Cost of Living in Iceland

Reykjavik Akureyri Blonduos Bolungarvik Borgarnes Drangsnes Egilsstadir Gardabaer Grundarfjordur Hallormsstadur Hella Hafnarfjorour Hafnir Reykjahlid Stokkseyri Akranes Kirkjubaejarklaustur Husavik Hverageroi Isafjorour Keflavik Kopavogur Selfoss

If you've ever considered moving to Iceland, one of the first questions that likely crossed your mind is, "What is the cost of living in Iceland?" After all, it's essential to have a clear picture of your potential expenses before making such a life-changing decision. At this page, we'll dive into the nitty-gritty of the cost of living in Iceland and whether the reported $3224 per month figure aligns with the average monthly salary of $3030.17.

Restaurants
Markets
Transportation
Childcare
Clothing
Rent Per Month
Buy Apartment
Salaries
Iceland
restaurant

Restaurants

Price

World Range

Meal, Inexpensive Restaurant

17.12 $

Meal for 2 People, Mid-range Restaurant, Three-course

95.86 $

McMeal at McDonalds (or Equivalent Combo Meal)

13.69 $

Domestic Beer (1 pint draught)

8.22 $

Imported Beer (12 oz small bottle)

7.19 $

Cappuccino (regular)

4.17 $

Coke/Pepsi (12 oz small bottle)

2.36 $

Water (12 oz small bottle)

1.85 $

store

Markets

Price

World Range

Milk (regular), (1 gallon)

1.34 $

Loaf of Fresh White Bread (1 lb)

3.02 $

Rice (white), (1 lb)

2.77 $

Eggs (regular) (12)

5.06 $

Local Cheese (1 lb)

12.49 $

Chicken Fillets (1 lb)

15.37 $

Beef Round (1 lb) (or Equivalent Back Leg Red Meat)

22.77 $

Apples (1 lb)

2.76 $

Banana (1 lb)

2.07 $

Oranges (1 lb)

2.24 $

Tomato (1 lb)

4.0 $

Potato (1 lb)

2.33 $

Onion (1 lb)

1.26 $

Lettuce (1 head)

2.36 $

Water (1.5 liter bottle)

1.71 $

Bottle of Wine (Mid-Range)

17.12 $

Domestic Beer (0.5 liter bottle)

2.87 $

Imported Beer (12 oz small bottle)

2.5 $

Cigarettes 20 Pack (Marlboro)

10.54 $

commute

Transportation

Price

World Range

One-way Ticket (Local Transport)

3.36 $

Monthly Pass (Regular Price)

54.78 $

Taxi Start (Normal Tariff)

5.07 $

Taxi 1 mile (Normal Tariff)

2.4 $

Taxi 1hour Waiting (Normal Tariff)

54.23 $

Gasoline (1 gallon)

2.02 $

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)

28757.27 $

Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)

32047.42 $

mark_as_unread

Utilities (Monthly)

Price

World Range

Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment

106.62 $

1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans)

0.15 $

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)

64.03 $

kitesurfing

Sports And Leisure

Price

World Range

Fitness Club, Monthly Fee for 1 Adult

58.92 $

Tennis Court Rent (1 Hour on Weekend)

31.67 $

Cinema, International Release, 1 Seat

11.64 $

child_friendly

Childcare

Price

World Range

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

262.47 $

International Primary School, Yearly for 1 Child

5048.5 $

checkroom

Clothing And Shoes

Price

World Range

1 Pair of Jeans (Levis 501 Or Similar)

107.87 $

1 Summer Dress in a Chain Store (Zara, H&M, ...)

50.21 $

1 Pair of Nike Running Shoes (Mid-Range)

139.95 $

1 Pair of Men Leather Business Shoes

170.67 $

night_shelter

Rent Per Month

Price

World Range

Apartment (1 bedroom) in City Centre

1307.6 $

Apartment (1 bedroom) Outside of Centre

1057.94 $

Apartment (3 bedrooms) in City Centre

1854.8 $

Apartment (3 bedrooms) Outside of Centre

1622.55 $

home

Buy Apartment Price

Price

World Range

Price per Square Feet to Buy Apartment in City Centre

4884.47 $

Price per Square Feet to Buy Apartment Outside of Centre

3742.8 $

account_balance_wallet

Salaries And Financing

Price

World Range

Average Monthly Net Salary (After Tax)

3030.17 $

Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate

5.55 %

Iceland

How Safe Is Iceland for Travel?
Warnings & Dangers in Iceland

TERRORISM RISK: LOW

There haven't been any terrorist attacks in Iceland's recent history. However, they shouldn't be ruled out, so remain aware of your surroundings at all times.

OVERALL RISK: LOW

Iceland is a very safe country to visit. It is actually considered the safest country in the world, which still doesn't mean that you should completely relax: petty crime has recently been on the rise in the capital city, Reykjavik.

TRANSPORT & TAXIS RISK: LOW

Taxis and other means of transportation are very safe and reliable in Iceland.

PICKPOCKETS RISK: LOW

There is almost no pickpocketing in Iceland, it is a country that boasts extremely low crime rates. Avoid flashing your valuables in public, or leaving them in plain sight and you should encounter no problems.

NATURAL DISASTERS RISK: LOW

The biggest threats for tourists in Iceland actually lie in nature. The most important thing for tourists and visitors is to monitor local news for information on the weather (since it can change very quickly) and follow the advice of authorities as well as the signs you see on the road, or anywhere in nature.

MUGGING RISK: LOW

Mugging is uncommon in Iceland, and so is kidnapping. However, as in any country, it is recommended that you remain vigilant at all times. Be wary of people trying to distract you, as it might be a trick to try to steal from you.

SCAMS RISK: LOW

Scams are also not common in this country, but you should use your common sense and double-check everything. Be wary of people offering you help with anything or giving you unsolicited advice or directions.

WOMEN TRAVELERS RISK: LOW

Iceland is very safe for women traveling solo, probably one of the safest countries for female travelers. Just follow the rules of common sense such as avoiding deserted and poorly lit streets and areas, and your trip should go smoothly.

Useful Information & Tips
credit_card

Visas

Many countries do not need a visa to enter Iceland, just make sure that your passport is valid during the duration of your stay: no additional validity is needed. Since Iceland is part of the Schengen Agreement, a Schengen visa is valid. However, if you are not sure about your visa status, visit www.doyouneedvisa.com which will let you know whether or not you need a visa based on your nationality and the country you want to visit.

currency_exchange

Currency

Icelandic króna is the official currency in Iceland. ATMs are widely used and available, and credit cards are accepted and used throughout the country.

cloudy_snowing

Weather

Iceland is gorgeous to visit year-round. Despite its name, the climate in Iceland is rather mild. Generally, the southern part of the country has a somewhat wetter and warmer climate than the north part, and the coldest part of Iceland is the Central Highlands.

flight_takeoff

Airports

Keflavík International Airport also known as Reykjavík–Keflavík Airport, is the largest airport in Iceland and located about 50 km southwest of Reykjavik.

health_and_safety

Travel Insurance

Just like anywhere else, we recommend getting travel insurance when traveling to Iceland, since it covers not only medical problems but also theft and loss of valuables.

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