Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Lisbon

For one person, living is cheaper in Lisbon: $2,223 a month against $4,002 in Reykjavik, rent and utilities included – about $21,300 less a year. Other living expenses account for most of the difference.

193

Cost of Living Index in Reykjavik
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Reykjavik Living Index
107

Cost of Living Index in Lisbon
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Lisbon Living Index

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Reykjavik

🇮🇸 Iceland

$4,002

/mo nomad

Lisbon

🇵🇹 Portugal

$2,223

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Lisbon

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

Monthly costs for one person with rent: $4,002 in Reykjavik versus $2,223 in Lisbon.

Reykjavik $4,002
Lisbon $2,223

Estimated couple costs with rent: $5,705 in Reykjavik versus $3,271 in Lisbon.

Reykjavik $5,705
Lisbon $3,271

Monthly costs for a family of three with rent: $7,407 in Reykjavik versus $4,319 in Lisbon.

Reykjavik $7,407
Lisbon $4,319

Living in Reykjavik is roughly 80% more expensive than in Lisbon, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Reykjavik 196% above, Lisbon 65% above.

Meal at Budget Restaurant

$31.56 ISK 3,828

$16.50 €14.67

91.27%

Three-Course Dinner for Two, Mid-Range

$122 ISK 14.8K

$61.3 €54.5

99.76%

Fast Food Meal (McDonalds, etc)

$26.86 ISK 3,258

$11.27 €10.03

138.33%

Cappuccino

$6.81 ISK 827

$3.06 €2.72

122.55%

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

$3.39 ISK 411

$2.26 €2.01

50.00%

Water (0.33 liter bottle)

$3.20 ISK 388

$1.73 €1.54

84.97%

Local Beer (0.5 liter draught)

$14.14 ISK 1,715

$3.39 €3.02

317.11%

Imported Beer (0.33 liter bottle)

$12.31 ISK 1,493

$3.40 €3.02

262.06%

Milk (1 liter)

$2.10 ISK 255

$1.12 €1.00

87.50%

White Bread (500g)

$4.19 ISK 508

$1.86 €1.65

125.27%

Rice (white) (1kg)

$3.72 ISK 451

$1.53 €1.36

143.14%

Eggs

$7.05 ISK 856

$3.96 €3.53

78.03%

Local Cheese (1kg)

$21.56 ISK 2,615

$12.76 €11.35

68.97%

Chicken Fillets (1kg)

$24.68 ISK 2,993

$7.90 €7.02

212.41%

Beef Round Steak (1kg)

$42.19 ISK 5,117

$16.97 €15.09

148.62%

Apples (1kg)

$3.23 ISK 392

$2.27 €2.02

42.29%

Banana (1kg)

$2.73 ISK 331

$1.75 €1.55

56.00%

Oranges (1kg)

$3.17 ISK 384

$1.85 €1.64

71.35%

Tomato (1kg)

$6.61 ISK 802

$2.57 €2.28

157.20%

Potato (1kg)

$3.85 ISK 467

$1.86 €1.65

106.99%

Onion (1kg)

$1.66 ISK 201

$2.02 €1.80

-17.82%

Lettuce (1 head)

$3.80 ISK 461

$1.44 €1.28

163.89%

Water (1.5 liter bottle)

$1.75 ISK 212

$0.82 €0.73

113.41%

Cigarettes 20 Pack (Marlboro, Camel)

$13.71 ISK 1,662

$6.56 €5.83

108.99%

Wine (Bottle)

$24.21 ISK 2,937

$5.62 €5.00

330.78%

Local Beer (0.5 liter bottle)

$3.53 ISK 428

$1.28 €1.14

175.78%

Imported Beer (0.33 liter bottle)

$3.32 ISK 402

$2.07 €1.84

60.39%

One-way Ticket (Public Transport)

$5.75 ISK 697

$2.35 €2.09

144.68%

Public Transport Monthly Pass (Regular Price)

$93.8 ISK 11.4K

$44.18 €39.30

112.34%

Taxi Start (Normal Tariff)

$6.61 ISK 802

$3.99 €3.55

65.66%

Taxi (Normal Tariff) (1km)

$2.90 ISK 352

$1.09 €0.97

166.06%

Taxi 1hour Waiting (Normal Tariff)

$79.2 ISK 9,602

$16.64 €14.81

375.72%

Gasoline (1 liter)

$2.09 ISK 253

$2.28 €2.03

-8.33%

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

$51.0K ISK 6.2M

$33.7K €30.0K

51.49%

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

$53.3K ISK 6.5M

$39.3K €35.0K

35.58%

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

$95.3 ISK 11.6K

$167 €149

-43.12%

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

$32.35 ISK 3,923

$18.80 €16.72

72.07%

Internet (50+ Mbps, Unlimited Data)

