Last update: Nov 2026

Cost of Living Comparison Between Reykjavik and Drangsnes

For one person, living is cheaper in Drangsnes: $1,726 a month against $4,031 in Reykjavik, rent and utilities included – about $27,700 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
82

Cost of Living Index in Drangsnes
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Drangsnes Living Index

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Reykjavik

🇮🇸 Iceland

$4,031

/mo nomad

Drangsnes

🇮🇸 Iceland

$1,726

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Drangsnes

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

Monthly costs for one person with rent: $4,031 in Reykjavik versus $1,726 in Drangsnes.

Reykjavik $4,031
Drangsnes $1,726

Estimated couple costs with rent: $5,731 in Reykjavik versus $2,935 in Drangsnes.

Reykjavik $5,731
Drangsnes $2,935

Monthly costs for a family of three with rent: $7,431 in Reykjavik versus $4,144 in Drangsnes.

Reykjavik $7,431
Drangsnes $4,144

Living in Reykjavik is roughly 134% more expensive than in Drangsnes, and outside of rent the biggest gap is in transport.

Both cities are pricier than the global median: Reykjavik 198% above, Drangsnes 28% above.

Meal at Budget Restaurant

$30.60 ISK 3,714

$31.74 ISK 3,853

-3.59%

Three-Course Dinner for Two, Mid-Range

$122 ISK 14.8K

$122 ISK 14.9K

-0.12%

Fast Food Meal (McDonalds, etc)

$27.27 ISK 3,310

$26.90 ISK 3,266

1.38%

Cappuccino

$6.90 ISK 838

$6.91 ISK 839

-0.14%

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

$3.39 ISK 412

$3.41 ISK 414

-0.59%

Water (0.33 liter bottle)

$3.18 ISK 386

$3.15 ISK 383

0.95%

Local Beer (0.5 liter draught)

$14.10 ISK 1,711

$14.01 ISK 1,700

0.64%

Imported Beer (0.33 liter bottle)

$12.44 ISK 1,510

$12.12 ISK 1,471

2.64%

Milk (1 liter)

$2.05 ISK 249

$2.12 ISK 257

-3.30%

White Bread (500g)

$4.36 ISK 529

$4.23 ISK 514

3.07%

Rice (white) (1kg)

$3.62 ISK 440

$3.65 ISK 444

-0.82%

Eggs

$7.06 ISK 857

$6.96 ISK 845

1.44%

Local Cheese (1kg)

$21.58 ISK 2,620

$21.86 ISK 2,654

-1.28%

Chicken Fillets (1kg)

$24.14 ISK 2,931

$24.27 ISK 2,946

-0.54%

Beef Round Steak (1kg)

$41.47 ISK 5,035

$42.46 ISK 5,155

-2.33%

Apples (1kg)

$3.06 ISK 371

$3.28 ISK 398

-6.71%

Banana (1kg)

$2.81 ISK 341

$2.84 ISK 344

-1.06%

Oranges (1kg)

$3.15 ISK 383

$3.17 ISK 385

-0.63%

Tomato (1kg)

$6.41 ISK 779

$6.60 ISK 801

-2.88%

Potato (1kg)

$3.98 ISK 483

$3.94 ISK 478

1.02%

Onion (1kg)

$1.65 ISK 200

$1.70 ISK 207

-2.94%

Lettuce (1 head)

$3.73 ISK 452

$3.66 ISK 444

1.91%

Water (1.5 liter bottle)

$1.75 ISK 212

$1.74 ISK 212

0.57%

Cigarettes 20 Pack (Marlboro, Camel)

$13.94 ISK 1,693

$13.77 ISK 1,671

1.23%

Wine (Bottle)

$23.99 ISK 2,912

$23.74 ISK 2,882

1.05%

Local Beer (0.5 liter bottle)

$3.67 ISK 446

$3.67 ISK 445

Imported Beer (0.33 liter bottle)

$3.46 ISK 420

$3.49 ISK 424

-0.86%

One-way Ticket (Public Transport)

$5.75 ISK 699

Public Transport Monthly Pass (Regular Price)

$95.5 ISK 11.6K

Taxi Start (Normal Tariff)

$7.15 ISK 868

$6.64 ISK 806

7.68%

Taxi (Normal Tariff) (1km)

$3.69 ISK 448

$2.79 ISK 339

32.26%

Taxi 1hour Waiting (Normal Tariff)

$97.7 ISK 11.9K

$80.7 ISK 9,791

21.17%

Gasoline (1 liter)

