Last update: Oct 2026

Cost of Living Comparison Between Reykjavik and Montevideo

For one person, living is cheaper in Montevideo: $1,813 a month against $4,037 in Reykjavik, rent and utilities included – about $26,700 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
86

Cost of Living Index in Montevideo
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Montevideo Living Index

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Reykjavik

🇮🇸 Iceland

$4,037

/mo nomad

Montevideo

🇺🇾 Uruguay

$1,813

/mo nomad

Monthly Cost of Living

How much you'll spend in Reykjavik and in Montevideo

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

A single person spends $4,037 per month in Reykjavik vs $1,813 in Montevideo, rent included.

Reykjavik $4,037
Montevideo $1,813

A couple spends around $5,666 per month in Reykjavik vs $2,782 in Montevideo, rent included.

Reykjavik $5,666
Montevideo $2,782

A family of three spends $7,295 per month in Reykjavik vs $3,750 in Montevideo, rent included.

Reykjavik $7,295
Montevideo $3,750

Reykjavik costs about 123% more than Montevideo, and outside of rent the biggest gap is in groceries.

Both Reykjavik and Montevideo sit above the global median – Reykjavik by 201%, Montevideo by 35%.

Meal at Budget Restaurant

$30.59 ISK 3,730

$15.26 UYU 613

100.46%

Three-Course Dinner for Two, Mid-Range

$136 ISK 16.5K

$67.4 UYU 2,711

100.96%

Fast Food Meal (McDonalds, etc)

$27.08 ISK 3,302

$14.37 UYU 578

88.45%

Cappuccino

$6.72 ISK 819

$4.64 UYU 187

44.83%

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

$3.27 ISK 399

$2.73 UYU 110

19.78%

Water (0.33 liter bottle)

$3.16 ISK 386

$2.09 UYU 84.0

51.20%

Local Beer (0.5 liter draught)

$13.91 ISK 1,696

$4.75 UYU 191

192.84%

Imported Beer (0.33 liter bottle)

$12.06 ISK 1,470

$3.67 UYU 147

228.61%

Milk (1 liter)

$2.04 ISK 248

$1.38 UYU 55.5

47.83%

White Bread (500g)

$4.32 ISK 527

$2.77 UYU 112

55.96%

Rice (white) (1kg)

$3.67 ISK 447

$1.69 UYU 67.8

117.16%

Eggs

$7.02 ISK 856

$4.52 UYU 182

55.31%

Local Cheese (1kg)

$22.01 ISK 2,684

$14.17 UYU 570

55.33%

Chicken Fillets (1kg)

$24.70 ISK 3,012

$12.07 UYU 485

104.64%

Beef Round Steak (1kg)

$42.66 ISK 5,202

$12.16 UYU 489

250.82%

Apples (1kg)

$3.37 ISK 412

$2.87 UYU 116

17.42%

Banana (1kg)

$2.85 ISK 347

$2.75 UYU 110

3.64%

Oranges (1kg)

$3.17 ISK 387

$1.73 UYU 69.5

83.24%

Tomato (1kg)

$6.39 ISK 779

$3.24 UYU 130

97.22%

Potato (1kg)

$4.01 ISK 489

$2.07 UYU 83.1

93.72%

Onion (1kg)

$1.64 ISK 200

$2.07 UYU 83.1

-20.77%

Lettuce (1 head)

$3.80 ISK 463

$1.38 UYU 55.4

175.36%

Water (1.5 liter bottle)

$1.74 ISK 212

$1.85 UYU 74.5

-5.95%

Cigarettes 20 Pack (Marlboro, Camel)

$13.80 ISK 1,682

$5.57 UYU 224

147.76%

Wine (Bottle)

$23.38 ISK 2,851

$8.89 UYU 357

162.99%

Local Beer (0.5 liter bottle)

$3.53 ISK 430

$2.29 UYU 92.2

54.15%

Imported Beer (0.33 liter bottle)

$3.45 ISK 420

$2.70 UYU 109

27.78%

One-way Ticket (Public Transport)

$5.77 ISK 704

$1.52 UYU 61.3

279.61%

Public Transport Monthly Pass (Regular Price)

$95.1 ISK 11.6K

$73.7 UYU 2,962

29.16%

Taxi Start (Normal Tariff)

$6.63 ISK 808

$1.82 UYU 73.4

264.29%

Taxi (Normal Tariff) (1km)

$2.79 ISK 341

$0.40 UYU 16.05

597.50%

Taxi 1hour Waiting (Normal Tariff)

$81.4 ISK 9,923

$10.66 UYU 429

663.32%

Gasoline (1 liter)

$2.11 ISK 257

$2.22 UYU 89.2

-4.95%

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

$50.8K ISK 6.2M

$26.7K UYU 1.1M

90.00%

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

$52.7K ISK 6.4M

$36.7K UYU 1.5M

43.53%

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

$88.7 ISK 10.8K

$191 UYU 7,674

-53.54%

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

$31.53 ISK 3,845

$20.40 UYU 820

54.56%

Internet (50+ Mbps, Unlimited Data)

$84.6 ISK 10.3K

$44.14 UYU 1,775

91.75%

Gym Membership (Monthly)

