Cost of Living Comparison Between Reykjavik and George Town Cost of Living Comparison Between Reykjavik and George Town

Monthly Cost of Living

Monthly costs for one person with rent: $3,883 in Reykjavik versus $4,602 in George Town.

Estimated couple costs with rent: $5,535 in Reykjavik versus $7,054 in George Town.

Monthly costs for a family of three with rent: $7,188 in Reykjavik versus $9,505 in George Town.

Living in Reykjavik costs roughly 16% less than in George Town, driven mainly by Monthly Utilities & Internet.

Both cities are pricier than the global median: Reykjavik 190% above, George Town 243% above.

Meal at Budget Restaurant

$27.17 ISK 3,350

$30.62 KYD 25.11

-11.27%

Three-Course Dinner for Two, Mid-Range

$144 ISK 17.7K

$144 KYD 118

-0.51%

Fast Food Meal (McDonalds, etc)

$22.42 ISK 2,764

$15.85 KYD 13.00

41.45%

Cappuccino

$6.19 ISK 764

$6.91 KYD 5.66

-10.42%

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

$3.28 ISK 405

$3.52 KYD 2.88

-6.82%

Water (0.33 liter bottle)

$2.53 ISK 311

$2.72 KYD 2.23

-6.99%

Local Beer (0.5 liter draught)

$13.11 ISK 1,617

$9.05 KYD 7.42

44.86%

Imported Beer (0.33 liter bottle)

$11.43 ISK 1,409

$8.60 KYD 7.05

32.91%

Milk (1 liter)

$1.94 ISK 239

$3.05 KYD 2.50

-36.39%

White Bread (500g)

$4.29 ISK 529

$5.26 KYD 4.32

-18.44%

Rice (white) (1kg)

$3.72 ISK 458

$5.83 KYD 4.78

-36.19%

Eggs

$6.53 ISK 805

$9.98 KYD 8.19

-34.57%

Local Cheese (1kg)

$17.88 ISK 2,205

$11.82 KYD 9.70

51.27%

Chicken Fillets (1kg)

$24.10 ISK 2,971

$15.84 KYD 12.99

52.15%

Beef Round Steak (1kg)

$42.88 ISK 5,288

$16.30 KYD 13.37

163.07%

Apples (1kg)

$3.35 ISK 413

$10.46 KYD 8.58

-67.97%

Banana (1kg)

$2.51 ISK 310

$4.55 KYD 3.73

-44.84%

Oranges (1kg)

$3.13 ISK 386

$7.82 KYD 6.41

-59.97%

Tomato (1kg)

$4.89 ISK 602

$7.78 KYD 6.38

-37.15%

Potato (1kg)

$3.71 ISK 458

$5.30 KYD 4.35

-30.00%

Onion (1kg)

$2.32 ISK 286

$5.41 KYD 4.44

-57.12%

Lettuce (1 head)

$3.07 ISK 378

$6.37 KYD 5.22

-51.81%

Water (1.5 liter bottle)

$1.99 ISK 246

$2.92 KYD 2.39

-31.85%

Cigarettes 20 Pack (Marlboro, Camel)

$13.85 ISK 1,707

$14.42 KYD 11.82

-3.95%

Wine (Bottle)

$23.47 ISK 2,894

$25.05 KYD 20.54

-6.31%

Local Beer (0.5 liter bottle)

$3.62 ISK 447

$4.03 KYD 3.30

-10.17%

Imported Beer (0.33 liter bottle)

$3.38 ISK 416

$5.18 KYD 4.25

-34.75%

One-way Ticket (Public Transport)

$5.10 ISK 629

$2.39 KYD 1.96

113.39%

Public Transport Monthly Pass (Regular Price)

$85.4 ISK 10.5K

$30.50 KYD 25.01

179.87%

Taxi Start (Normal Tariff)

$6.28 ISK 774

$18.37 KYD 15.06

-65.81%

Taxi (Normal Tariff) (1km)

