Cost of Living in Iceland - Updated Prices & Insights

Name: Iceland
Address: IS

Solo nomad: Estimated monthly costs are $1,661 (excluding rent), and $3,831 including rent.

Family of 3: Estimated monthly costs are $4,172 (excluding rent), and $7,119 including rent.

Meal at Budget Restaurant

$26.42 ISK 3,328

$15.21 ISK 1,916

$48.03 ISK 6,051

Three-Course Dinner for Two, Mid-Range

$128 ISK 16.1K

$87.8 ISK 11.1K

$239 ISK 30.2K

Fast Food Meal (McDonalds, etc)

$19.96 ISK 2,514

$18.36 ISK 2,313

$26.35 ISK 3,319

Cappuccino

$5.99 ISK 755

$3.72 ISK 469

$7.66 ISK 965

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

$3.32 ISK 418

$2.44 ISK 307

$4.08 ISK 514

Water (0.33 liter bottle)

$2.62 ISK 330

$2.00 ISK 252

$3.92 ISK 494

Local Beer (0.5 liter draught)

$12.09 ISK 1,523

$8.07 ISK 1,016

$14.52 ISK 1,829

Imported Beer (0.33 liter bottle)

$10.65 ISK 1,341

$8.19 ISK 1,032

$14.74 ISK 1,857

Milk (1 liter)

$1.95 ISK 246

$1.68 ISK 212

$2.88 ISK 363

White Bread (500g)

$4.21 ISK 531

$2.27 ISK 286

$8.25 ISK 1,039

Rice (white) (1kg)

$3.59 ISK 452

$2.37 ISK 298

$6.39 ISK 806

Eggs

$6.41 ISK 808

$4.81 ISK 606

$8.66 ISK 1,091

Local Cheese (1kg)

$18.74 ISK 2,360

$11.43 ISK 1,439

$24.49 ISK 3,085

Chicken Fillets (1kg)

$23.89 ISK 3,010

$11.83 ISK 1,491

$29.21 ISK 3,679

Beef Round Steak (1kg)

$42.05 ISK 5,298

$23.52 ISK 2,963

$55.3 ISK 6,965

Apples (1kg)

$3.07 ISK 387

$2.13 ISK 269

$4.76 ISK 600

Banana (1kg)

$2.50 ISK 315

$2.24 ISK 283

$4.49 ISK 565

Oranges (1kg)

$2.89 ISK 364

$2.20 ISK 277

$4.80 ISK 605

Tomato (1kg)

$4.96 ISK 625

$3.45 ISK 434

$7.20 ISK 907

Potato (1kg)

$3.51 ISK 442

$2.16 ISK 272

$4.40 ISK 554

Onion (1kg)

$2.28 ISK 287

$1.63 ISK 205

$4.27 ISK 538

Lettuce (1 head)

$3.09 ISK 390

$1.78 ISK 225

$4.75 ISK 598

Water (1.5 liter bottle)

$2.17 ISK 274

$1.32 ISK 166

$3.51 ISK 443

Cigarettes 20 Pack (Marlboro, Camel)

$14.28 ISK 1,799

$12.10 ISK 1,525

$15.26 ISK 1,922

Wine (Bottle)

$23.25 ISK 2,929

$15.76 ISK 1,986

$35.46 ISK 4,467

Local Beer (0.5 liter bottle)

$3.72 ISK 468

$3.17 ISK 400

$4.87 ISK 613

Imported Beer (0.33 liter bottle)

$3.20 ISK 404

$2.06 ISK 259

$4.20 ISK 529

One-way Ticket (Public Transport)

$5.29 ISK 666

$4.56 ISK 574

$5.37 ISK 676

Public Transport Monthly Pass (Regular Price)

$84.2 ISK 10.6K

$74.9 ISK 9,435

$88.6 ISK 11.2K

Taxi Start (Normal Tariff)

$6.39 ISK 805

$5.90 ISK 744

$8.09 ISK 1,019

Taxi (Normal Tariff) (1km)

$2.38 ISK 300

$2.21 ISK 278

$3.52 ISK 443

Taxi 1hour Waiting (Normal Tariff)

$84.9 ISK 10.7K

$78.5 ISK 9,883

$95.1 ISK 12.0K

Gasoline (1 liter)

$2.54 ISK 320

$2.40 ISK 302

$2.62 ISK 330

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

$47.1K ISK 5.9M

$44.0K ISK 5.5M

$49.5K ISK 6.2M

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

$54.5K ISK 6.9M

$50.7K ISK 6.4M

$57.2K ISK 7.2M

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

$90.6 ISK 11.4K

$64.5 ISK 8,127

$194 ISK 24.5K

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

$27.40 ISK 3,451

$19.96 ISK 2,515

$39.93 ISK 5,030

Internet (50+ Mbps, Unlimited Data)

$88.2 ISK 11.1K

$61.4 ISK 7,738

$131 ISK 16.5K

Gym Membership (Monthly)

$82.6 ISK 10.4K

$63.8 ISK 8,038

$121 ISK 15.3K

Tennis Court (1 Hour on Weekend)

$37.13 ISK 4,677

$16.71 ISK 2,105

$59.7 ISK 7,516

Cinema Ticket

$17.81 ISK 2,244

$14.65 ISK 1,845

$19.52 ISK 2,460

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

$347 ISK 43.7K

$279 ISK 35.1K

$467 ISK 58.8K

International Primary School, 1 Child (Yearly)

$29.7K ISK 3.7M

Jeans (Levis 501 Or Similar)

$138 ISK 17.4K

$80.1 ISK 10.1K

$184 ISK 23.2K

Summer Dress (H&M, Zara, etc)

