Cost of Living Comparison Between Spain and Iceland Cost of Living Comparison Between Spain and Iceland

Name: Iceland
Address: IS

Monthly Cost of Living

A single person spends $1,689 per month in Spain vs $1,803 in Iceland, rent included.

A couple spends around $2,496 per month in Spain vs $2,687 in Iceland, rent included.

A family of three spends $3,303 per month in Spain vs $3,570 in Iceland, rent included.

The cost of living in Spain is roughly 6% lower than in Iceland on average – the gap runs across housing, groceries, transport, and services.

Both Spain and Iceland are pricier than the global median – Spain by 22%, Iceland by 31%.

Meal at Budget Restaurant

$17.71 €15.27

$28.87 ISK 3,477

-38.66%

Three-Course Dinner for Two, Mid-Range

$57.6 €49.61

$122 ISK 14.7K

-52.82%

Fast Food Meal (McDonalds, etc)

$11.81 €10.18

$23.81 ISK 2,867

-50.40%

Cappuccino

$2.43 €2.10

$6.49 ISK 781

-62.56%

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

$2.76 €2.38

$3.32 ISK 400

-16.87%

Water (0.33 liter bottle)

$1.84 €1.59

$3.15 ISK 379

-41.59%

Local Beer (0.5 liter draught)

$3.52 €3.03

$12.32 ISK 1,484

-71.43%

Imported Beer (0.33 liter bottle)

$4.16 €3.58

$12.38 ISK 1,492

-66.40%

Milk (1 liter)

$1.21 €1.04

$2.05 ISK 247

-40.98%

White Bread (500g)

$1.54 €1.32

$4.00 ISK 482

-61.50%

Rice (white) (1kg)

$1.64 €1.41

$3.61 ISK 435

-54.57%

Eggs

$3.59 €3.10

$6.98 ISK 841

-48.57%

Local Cheese (1kg)

$14.81 €12.77

$20.45 ISK 2,463

-27.58%

Chicken Fillets (1kg)

$8.49 €7.32

$25.49 ISK 3,070

-66.69%

Beef Round Steak (1kg)

$16.68 €14.38

$41.73 ISK 5,027

-60.03%

Apples (1kg)

$2.53 €2.18

$3.16 ISK 380

-19.94%

Banana (1kg)

$2.09 €1.80

$2.79 ISK 336

-25.09%

Oranges (1kg)

$2.13 €1.84

$3.09 ISK 372

-31.07%

Tomato (1kg)

$2.55 €2.20

$5.95 ISK 716

-57.14%

Potato (1kg)

$1.82 €1.57

$3.89 ISK 469

-53.21%

Onion (1kg)

$2.00 €1.72

$1.94 ISK 234

3.09%

Lettuce (1 head)

$1.37 €1.18

$3.75 ISK 452

-63.47%

Water (1.5 liter bottle)

$0.81 €0.70

$1.94 ISK 234

-58.25%

Cigarettes 20 Pack (Marlboro, Camel)

$6.71 €5.79

$14.21 ISK 1,712

-52.78%

Wine (Bottle)

$5.64 €4.87

$23.35 ISK 2,812

-75.85%

Local Beer (0.5 liter bottle)

$1.29 €1.11

$3.75 ISK 452

-65.60%

Imported Beer (0.33 liter bottle)

$2.10 €1.81

$3.38 ISK 407

-37.87%

One-way Ticket (Public Transport)

$1.76 €1.51

$5.71 ISK 688

-69.18%

Public Transport Monthly Pass (Regular Price)

$34.25 €29.52

$94.5 ISK 11.4K

-63.74%

Taxi Start (Normal Tariff)

$4.55 €3.92

$6.59 ISK 794

-30.96%

Taxi (Normal Tariff) (1km)

$1.47 €1.27

$2.87 ISK 346

-48.78%

Taxi 1hour Waiting (Normal Tariff)

$25.66 €22.12

$74.2 ISK 8,933

-65.40%

Gasoline (1 liter)

$1.79 €1.54

$2.29 ISK 276

-21.83%

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

$36.4K €31.4K

$50.4K ISK 6.1M

-27.74%

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

$30.6K €26.4K

$55.2K ISK 6.7M

-44.60%

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

$152 €131

$99.0 ISK 11.9K

53.71%

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

$18.49 €15.94

$32.11 ISK 3,867

-42.42%

Internet (50+ Mbps, Unlimited Data)

$33.57 €28.94

$87.1 ISK 10.5K

-61.46%

Gym Membership (Monthly)

$47.38 €40.84

$89.8 ISK 10.8K

-47.24%

Tennis Court (1 Hour on Weekend)

$15.56 €13.41

$51.5 ISK 6,207

-69.81%

Cinema Ticket

$9.96 €8.59

$19.34 ISK 2,329

-48.50%

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

$548 €473

$958 ISK 115.4K

-42.78%

International Primary School, 1 Child (Yearly)

$10.8K €9,343

$31.6K ISK 3.8M

-65.68%

Jeans (Levis 501 Or Similar)

$90.1 €77.6

$157 ISK 18.9K

-42.59%

Summer Dress (H&M, Zara, etc)

$37.31 €32.16

$49.70 ISK 5,986

-24.93%

Sport Shoes (Adidas, Nike)

$92.0 €79.3

$171 ISK 20.6K

-46.20%

Men's Leather Business Shoes

$111 €96.1

$239 ISK 28.8K

-53.33%

1-bedroom Apartment, City Center (Monthly)

$1,049 €905

$2,439 ISK 293.8K

-56.97%

1-bedroom Apartment, Outside City Center (Monthly)

$836 €720

$1,988 ISK 239.5K

-57.97%

3-bedroom Apartment, City Center (Monthly)

$1,663 €1,433

$3,409 ISK 410.6K

-51.23%

3-bedroom Apartment, Outside City Center (Monthly)

$1,250 €1,078

$2,698 ISK 325.0K

-53.67%

Buy Apartment in City Center (m2)

$4,240 €3,655

$7,754 ISK 933.9K

-45.31%

Buy Apartment Outside City Center (m2)

$2,711 €2,337

$6,360 ISK 766.1K

-57.38%

Average Monthly Net Salary (After Tax)

$2,021 €1,742

$4,935 ISK 594.4K

-59.05%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.28

9.3

-64.73%

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

Last update for Spain: September 7, 2026

Last update for Iceland: September 6, 2026

Cost Breakdown

Average rent: $931 in Spain vs $559 in Iceland. For reference, capital cities sit at $1,577 in Madrid and $2,489 in Reykjavik.

Average salary: $2,035 in Spain vs $5,043 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 67% higher in Spain.

Dining out costs 34% more in Iceland.

Public transport is 63% more expensive in Spain.

Salaries are 148% higher in Iceland, and purchasing power comes out stronger in Iceland.

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

Spain vs Iceland: Cost of Living - Frequently Asked Questions

Spain is the cheaper option – living costs run roughly 8% lower on average. The gap is consistent across housing, groceries, transport, and entertainment.

Housing costs more in Iceland, and the gap is biggest in capital cities. Regional towns show less difference, but Iceland consistently has higher rents.

Groceries, transport, and utilities all cost less in Spain, contributing to the overall 8% price gap. The savings show up everywhere – from supermarket receipts to monthly bills.

$3,000 buys a comfortable lifestyle in Spain, but in Iceland it only works with careful planning outside the capital. Same money, very different lives.

Spain is the budget-friendly choice for expats – lower housing and daily costs. But cost isn't everything: visa policies, language, healthcare quality, and job markets all weigh in too.