$2.57 ISK 317

$4.89 KYD 4.01

-47.44%

Taxi 1hour Waiting (Normal Tariff)

$85.8 ISK 10.6K

$60.6 KYD 49.65

41.65%

Gasoline (1 liter)

$2.52 ISK 310

$1.76 KYD 1.44

43.18%

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

$47.2K ISK 5.8M

$39.3K KYD 32.2K

20.02%

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

$51.8K ISK 6.4M

$33.7K KYD 27.6K

53.72%

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

$86.9 ISK 10.7K

$398 KYD 326

-78.16%

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

$26.94 ISK 3,321

$97.7 KYD 80.1

-72.42%

Internet (50+ Mbps, Unlimited Data)

$85.9 ISK 10.6K

$109 KYD 89.0

-20.81%

Gym Membership (Monthly)

$83.4 ISK 10.3K

$105 KYD 86.0

-20.43%

Tennis Court (1 Hour on Weekend)

$37.54 ISK 4,629

$40.53 KYD 33.24

-7.38%

Cinema Ticket

$17.53 ISK 2,161

$17.74 KYD 14.55

-1.18%

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

$321 ISK 39.5K

$1,747 KYD 1,433

-81.64%

International Primary School, 1 Child (Yearly)

$30.2K ISK 3.7M

$25.0K KYD 20.5K

20.58%

Jeans (Levis 501 Or Similar)

$140 ISK 17.2K

$91.8 KYD 75.2

52.42%

Summer Dress (H&M, Zara, etc)

$60.6 ISK 7,465

$71.9 KYD 59.0

-15.81%

Sport Shoes (Adidas, Nike)

$181 ISK 22.3K

$150 KYD 123

20.58%

Men's Leather Business Shoes

$263 ISK 32.5K

$149 KYD 122

76.83%

1-bedroom Apartment, City Center (Monthly)

$2,175 ISK 268.2K

$2,839 KYD 2,328

-23.38%

1-bedroom Apartment, Outside City Center (Monthly)

$2,023 ISK 249.5K

$2,527 KYD 2,072

-19.93%

3-bedroom Apartment, City Center (Monthly)

$3,139 ISK 387.1K

$5,662 KYD 4,643

-44.55%

3-bedroom Apartment, Outside City Center (Monthly)

$2,738 ISK 337.5K

$4,683 KYD 3,840

-41.54%

Buy Apartment in City Center (m2)

$8,022 ISK 989.1K

$8,623 KYD 7,071

-6.97%

Buy Apartment Outside City Center (m2)

$6,223 ISK 767.3K

$2,256 KYD 1,850

175.88%

Average Monthly Net Salary (After Tax)

$4,441 ISK 547.6K

$7,737 KYD 6,344

-42.60%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.63

8.25

16.73%

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

Last update for Reykjavik: May 30, 2026

Last update for George Town: May 30, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $2,175 in Reykjavik and $2,839 in George Town. Housing cost is often the main lever when comparing two cities.

George Town pays 74% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $144 in Reykjavik vs $144 in George Town for a mid-range dinner for two. Groceries echo the gap at $599 vs $628 per month, with Reykjavik 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 George Town: Cost of Living - Frequently Asked Questions

Reykjavik and George Town differ by about 19% in total monthly costs ($3,883 vs $4,602 including rent). Reykjavik is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

On paper, George Town earns 74% 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: $2,175 in Reykjavik versus $2,839 in George Town. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $3,883 per month in Reykjavik versus $4,602 in George Town – a 19% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Reykjavik runs roughly 180% less than in George Town. Both cities have functional networks, but the price difference matters if you're watching your budget.

Both cities are expensive relative to $2,000. Reykjavik 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 George Town 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 Reykjavik gentler on the wallet – expenses run 19% less than in George Town. Beyond cost, consider language, visa policies, and how big the international community is in each city.