$100 ISK 12.2K

$54.1 UYU 2,177

85.41%

Tennis Court (1 Hour on Weekend)

$48.20 ISK 5,877

$19.68 UYU 791

144.92%

Cinema Ticket

$19.87 ISK 2,424

$12.33 UYU 496

61.15%

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

$1,277 ISK 155.8K

$613 UYU 24.7K

108.37%

International Primary School, 1 Child (Yearly)

$31.0K ISK 3.8M

$11.0K UYU 444.3K

180.10%

Jeans (Levis 501 Or Similar)

$161 ISK 19.6K

$103 UYU 4,134

56.46%

Summer Dress (H&M, Zara, etc)

$64.9 ISK 7,914

$56.1 UYU 2,255

15.75%

Sport Shoes (Adidas, Nike)

$183 ISK 22.3K

$124 UYU 5,000

46.88%

Men's Leather Business Shoes

$254 ISK 31.0K

$130 UYU 5,214

95.77%

1-bedroom Apartment, City Center (Monthly)

$2,499 ISK 304.8K

$705 UYU 28.4K

254.40%

1-bedroom Apartment, Outside City Center (Monthly)

$2,000 ISK 243.9K

$575 UYU 23.1K

247.60%

3-bedroom Apartment, City Center (Monthly)

$3,452 ISK 421.0K

$1,139 UYU 45.8K

203.19%

3-bedroom Apartment, Outside City Center (Monthly)

$2,742 ISK 334.4K

$1,016 UYU 40.8K

170.02%

Buy Apartment in City Center (m2)

$8,001 ISK 975.7K

$3,349 UYU 134.6K

138.92%

Buy Apartment Outside City Center (m2)

$6,249 ISK 762.1K

$1,942 UYU 78.1K

221.82%

Average Monthly Net Salary (After Tax)

$4,691 ISK 572.0K

$1,229 UYU 49.4K

281.61%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

5.74

53.48%

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

Last update for Reykjavik: October 4, 2026

Last update for Montevideo: October 5, 2026

Monthly budget structure

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

Accommodation & Living

Reykjavik

$2K 50.9%

Montevideo

$575 32.3% 71.2% $1.4K

Groceries & Markets

Reykjavik

$625 15.9%

Montevideo

$332 18.7% 46.8% $293

Eating Out

Reykjavik

$526 13.4%

Montevideo

$271 15.2% 48.4% $255

Clothing & Footwear

Reykjavik

$298 7.6%

Montevideo

$186 10.4% 37.7% $112

Monthly Utilities & Internet

Reykjavik

$205 5.2%

Montevideo

$255 14.3% 24.7% $51

Sport & Entertainment

Reykjavik

$140 3.6%

Montevideo

$79 4.4% 43.8% $61

Getting Around

Reykjavik

$139 3.5%

Montevideo

$84 4.7% 39.8% $55

Cost Breakdown

A central one-bedroom costs $2,499 in Reykjavik versus $705 in Montevideo. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 282% higher in Reykjavik, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $136 in Reykjavik versus $67.0 in Montevideo. Monthly groceries follow the same trend: $625 vs $332 – making Montevideo the more affordable choice for daily food spending.

Good to know

🇮🇸 Reykjavik

🇺🇾 Montevideo

🕒 Local time

08:35 8:35 AM

05:35 5:35 AM

3 h behind Reykjavik

🌤 Weather

👥 Population

136,894 Capital

1,319,108 Capital

💱 Currency

Icelandic Króna ISK kr

Uruguayan Peso UYU $U

📈 Exchange rate

1,000 ISK = 8.2 USD

1,000 ISK = 7.31 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 10, 2026: 1 USD = 122 ISK (1,000 ISK = 8.2 USD). 1 EUR = 137 ISK (1,000 ISK = 7.31 EUR).

Uruguayan Peso exchange rates as of October 10, 2026: 1 USD = 40.21 UYU (100 UYU = 2.49 USD). 1 EUR = 45.1 UYU (100 UYU = 2.22 EUR).

USD to ISK in detail →

On the map

Lowest

Highest

Between locations

Reykjavik Montevideo 11,420 km ≈ 15 h nonstop flight

From you

Reykjavik
Montevideo

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 Montevideo: Cost of Living - Frequently Asked Questions

Yes – Reykjavik is pricier by about 123%, and outside of rent the gap shows up most in groceries.

For a comfortable life, plan on about $6,055 per month in Reykjavik and $2,720 in Montevideo. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Montevideo, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Kindergarten costs $1,277 per month in Reykjavik and $613 in Montevideo. For families with young kids, this one expense can tip the scales when choosing between the two cities.

Groceries cost about 88% more in Reykjavik, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $2,500 monthly budget goes further in Montevideo, where all-in costs run around $1,813, than in Reykjavik at $4,037. In Montevideo it covers expenses comfortably, while in Reykjavik it requires careful planning or may not stretch far enough.

Families tend to lean toward Montevideo – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Montevideo. If higher salaries, better infrastructure, or specific career opportunities are the priority, Reykjavik makes more sense. Both are solid long-term options with distinct trade-offs.