Last update: Oct 2026

Cost of Living Comparison Between Spain and Iceland

Name: Iceland
Address: IS

For one person, living is cheaper in Spain: $1,775 a month against $3,897 in Iceland, rent and utilities included – about $25,500 less a year. Rent and utilities account for most of the difference.

86

Cost of Living Index in Spain
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Spain Living Index
187

Cost of Living Index in Iceland
Learn more

Iceland Living Index

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🇪🇸 Spain

$1,775

/mo nomad

🇮🇸 Iceland

$3,897

/mo nomad

Monthly Cost of Living

How much you'll spend in Spain and in Iceland

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Spain and in Iceland actually costs, broken down by who's living it.

A single person spends $1,775 per month in Spain vs $3,897 in Iceland, rent included.

Spain $1,775
Iceland $3,897

A couple spends around $2,606 per month in Spain vs $5,533 in Iceland, rent included.

Spain $2,606
Iceland $5,533

A family of three spends $3,438 per month in Spain vs $7,168 in Iceland, rent included.

Spain $3,438
Iceland $7,168

The regional cost range is wider in Iceland ($179–$4,040) than in Spain ($931–$2,610), so city choice matters more there.

The cost of living in Spain is roughly 54% lower than in Iceland on average.

Both Spain and Iceland are pricier than the global median – Spain by 30%, Iceland by 186%.

Meal at Budget Restaurant

$16.69 €15.00

$28.48 ISK 3,469

-41.40%

Three-Course Dinner for Two, Mid-Range

$55.7 €50.0

$123 ISK 15.0K

-54.73%

Fast Food Meal (McDonalds, etc)

$11.37 €10.21

$23.70 ISK 2,887

-52.03%

Cappuccino

$2.42 €2.17

$6.09 ISK 742

-60.26%

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

$2.68 €2.41

$3.11 ISK 379

-13.83%

Water (0.33 liter bottle)

$1.79 €1.61

$2.95 ISK 359

-39.32%

Local Beer (0.5 liter draught)

$3.42 €3.08

$12.19 ISK 1,485

-71.94%

Imported Beer (0.33 liter bottle)

$3.88 €3.48

$12.42 ISK 1,513

-68.76%

Milk (1 liter)

$1.20 €1.08

$2.03 ISK 247

-40.89%

White Bread (500g)

$1.48 €1.33

$3.99 ISK 486

-62.91%

Rice (white) (1kg)

$1.67 €1.50

$3.45 ISK 420

-51.59%

Eggs

$3.42 €3.07

$7.17 ISK 873

-52.30%

Local Cheese (1kg)

$14.17 €12.73

$20.65 ISK 2,516

-31.38%

Chicken Fillets (1kg)

$8.33 €7.48

$24.78 ISK 3,019

-66.38%

Beef Round Steak (1kg)

$16.20 €14.56

$42.17 ISK 5,138

-61.58%

Apples (1kg)

$2.45 €2.20

$3.01 ISK 367

-18.60%

Banana (1kg)

$2.03 €1.83

$2.67 ISK 326

-23.97%

Oranges (1kg)

$2.08 €1.87

$3.15 ISK 383

-33.97%

Tomato (1kg)

$2.58 €2.32

$5.93 ISK 722

-56.49%

Potato (1kg)

$1.83 €1.64

$3.86 ISK 470

-52.59%

Onion (1kg)

$2.00 €1.80

$1.85 ISK 226

8.11%

Lettuce (1 head)

$1.31 €1.18

$3.59 ISK 437

-63.51%

Water (1.5 liter bottle)

$0.77 €0.69

$1.89 ISK 230

-59.26%

Cigarettes 20 Pack (Marlboro, Camel)

$6.36 €5.72

$14.17 ISK 1,727

-55.12%

Wine (Bottle)

$5.64 €5.07

$22.52 ISK 2,744

-74.96%

Local Beer (0.5 liter bottle)

$1.30 €1.17

$3.65 ISK 444

-64.38%

Imported Beer (0.33 liter bottle)

$2.09 €1.87

$3.33 ISK 406

-37.24%

One-way Ticket (Public Transport)

$1.64 €1.48

$5.51 ISK 672

-70.24%

Public Transport Monthly Pass (Regular Price)

$32.91 €29.57

$94.7 ISK 11.5K

-65.25%

Taxi Start (Normal Tariff)

$4.43 €3.98

$6.77 ISK 825

-34.56%

Taxi (Normal Tariff) (1km)

$1.47 €1.32

$2.87 ISK 350

-48.78%

Taxi 1hour Waiting (Normal Tariff)

$24.98 €22.45

$79.3 ISK 9,666

-68.51%

Gasoline (1 liter)

$1.77 €1.59

$2.35 ISK 286

-24.68%

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

$35.5K €31.9K

$69.7K ISK 8.5M

-49.03%

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

$30.6K €27.5K

$56.0K ISK 6.8M

-45.36%

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

$149 €134

$103 ISK 12.6K

44.85%

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

$17.67 €15.88

$32.44 ISK 3,953

-45.53%

Internet (50+ Mbps, Unlimited Data)