$2.00 ISK 243

$2.11 ISK 256

-5.21%

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

$68.0K ISK 8.3M

$69.7K ISK 8.5M

-2.50%

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

$55.8K ISK 6.8M

$55.5K ISK 6.7M

0.62%

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

$96.9 ISK 11.8K

$95.5 ISK 11.6K

1.43%

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

$32.89 ISK 3,992

$33.11 ISK 4,019

-0.66%

Internet (50+ Mbps, Unlimited Data)

$89.6 ISK 10.9K

$87.1 ISK 10.6K

2.77%

Gym Membership (Monthly)

$99.0 ISK 12.0K

Tennis Court (1 Hour on Weekend)

$51.0 ISK 6,186

Cinema Ticket

$19.75 ISK 2,398

$19.31 ISK 2,345

2.28%

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

$1,203 ISK 146.0K

$1,168 ISK 141.9K

2.96%

International Primary School, 1 Child (Yearly)

$18.6K ISK 2.3M

$26.3K ISK 3.2M

-29.25%

Jeans (Levis 501 Or Similar)

$151 ISK 18.3K

$152 ISK 18.5K

-0.84%

Summer Dress (H&M, Zara, etc)

$64.9 ISK 7,874

$65.6 ISK 7,965

-1.14%

Sport Shoes (Adidas, Nike)

$183 ISK 22.3K

$179 ISK 21.7K

2.53%

Men's Leather Business Shoes

$255 ISK 31.0K

$248 ISK 30.1K

2.93%

1-bedroom Apartment, City Center (Monthly)

$2,615 ISK 317.4K

1-bedroom Apartment, Outside City Center (Monthly)

$2,086 ISK 253.2K

3-bedroom Apartment, City Center (Monthly)

$3,535 ISK 429.2K

3-bedroom Apartment, Outside City Center (Monthly)

$2,796 ISK 339.4K

Buy Apartment in City Center (m2)

$8,182 ISK 993.3K

Buy Apartment Outside City Center (m2)

$6,284 ISK 762.8K

Average Monthly Net Salary (After Tax)

$4,790 ISK 581.5K

$6,094 ISK 739.8K

-21.40%

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: November 1, 2026

Last update for Drangsnes: November 3, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.7%

Drangsnes

- * 0% 100%

Groceries & Markets

Reykjavik

$618 15.3%

Drangsnes

$623 36.1% 0.8% $5

Eating Out

Reykjavik

$531 13.2%

Drangsnes

$538 31.2% 1.3% $7

Clothing & Footwear

Reykjavik

$294 7.3%

Drangsnes

$290 16.8% 1.5% $4.4

Monthly Utilities & Internet

Reykjavik

$219 5.4%

Drangsnes

$216 12.5% 1.6% $3.6

Getting Around

Reykjavik

$144 3.6%

Drangsnes

$21 * 1.2% 85.7% $124

Sport & Entertainment

Reykjavik

$138 3.4%

Drangsnes

$39 * 2.2% 72.1% $100

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

Cost Breakdown

Drangsnes pays 27% more on average while also being the cheaper of the two. The combined effect is a noticeably stronger local purchasing power.

Dining out: $122 in Reykjavik vs $122 in Drangsnes for a mid-range dinner for two. Groceries echo the gap at $618 vs $623 per month, with Reykjavik cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇮🇸 Drangsnes

🕒 Local time

04:29 4:29 AM

Same time as Reykjavik

🌤 Weather

👥 Population

136,894 Capital

100

💱 Currency

Icelandic Króna ISK kr

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.37 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.37 EUR

Exchange rates and currency converter

On the map

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Reykjavik Drangsnes 170 km

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Reykjavik
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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 Drangsnes: Cost of Living - Frequently Asked Questions

Drangsnes wins on cost – living expenses run 57% lower than in Reykjavik. Housing and daily spending are where you’ll feel the difference most, making Drangsnes the obvious pick if budget is a priority.

On paper, salaries run 21% 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.

Childcare runs $1,203 in Reykjavik versus $1,168 in Drangsnes. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

All in, you’ll spend $4,031 per month in Reykjavik versus $1,726 in Drangsnes – Drangsnes is about 57% cheaper, which adds up to real savings over time.

At $1,726 in Drangsnes versus $4,031 in Reykjavik, a $2,000 budget is realistic in Drangsnes but tight or insufficient in Reykjavik. The gap between the two cities makes Drangsnes the clear choice for anyone on this budget.

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