$62.7 ISK 7,898

$39.60 ISK 4,989

$103 ISK 13.0K

Sport Shoes (Adidas, Nike)

$175 ISK 22.0K

$121 ISK 15.2K

$241 ISK 30.4K

Men's Leather Business Shoes

$253 ISK 31.9K

$144 ISK 18.2K

$321 ISK 40.4K

1-bedroom Apartment, City Center (Monthly)

$2,235 ISK 281.6K

$1,788 ISK 225.3K

$2,764 ISK 348.1K

1-bedroom Apartment, Outside City Center (Monthly)

$1,977 ISK 249.1K

$1,593 ISK 200.6K

$2,389 ISK 300.9K

3-bedroom Apartment, City Center (Monthly)

$3,150 ISK 396.8K

$2,798 ISK 352.5K

$3,997 ISK 503.6K

3-bedroom Apartment, Outside City Center (Monthly)

$2,737 ISK 344.7K

$2,428 ISK 305.9K

$3,238 ISK 407.9K

Buy Apartment in City Center (m2)

$7,399 ISK 932.0K

$6,424 ISK 809.3K

$8,833 ISK 1.1M

Buy Apartment Outside City Center (m2)

$6,095 ISK 767.8K

$5,516 ISK 694.9K

$7,092 ISK 893.4K

Average Monthly Net Salary (After Tax)

$4,487 ISK 565.2K

20-Year Fixed Mortgage Interest Rate (Annual %)

9.88

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

Last update: January 13, 2026

By City in Iceland

Lowest

Highest

Rank	City	Population	Living Index	Solo costs (no rent) / month	Solo costs (with rent) / month	Family of 3 costs (no rent) / month	Family of 3 costs (with rent) / month	Mobile download speed (Mbps)	Internet download speed (Mbps)
1	Akranes	7800	176	$1,765	$3,497	$3,775	$7,554	230.95	414.46
2	Akureyri	-		$1,084	$2,883	$2,384	$4,817	14.83	330.04
3	Bakkafjordur	100		$237	$246	$677	$594	100.88	409.28
4	Blonduos	900	81	$1,310	$1,609	$3,716	$4,092	151.65	403.21
5	Bolungarvik	900						36.5	475.06
6	Drangsnes	100	81	$1,671	$1,613	$3,500	$4,089	112.99	229.47
7	Egilsstadir	2500		$552	$601	$1,422	$1,408	42.38	210.71
8	Grundarfjordur	800	81	$1,571	$1,586	$4,034	$3,983	111.37	142.69
9	Hafnarfjordur	31525	186	$1,540	$3,758	$4,208	$6,898	138.01	409.09
10	Hallormsstadur	-						138.53	210.71
11	Hella	900	81	$1,563	$1,620	$4,440	$4,028	94.76	255.81
12	Husavik	2300						18.17	148.73
13	Hverageroi	-	81	$1,371	$1,612	$3,787	$4,077	-	-
14	Isafjordur	2600						39.91	389.45
15	Keflavik	15000	144	$1,580	$2,835	$4,203	$5,827	92.08	316.1
16	Kirkjubaejarklaustur	500	81	$1,605	$1,636	$4,029	$4,067	19.28	131.02
17	Kopavogur	39335	87	$1,805	$1,704	$3,704	$4,075	139.78	365.74
18	Njardvik	6000	154	$1,447	$3,040	$4,072	$6,335	11.52	316.1
19	Reykjahlid	300		$186	$179	$313	$339	60.61	290.19
20	Reykjavik	136894	192	$1,726	$3,831	$4,391	$7,179	74.64	371.14
21	Selfoss	9000		$564	$3,511	$1,586	$1,441	46.67	429.82

Digital Nomad Cost of Living Index

Cost of Living in Iceland - Frequently Asked Questions

Iceland tends to be more expensive than many popular destinations, but the value shows up in safety, reliability, and access to stunning landscapes. Cost of Living in Iceland reflects a balance between high import costs and strong social services, good healthcare, and robust internet. For travelers on short trips, the price tag can feel premium, but long stays for expats and digital nomads pay off with quality infrastructure, reliable transport, and a thriving, safe environment. Community, nature, and wellness options add intangible value that’s hard to quantify. Plan around seasonal swings and look beyond Reykjavik to more affordable rural towns. Tip: Map your priorities and build a two-tier budget that covers housing first, then experiences.

Expect a housing search that rewards longer commitments and proximity to services; in Reykjavik and the surrounding towns, you’ll find a mix of compact apartments and houses, with central-area rents often higher. Groceries lean on dairy, seafood, and seasonal produce; cooking at home stays economical relative to dining out, and markets appear in many neighborhoods. Transport is reliable in cities with buses and bikes and convenient domestic flights for longer hops; in rural areas, a car or coordinated shuttle helps. Co-working spaces are common in city centers, making it easy to work remotely. Iceland living cost aside, plan for seasonal shifts in demand and weather. Tip: test your daily routes during rush hour and choose a neighborhood that minimizes long commutes.

Quality of life in Iceland shines with safety, nature access, and a calm pace of life that suits outdoor lovers and remote workers. Build a budgeting framework around housing, groceries, transport, and occasional experiences, then set flexible limits for dining out or weekend trips. Seasonal variations affect income and expenses in practice, with more daylight in summer creating longer outdoor windows and harsher travel crowds in peak seasons; choose neighborhoods that balance easy commutes with access to nature. Save by cooking at home, buying seasonal produce, and using public transport or shared rides. Tip: pick a base town with good flight access and varied services, then reserve time for weekend explorations.