$31.88 €28.64

$87.9 ISK 10.7K

-63.72%

Gym Membership (Monthly)

$44.24 €39.75

$92.3 ISK 11.2K

-52.07%

Tennis Court (1 Hour on Weekend)

$15.29 €13.74

$52.4 ISK 6,382

-70.81%

Cinema Ticket

$9.66 €8.68

$19.09 ISK 2,326

-49.40%

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

$544 €489

$947 ISK 115.4K

-42.54%

International Primary School, 1 Child (Yearly)

$10.6K €9,530

$26.4K ISK 3.2M

-59.80%

Jeans (Levis 501 Or Similar)

$84.9 €76.3

$149 ISK 18.2K

-43.03%

Summer Dress (H&M, Zara, etc)

$37.11 €33.35

$47.82 ISK 5,827

-22.40%

Sport Shoes (Adidas, Nike)

$89.2 €80.1

$172 ISK 20.9K

-48.12%

Men's Leather Business Shoes

$106 €95.0

$234 ISK 28.5K

-54.84%

1-bedroom Apartment, City Center (Monthly)

$1,056 €949

$2,575 ISK 313.8K

-58.98%

1-bedroom Apartment, Outside City Center (Monthly)

$808 €726

$2,041 ISK 248.7K

-60.42%

3-bedroom Apartment, City Center (Monthly)

$1,621 €1,456

$3,504 ISK 426.9K

-53.74%

3-bedroom Apartment, Outside City Center (Monthly)

$1,246 €1,120

$2,712 ISK 330.4K

-54.05%

Buy Apartment in City Center (m2)

$4,135 €3,716

$7,617 ISK 928.1K

-45.71%

Buy Apartment Outside City Center (m2)

$2,633 €2,365

$6,338 ISK 772.2K

-58.46%

Average Monthly Net Salary (After Tax)

$1,999 €1,796

$4,789 ISK 583.5K

-58.26%

20-Year Fixed Mortgage Interest Rate (Annual %)

3.3

9.29

-64.48%

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

Last update for Spain: October 24, 2026

Last update for Iceland: October 25, 2026

Monthly budget structure

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

Accommodation & Living

Spain

$808 45.5%

Iceland

$2K 52.4% 153% $1.2K

Groceries & Markets

Spain

$272 15.3%

Iceland

$611 15.7% 125% $339

Eating Out

Spain

$239 13.5%

Iceland

$482 12.4% 101% $243

Monthly Utilities & Internet

Spain

$199 11.2%

Iceland

$223 5.7% 12.3% $25

Clothing & Footwear

Spain

$143 8%

Iceland

$271 7% 90.2% $129

Sport & Entertainment

Spain

$64 3.6%

Iceland

$130 3.4% 105% $67

Getting Around

Spain

$51 2.9%

Iceland

$138 3.5% 169% $87

Cost Breakdown

Average rent: $920 in Spain vs $2,368 in Iceland. For reference, capital cities sit at $1,508 in Madrid and $2,585 in Reykjavik.

Average salary: $1,972 in Spain vs $4,949 in Iceland. The income gap affects purchasing power and how far your budget stretches in each country.

Cost Highlights

Rent is 157% higher in Iceland.

Dining out costs 109% more in Iceland.

Public transport is 161% more expensive in Iceland.

Salaries are about 2.5 times higher in Iceland, and purchasing power comes out stronger in Iceland.

Good to know

🇪🇸 Spain

🇮🇸 Iceland

🕒 Local time

11:20 11:20 AM

10:20 10:20 AM

1 h behind Spain

🌤 Weather

👥 Population

47,415,750

364,260

💱 Currency

Euro EUR €

Icelandic Króna ISK kr

📈 Exchange rate

1 EUR = 1.11 USD

1,000 ISK = 8.21 USD

1,000 ISK = 7.37 EUR

Exchange rates and currency converter

ISK, USD to EUR – Euro Converter

🇺🇸 United States Dollar ($)

🇪🇺 Euro (€)

Euro exchange rates as of October 28, 2026: 1 USD = 0.898 EUR (1 EUR = 1.11 USD).

Icelandic Króna exchange rates as of October 28, 2026: 1 USD = 122 ISK (1,000 ISK = 8.21 USD). 1 EUR = 136 ISK (1,000 ISK = 7.37 EUR).

USD to EUR in detail →

On the map

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Between locations

Spain Iceland 2,890 km ≈ 4 h nonstop flight

From you

Spain
Iceland

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

Spain vs Iceland: Cost of Living - Frequently Asked Questions

Spain is the cheaper option – living costs run roughly 54% lower on average.

Housing costs more in Iceland: a central one-bedroom averages $2,368 versus $920 in Spain.

Groceries, public transport, and eating out all cost less in Spain, adding to the overall 120% price gap.

$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. But cost isn’t everything: visa policies, language, healthcare quality, and job markets all weigh in too.