
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Colonia Living Index

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Reykjavik

🇮🇸 Iceland

$4,002

/mo nomad

Colonia

🇺🇾 Uruguay

$1,511

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Colonia

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 Colonia actually costs, broken down by who's living it.

Monthly costs for one person with rent: $4,002 in Reykjavik versus $1,511 in Colonia.

Reykjavik $4,002
Colonia $1,511

Estimated couple costs with rent: $5,705 in Reykjavik versus $2,462 in Colonia.

Reykjavik $5,705
Colonia $2,462

Monthly costs for a family of three with rent: $7,407 in Reykjavik versus $3,413 in Colonia.

Reykjavik $7,407
Colonia $3,413

Living in Reykjavik is roughly 165% more expensive than in Colonia, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Reykjavik 196% above, Colonia 12% above.

Meal at Budget Restaurant

$31.56 ISK 3,828

$15.94 UYU 640

97.99%

Three-Course Dinner for Two, Mid-Range

$122 ISK 14.8K

$75.1 UYU 3,015

62.85%

Fast Food Meal (McDonalds, etc)

$26.86 ISK 3,258

$12.92 UYU 519

107.89%

Cappuccino

$6.81 ISK 827

$5.83 UYU 234

16.81%

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

$3.39 ISK 411

$1.85 UYU 74.4

83.24%

Water (0.33 liter bottle)

$3.20 ISK 388

$1.40 UYU 56.2

128.57%

Local Beer (0.5 liter draught)

$14.14 ISK 1,715

$4.88 UYU 196

189.75%

Imported Beer (0.33 liter bottle)

$12.31 ISK 1,493

$4.74 UYU 190

159.70%

Milk (1 liter)

$2.10 ISK 255

$1.15 UYU 46.11

82.61%

White Bread (500g)

$4.19 ISK 508

$2.11 UYU 84.7

98.58%

Rice (white) (1kg)

$3.72 ISK 451

$1.21 UYU 48.39

207.44%

Eggs

$7.05 ISK 856

$3.51 UYU 141

100.85%

Local Cheese (1kg)

$21.56 ISK 2,615

$9.96 UYU 400

116.47%

Chicken Fillets (1kg)

$24.68 ISK 2,993

$12.34 UYU 495

100.00%

Beef Round Steak (1kg)

$42.19 ISK 5,117

$11.03 UYU 443

282.50%

Apples (1kg)

$3.23 ISK 392

$2.17 UYU 87.3

48.85%

Banana (1kg)

$2.73 ISK 331

$1.89 UYU 76.0

44.44%

Oranges (1kg)

$3.17 ISK 384

$1.27 UYU 51.1

149.61%

Tomato (1kg)

$6.61 ISK 802

$5.58 UYU 224

18.46%

Potato (1kg)

$3.85 ISK 467

$2.04 UYU 81.8

88.73%

Onion (1kg)

$1.66 ISK 201

$1.98 UYU 79.3

-16.16%

Lettuce (1 head)

$3.80 ISK 461

$1.23 UYU 49.17

208.94%

Water (1.5 liter bottle)

$1.75 ISK 212

$1.25 UYU 50.2

40.00%

Cigarettes 20 Pack (Marlboro, Camel)

$13.71 ISK 1,662

$7.65 UYU 307

79.22%

Wine (Bottle)

$24.21 ISK 2,937

$12.60 UYU 506

92.14%

Local Beer (0.5 liter bottle)

$3.53 ISK 428

$4.44 UYU 178

-20.50%

Imported Beer (0.33 liter bottle)

$3.32 ISK 402

$2.52 UYU 101

31.75%

One-way Ticket (Public Transport)

$5.75 ISK 697

$0.95 UYU 38.29

505.26%

Public Transport Monthly Pass (Regular Price)

$93.8 ISK 11.4K

Taxi Start (Normal Tariff)

$6.61 ISK 802

$0.86 UYU 34.47

668.60%

Taxi (Normal Tariff) (1km)

$2.90 ISK 352

$2.53 UYU 101

14.62%

Taxi 1hour Waiting (Normal Tariff)

$79.2 ISK 9,602

Gasoline (1 liter)

$2.09 ISK 253

$1.98 UYU 79.4

5.56%

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

$51.0K ISK 6.2M

$32.0K UYU 1.3M

59.20%

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

$53.3K ISK 6.5M

$39.2K UYU 1.6M

35.93%

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

$95.3 ISK 11.6K

$123 UYU 4,923

-22.34%

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

$32.35 ISK 3,923

$18.70 UYU 750

72.99%

Internet (50+ Mbps, Unlimited Data)

$87.5 ISK 10.6K

$38.73 UYU 1,555

126.03%

Gym Membership (Monthly)

$102 ISK 12.4K

$41.35 UYU 1,660

146.34%

Tennis Court (1 Hour on Weekend)

