Are you considering a move to Reykjavik, Iceland, and wondering about the cost of living? Reykjavik is a diverse city with a lot to offer, but like any city, it comes with its own set of expenses. In this page, we'll break down the cost of living in Reykjavik and help you understand whether $3946 per month is moderately priced, given the average monthly salary of $3590.57.
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Restaurants |
Price |
World Range |
|---|---|---|
|
Meal, Inexpensive Restaurant |
19.75 $ |
|
|
Meal for 2 People, Mid-range Restaurant, Three-course |
122.09 $ |
|
|
McMeal at McDonalds (or Equivalent Combo Meal) |
15.8 $ |
|
|
Domestic Beer (1 pint draught) |
10.05 $ |
|
|
Imported Beer (12 oz small bottle) |
8.62 $ |
|
|
Cappuccino (regular) |
4.8 $ |
|
|
Coke/Pepsi (12 oz small bottle) |
2.84 $ |
|
|
Water (12 oz small bottle) |
2.09 $ |
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|
Markets |
Price |
World Range |
|---|---|---|
|
Milk (regular), (1 gallon) |
1.59 $ |
|
|
Loaf of Fresh White Bread (1 lb) |
3.63 $ |
|
|
Rice (white), (1 lb) |
3.24 $ |
|
|
Eggs (regular) (12) |
5.95 $ |
|
|
Local Cheese (1 lb) |
15.16 $ |
|
|
Chicken Fillets (1 lb) |
19.03 $ |
|
|
Beef Round (1 lb) (or Equivalent Back Leg Red Meat) |
29.78 $ |
|
|
Apples (1 lb) |
3.22 $ |
|
|
Banana (1 lb) |
2.09 $ |
|
|
Oranges (1 lb) |
2.71 $ |
|
|
Tomato (1 lb) |
4.96 $ |
|
|
Potato (1 lb) |
3.01 $ |
|
|
Onion (1 lb) |
1.89 $ |
|
|
Lettuce (1 head) |
3.13 $ |
|
|
Water (1.5 liter bottle) |
2.23 $ |
|
|
Bottle of Wine (Mid-Range) |
18.67 $ |
|
|
Domestic Beer (0.5 liter bottle) |
3.05 $ |
|
|
Imported Beer (12 oz small bottle) |
2.5 $ |
|
|
Cigarettes 20 Pack (Marlboro) |
12.02 $ |
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|
Transportation |
Price |
World Range |
|---|---|---|
|
One-way Ticket (Local Transport) |
3.95 $ |
|
|
Monthly Pass (Regular Price) |
64.64 $ |
|
|
Taxi Start (Normal Tariff) |
5.24 $ |
|
|
Taxi 1 mile (Normal Tariff) |
2.5 $ |
|
|
Taxi 1hour Waiting (Normal Tariff) |
67.22 $ |
|
|
Gasoline (1 gallon) |
2.32 $ |
|
|
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) |
41582.88 $ |
|
|
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) |
43061.62 $ |
|
|
Utilities (Monthly) |
Price |
World Range |
|---|---|---|
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment |
88.03 $ |
|
|
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) |
-- |
|
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
61.63 $ |
|
|
Sports And Leisure |
Price |
World Range |
|---|---|---|
|
Fitness Club, Monthly Fee for 1 Adult |
63.02 $ |
|
|
Tennis Court Rent (1 Hour on Weekend) |
28.83 $ |
|
|
Cinema, International Release, 1 Seat |
14.36 $ |
|
|
Childcare |
Price |
World Range |
|---|---|---|
|
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child |
245.37 $ |
|
|
International Primary School, Yearly for 1 Child |
5972.9 $ |
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|
Clothing And Shoes |
Price |
World Range |
|---|---|---|
|
1 Pair of Jeans (Levis 501 Or Similar) |
100.38 $ |
|
|
1 Summer Dress in a Chain Store (Zara, H&M, ...) |
41.94 $ |
|
|
1 Pair of Nike Running Shoes (Mid-Range) |
139.0 $ |
|
|
1 Pair of Men Leather Business Shoes |
177.29 $ |
|
|
Rent Per Month |
Price |
World Range |
|---|---|---|
|
Apartment (1 bedroom) in City Centre |
1747.42 $ |
|
|
Apartment (1 bedroom) Outside of Centre |
1522.91 $ |
|
|
Apartment (3 bedrooms) in City Centre |
2553.47 $ |
|
|
Apartment (3 bedrooms) Outside of Centre |
2204.35 $ |
|
|
Buy Apartment Price |
Price |
World Range |
|---|---|---|
|
Price per Square Feet to Buy Apartment in City Centre |
6207.4 $ |
|
|
Price per Square Feet to Buy Apartment Outside of Centre |
4835.26 $ |
|
|
Salaries And Financing |
Price |
World Range |
|---|---|---|
|
Average Monthly Net Salary (After Tax) |
3590.57 $ |
|
|
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate |
7.85 % |
|
The monthly expenses for living in Reykjavik come to a total of approximately $3946. This includes an average monthly rent of around $1747 for a one-bedroom apartment in the city center, along with utilities costing about $118 per month. Additionally, other expenses such as groceries, transportation, dining out, and leisure activities for one person amount to approximately $1227 per month.