$87.5 ISK 10.6K

$33.09 €29.43

164.55%

Gym Membership (Monthly)

$102 ISK 12.4K

$46.01 €40.93

121.39%

Tennis Court (1 Hour on Weekend)

$50.1 ISK 6,074

$19.19 €17.07

160.97%

Cinema Ticket

$19.88 ISK 2,412

$9.84 €8.75

102.03%

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

$1,194 ISK 144.8K

$677 €602

76.31%

International Primary School, 1 Child (Yearly)

$25.4K ISK 3.1M

$16.9K €15.1K

50.17%

Jeans (Levis 501 Or Similar)

$149 ISK 18.1K

$101 €90.1

47.20%

Summer Dress (H&M, Zara, etc)

$66.6 ISK 8,080

$45.76 €40.70

45.59%

Sport Shoes (Adidas, Nike)

$180 ISK 21.8K

$100.0 €88.9

79.90%

Men's Leather Business Shoes

$253 ISK 30.7K

$123 €109

106.26%

1-bedroom Apartment, City Center (Monthly)

$2,549 ISK 309.2K

$1,614 €1,436

57.95%

1-bedroom Apartment, Outside City Center (Monthly)

$2,056 ISK 249.4K

$1,197 €1,065

71.75%

3-bedroom Apartment, City Center (Monthly)

$3,498 ISK 424.2K

$2,862 €2,545

22.22%

3-bedroom Apartment, Outside City Center (Monthly)

$2,764 ISK 335.2K

$1,990 €1,770

38.87%

Buy Apartment in City Center (m2)

$8,120 ISK 984.9K

$7,577 €6,740

7.17%

Buy Apartment Outside City Center (m2)

$6,254 ISK 758.5K

$4,307 €3,831

45.20%

Average Monthly Net Salary (After Tax)

$4,573 ISK 554.6K

$1,588 €1,412

188.01%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

3.85

128.83%

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

Last update for Reykjavik: October 12, 2026

Last update for Lisbon: October 11, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2.1K 51.4%

Lisbon

$1.2K 53.9% 41.8% $859

Groceries & Markets

Reykjavik

$623 15.6%

Lisbon

$269 12.1% 56.7% $353

Eating Out

Reykjavik

$536 13.4%

Lisbon

$242 10.9% 54.8% $294

Clothing & Footwear

Reykjavik

$292 7.3%

Lisbon

$166 7.5% 43% $126

Monthly Utilities & Internet

Reykjavik

$215 5.4%

Lisbon

$219 9.9% 2% $4.2

Sport & Entertainment

Reykjavik

$142 3.5%

Lisbon

$66 3% 53.6% $76

Getting Around

Reykjavik

$138 3.5%

Lisbon

$63 2.8% 54.3% $75

Cost Breakdown

A one-bedroom apartment in the center runs $2,549 in Reykjavik and $1,614 in Lisbon. Housing cost is often the main lever when comparing two cities.

Reykjavik pays 188% 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: $122 in Reykjavik vs $61.0 in Lisbon for a mid-range dinner for two. Groceries echo the gap at $623 vs $269 per month, with Lisbon cheaper across the board.

Good to know

🇮🇸 Reykjavik

🇵🇹 Lisbon

🕒 Local time

08:03 8:03 AM

09:03 9:03 AM

1 h ahead of Reykjavik

🌤 Weather

👥 Population

136,894 Capital

545,923 Capital

💱 Currency

Icelandic Króna ISK kr

Euro EUR €

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.33 EUR

1 EUR = 1.12 USD

Exchange rates and currency converter

EUR, USD 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).

Euro exchange rates as of October 19, 2026: 1 USD = 0.889 EUR (1 EUR = 1.12 USD).

USD to ISK in detail →

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Between locations

Reykjavik Lisbon 2,950 km ≈ 4 h 15 min nonstop flight

From you

Reykjavik
Lisbon

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 Lisbon: Cost of Living - Frequently Asked Questions

Reykjavik and Lisbon differ by about 80% in total monthly costs ($4,002 vs $2,223 including rent). Lisbon is meaningfully more affordable – a gap that matters a lot on a fixed or modest income.

Average pay runs 188% higher in Reykjavik, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $2,549 in Reykjavik versus $1,614 in Lisbon. Housing is usually the single largest factor when comparing overall living costs between the two.

Childcare runs $1,194 in Reykjavik versus $677 in Lisbon. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

Supermarket bills run roughly 131% higher in Reykjavik. For households that cook at home regularly, that difference adds up over a month.

At $2,223 in Lisbon versus $4,002 in Reykjavik, a $3,000 budget is realistic in Lisbon but tight or insufficient in Reykjavik. The gap between the two cities makes Lisbon 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 Lisbon 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 Lisbon gentler on the wallet – expenses run 80% less than in Reykjavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.