Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Grundarfjordur

For one person, living is cheaper in Grundarfjordur: $1,713 a month against $4,040 in Reykjavik, rent and utilities included – about $27,900 less a year. Rent and utilities account for most of the difference.

194

Cost of Living Index in Reykjavik
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Reykjavik Living Index
83

Cost of Living Index in Grundarfjordur
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Grundarfjordur Living Index

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Reykjavik

🇮🇸 Iceland

$4,040

/mo nomad

Grundarfjordur

🇮🇸 Iceland

$1,713

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Grundarfjordur

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

Monthly costs for one person with rent: $4,040 in Reykjavik versus $1,713 in Grundarfjordur.

Reykjavik $4,040
Grundarfjordur $1,713

Estimated couple costs with rent: $5,742 in Reykjavik versus $2,918 in Grundarfjordur.

Reykjavik $5,742
Grundarfjordur $2,918

Monthly costs for a family of three with rent: $7,445 in Reykjavik versus $4,122 in Grundarfjordur.

Reykjavik $7,445
Grundarfjordur $4,122

Living in Reykjavik is roughly 136% more expensive than in Grundarfjordur, and outside of rent the biggest gap is in transport.

Both cities are pricier than the global median: Reykjavik 197% above, Grundarfjordur 26% above.

Meal at Budget Restaurant

$31.42 ISK 3,829

$30.53 ISK 3,720

2.92%

Three-Course Dinner for Two, Mid-Range

$125 ISK 15.2K

$124 ISK 15.1K

0.77%

Fast Food Meal (McDonalds, etc)

$27.18 ISK 3,312

$27.06 ISK 3,298

0.44%

Cappuccino

$6.65 ISK 810

$6.61 ISK 805

0.61%

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

$3.41 ISK 415

$3.34 ISK 407

2.10%

Water (0.33 liter bottle)

$3.04 ISK 371

$3.03 ISK 370

0.33%

Local Beer (0.5 liter draught)

$14.18 ISK 1,728

$14.17 ISK 1,726

0.07%

Imported Beer (0.33 liter bottle)

$12.16 ISK 1,482

$12.21 ISK 1,488

-0.41%

Milk (1 liter)

$2.10 ISK 256

$2.09 ISK 255

0.48%

White Bread (500g)

$4.14 ISK 504

$4.11 ISK 501

0.73%

Rice (white) (1kg)

$3.69 ISK 449

$3.73 ISK 455

-1.07%

Eggs

$7.09 ISK 863

$6.93 ISK 845

2.31%

Local Cheese (1kg)

$22.32 ISK 2,719

$21.76 ISK 2,651

2.57%

Chicken Fillets (1kg)

$24.78 ISK 3,019

$24.62 ISK 2,999

0.65%

Beef Round Steak (1kg)

$42.67 ISK 5,199

$42.23 ISK 5,145

1.04%

Apples (1kg)

$3.29 ISK 401

$3.31 ISK 403

-0.60%

Banana (1kg)

$2.88 ISK 351

$2.77 ISK 337

3.97%

Oranges (1kg)

$3.27 ISK 398

$3.16 ISK 385

3.48%

Tomato (1kg)

$6.37 ISK 776

$6.32 ISK 770

0.79%

Potato (1kg)

$3.96 ISK 483

$4.01 ISK 488

-1.25%

Onion (1kg)

$1.62 ISK 197

$1.65 ISK 201

-1.82%

Lettuce (1 head)

$3.70 ISK 451

$3.84 ISK 467

-3.65%

Water (1.5 liter bottle)

$1.77 ISK 215

$1.77 ISK 216

Cigarettes 20 Pack (Marlboro, Camel)

$13.66 ISK 1,664

$14.16 ISK 1,725

-3.53%

Wine (Bottle)

$24.16 ISK 2,944

$23.44 ISK 2,856

3.07%

Local Beer (0.5 liter bottle)

$3.66 ISK 445

$3.69 ISK 450

-0.81%

Imported Beer (0.33 liter bottle)

$3.43 ISK 417

$3.48 ISK 424

-1.44%

One-way Ticket (Public Transport)

$5.49 ISK 669

Public Transport Monthly Pass (Regular Price)

$96.1 ISK 11.7K

Taxi Start (Normal Tariff)

$6.85 ISK 834

$6.59 ISK 802

3.95%

Taxi (Normal Tariff) (1km)

$2.90 ISK 353

$2.80 ISK 341

3.57%

Taxi 1hour Waiting (Normal Tariff)

$81.8 ISK 9,971

$80.5 ISK 9,808

1.66%

Gasoline (1 liter)