$50.1 ISK 6,074

$12.52 UYU 503

300.00%

Cinema Ticket

$19.88 ISK 2,412

$7.80 UYU 313

154.87%

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

$1,194 ISK 144.8K

International Primary School, 1 Child (Yearly)

$25.4K ISK 3.1M

Jeans (Levis 501 Or Similar)

$149 ISK 18.1K

$56.7 UYU 2,274

163.03%

Summer Dress (H&M, Zara, etc)

$66.6 ISK 8,080

$50.5 UYU 2,027

31.87%

Sport Shoes (Adidas, Nike)

$180 ISK 21.8K

$112 UYU 4,503

60.34%

Men's Leather Business Shoes

$253 ISK 30.7K

$201 UYU 8,079

25.80%

1-bedroom Apartment, City Center (Monthly)

$2,549 ISK 309.2K

$597 UYU 24.0K

326.67%

1-bedroom Apartment, Outside City Center (Monthly)

$2,056 ISK 249.4K

$470 UYU 18.9K

337.30%

3-bedroom Apartment, City Center (Monthly)

$3,498 ISK 424.2K

$1,126 UYU 45.2K

210.66%

3-bedroom Apartment, Outside City Center (Monthly)

$2,764 ISK 335.2K

$977 UYU 39.2K

182.89%

Buy Apartment in City Center (m2)

$8,120 ISK 984.9K

Buy Apartment Outside City Center (m2)

$6,254 ISK 758.5K

Average Monthly Net Salary (After Tax)

$4,573 ISK 554.6K

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

4.5

95.78%

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

Last update for Reykjavik: October 12, 2026

Last update for Colonia: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.4%

Colonia

$470 31.1% 77.1% $1.6K

Groceries & Markets

Reykjavik

$623 15.6%

Colonia

$314 20.8% 49.6% $309

Eating Out

Reykjavik

$536 13.4%

Colonia

$283 18.7% 47.2% $253

Clothing & Footwear

Reykjavik

$292 7.3%

Colonia

$189 12.5% 35.2% $103

Monthly Utilities & Internet

Reykjavik

$215 5.4%

Colonia

$180 11.9% 16.3% $35

Sport & Entertainment

Reykjavik

$142 3.5%

Colonia

$57 3.8% 59.8% $85

Getting Around

Reykjavik

$138 3.5%

Colonia

$17 * 1.2% 87.5% $121

Categories marked with * are only partly priced – their share counts the items that do have prices.

Cost Breakdown

A one-bedroom apartment in the center runs $2,549 in Reykjavik and $597 in Colonia. Housing cost is often the main lever when comparing two cities.

Dining out: $122 in Reykjavik vs $75.0 in Colonia for a mid-range dinner for two. Groceries echo the gap at $623 vs $314 per month, with Colonia cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇺🇾 Colonia

🕒 Local time

01:30 1:30 AM

22:30 10:30 PM

3 h behind Reykjavik

🌤 Weather

👥 Population

136,894 Capital

26,231

💱 Currency

Icelandic Króna ISK kr

Uruguayan Peso UYU $U

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

100 UYU = 2.49 USD

100 UYU = 2.22 EUR

Exchange rates and currency converter

UYU, USD, EUR to ISK – Icelandic Króna Converter

🇺🇸 United States Dollar ($)

🇮🇸 Icelandic Króna (kr)

Icelandic Króna exchange rates as of October 19, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.33 EUR).

Uruguayan Peso exchange rates as of October 19, 2026: 1 USD = 40.14 UYU (100 UYU = 2.49 USD). 1 EUR = 45.12 UYU (100 UYU = 2.22 EUR).

USD to ISK in detail →

On the map

Lowest

Highest

Between locations

Reykjavik Colonia 11,410 km ≈ 15 h nonstop flight

From you

Reykjavik
Colonia

Distances are measured in a straight line. Your location is detected approximately.

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 Colonia: Cost of Living - Frequently Asked Questions

Colonia wins on cost – living expenses run 165% lower than in Reykjavik. Housing and daily spending are where you'll feel the difference most, making Colonia the obvious pick if budget is a priority.

You'd need roughly $6,003 in Reykjavik and $2,266 in Colonia to live well. The gap comes down to housing and overall price levels. Both cities are liveable on less, but these numbers represent actual comfort.

Rent for a central apartment: $2,549 in Reykjavik versus $597 in Colonia. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $4,002 per month in Reykjavik versus $1,511 in Colonia – a 165% gap that adds up to real savings over time for anyone picking the cheaper option.

Supermarket bills run roughly 98% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

At $1,511 in Colonia versus $4,002 in Reykjavik, a $1,000 budget is realistic in Colonia but tight or insufficient in Reykjavik. The gap between the two cities makes Colonia the clear choice for anyone on this budget.

Both work as nomad bases, but Colonia delivers better value – similar infrastructure at $1,511 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Colonia hard to pass up.

Safety-wise, Reykjavik and Colonia 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 Colonia gentler on the wallet – expenses run 165% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.