$2.02 ISK 246

$2.10 ISK 256

-3.81%

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

$68.2K ISK 8.3M

$68.8K ISK 8.4M

-0.88%

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

$56.3K ISK 6.9M

$55.0K ISK 6.7M

2.32%

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

$95.9 ISK 11.7K

$97.0 ISK 11.8K

-1.11%

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

$32.16 ISK 3,918

$32.92 ISK 4,011

-2.31%

Internet (50+ Mbps, Unlimited Data)

$86.4 ISK 10.5K

$86.2 ISK 10.5K

0.22%

Gym Membership (Monthly)

$96.9 ISK 11.8K

Tennis Court (1 Hour on Weekend)

$51.2 ISK 6,238

Cinema Ticket

$19.28 ISK 2,349

$19.36 ISK 2,359

-0.41%

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

$1,178 ISK 143.5K

$1,182 ISK 144.0K

-0.32%

International Primary School, 1 Child (Yearly)

$25.8K ISK 3.1M

$26.3K ISK 3.2M

-2.15%

Jeans (Levis 501 Or Similar)

$152 ISK 18.5K

$148 ISK 18.0K

2.88%

Summer Dress (H&M, Zara, etc)

$66.5 ISK 8,105

$66.1 ISK 8,059

0.57%

Sport Shoes (Adidas, Nike)

$183 ISK 22.3K

$185 ISK 22.5K

-0.94%

Men's Leather Business Shoes

$246 ISK 29.9K

$247 ISK 30.1K

-0.47%

1-bedroom Apartment, City Center (Monthly)

$2,585 ISK 314.9K

1-bedroom Apartment, Outside City Center (Monthly)

$2,098 ISK 255.6K

3-bedroom Apartment, City Center (Monthly)

$3,513 ISK 428.1K

3-bedroom Apartment, Outside City Center (Monthly)

$2,792 ISK 340.1K

Buy Apartment in City Center (m2)

$8,038 ISK 979.3K

Buy Apartment Outside City Center (m2)

$6,305 ISK 768.2K

$1,098 ISK 133.8K

474.37%

Average Monthly Net Salary (After Tax)

$4,549 ISK 554.3K

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: October 25, 2026

Last update for Grundarfjordur: October 24, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.9%

Grundarfjordur

- * 0% 100%

Groceries & Markets

Reykjavik

$628 15.5%

Grundarfjordur

$621 36.3% 1% $6.2

Eating Out

Reykjavik

$534 13.2%

Grundarfjordur

$525 30.7% 1.6% $8.3

Clothing & Footwear

Reykjavik

$291 7.2%

Grundarfjordur

$291 17% 0.3% $0.8

Monthly Utilities & Internet

Reykjavik

$215 5.3%

Grundarfjordur

$216 12.6% 0.8% $1.6

Getting Around

Reykjavik

$139 3.5%

Grundarfjordur

$21 * 1.2% 85.2% $119

Sport & Entertainment

Reykjavik

$135 3.4%

Grundarfjordur

$39 * 2.3% 71.4% $97

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

Cost Breakdown

Dining out: $125 in Reykjavik vs $124 in Grundarfjordur for a mid-range dinner for two. Groceries echo the gap at $628 vs $621 per month, with Grundarfjordur cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇮🇸 Grundarfjordur

🕒 Local time

09:30 9:30 AM

Same time as Reykjavik

🌤 Weather

👥 Population

136,894 Capital

800

💱 Currency

Icelandic Króna ISK kr

📈 Exchange rate

1,000 ISK = 8.21 USD

1,000 ISK = 7.37 EUR

1,000 ISK = 8.21 USD

1,000 ISK = 7.37 EUR

Exchange rates and currency converter

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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 Grundarfjordur: Cost of Living - Frequently Asked Questions

Grundarfjordur wins on cost – living expenses run 58% lower than in Reykjavik. Housing and daily spending are where you’ll feel the difference most, making Grundarfjordur the obvious pick if budget is a priority.

You’d need roughly $6,061 in Reykjavik and $2,570 in Grundarfjordur 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.

Childcare runs $1,178 in Reykjavik versus $1,182 in Grundarfjordur. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

All in, you’ll spend $4,040 per month in Reykjavik versus $1,713 in Grundarfjordur – a 136% gap that adds up to real savings over time for anyone picking the cheaper option.

At $1,713 in Grundarfjordur versus $4,040 in Reykjavik, a $2,000 budget is realistic in Grundarfjordur but tight or insufficient in Reykjavik. The gap between the two cities makes Grundarfjordur 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 Grundarfjordur are on par. Petty crime is typical for cities this size, and most residents feel comfortable going about their daily routines in either place.