Living in Reykjavik appears to be relatively budget-friendly when considering the average monthly income of $3590.57. However, to enjoy a comfortable standard of living in Reykjavik, you would likely need an income exceeding $3590.57.
In Reykjavik, the average monthly post-tax salary hovers around $3590.57, and it isn't tied to any particular skillset or qualification.
The typical monthly rent for a one-bedroom apartment in the central area of Reykjavik is approximately $1747. If you're open to living in a location outside the city center, you can expect to pay around $1522.91 for such an apartment.
The expense for groceries in Reykjavik can fluctuate based on personal choices and shopping patterns. Typically, an individual can budget around $928 per month for groceries. Nevertheless, the actual costs may change depending on various factors, including the specific items bought, the choice of stores, and the availability of discounts or special offers.
The cost of living in Iceland can vary significantly depending on the particular city you have in mind. Using a nationwide average might not provide accurate information. To get a more precise understanding, it's crucial to examine the cost of living in various cities throughout Iceland.
Even though Iceland can be seen as the safest country and it is almost impossible to see homelessness and drugs, some petty theft may happen, especially around bars. Tourists are advised to avoid leaving valuables lying around in Reykjavík and take sensible precautions and pay attention not to get involved in fights that break out on the street on weekends. Nevertheless, Reykjavík is still safer than the larger capitals of other countries.
Reykjavík has a public bus system that is clean and reliable, and there are no reports of crimes related to it. You can drive here with your license and there is no need for an International Driving Permit. If you rent a car, make sure that you are familiar with all the regulations and costs, since car breakdown recovery prices in remote areas can be very high. Roads are narrow and winding, and speed limits are low, so take particular care and reduce your speed when driving in winter.
When it comes to pickpocketing and purse snatching, you can relax when in Reykjavík, but do not rely always on that. You need to keep an eye on your belongings as in any other major city.
The country is located in an active seismic zone and has active volcanoes, so further volcanic eruptions are possible and there is the potential for sulfur dioxide and other volcanic gases to be emitted during eruptions.
As well as pickpocketing, mugging and kidnapping risks are also at a very low level. You need to be cautious, but this is not the risk that might destroy your journey.
The threat of terrorism exists globally and is increasing in Iceland. It cannot be ruled out, so you should be careful in public areas. To minimize your risk in case a terrorist attack happens, you need to follow the advice of authorities.
The fact that the crime rate is so low makes Reykjavík a perfect holiday destination. There are almost no scams except for some thieves that might use strategies to rob you.
Because many women travel safely, it can be said that Reykjavík is a great city for solo female travelers. There is not a lot of violence here and you can walk in most places alone without worrying about being harassed, which makes it one of the safest places on earth. People are friendly and helpful, but women should remain watchful and aware of their surroundings.
Citizens of the countries that belong to Schengen do not need a visa to enter Iceland for stays of up to 3 months. For longer staying, visas are obligatory and your passport should be valid during your stay.
The official currency is the Icelandic króna. ATMs can be found everywhere and credit cards are accepted. You should not give tips and bear in mind that Iceland is an expensive country. Exchange your money into Icelandic krona only in banks.
The weather changes all the time and one of the biggest surprises in Iceland is that the weather can change quickly and cause hazards, so tourists should pay attention to forecasts and road conditions, especially if they are traveling in the winter. The temperatures are not very high in the summer, but they do not go much below zero during winter. January is the coldest month with some snow, but summer is the best season to visit Reykjavík.
There are two main airports in Iceland and they are the Reykjavík Airport and the Keflavik International Airport. Keflavík International Airport is located 50 km southwest of Reykjavík, in the town of Keflavík and it operates with international airlines.
If you have decided that you are going to travel to Reykjavík, make sure that you got travel insurance in case of medical problems, theft, and loss of personal items.
| Average | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 36°F | 37°F | 38°F | 42°F | 49°F | 54°F | 56°F | 56°F | 51°F | 44°F | 39°F | 37°F |
| Temp | 32°F | 33°F | 34°F | 38°F | 44°F | 50°F | 53°F | 52°F | 47°F | 40°F | 36°F | 33°F |
| Low | 28°F | 29°F | 29°F | 33°F | 39°F | 45°F | 48°F | 47°F | 42°F | 36°F | 32°F | 29°F |
| Average | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 2°C | 2°C | 3°C | 5°C | 9°C | 12°C | 13°C | 13°C | 10°C | 6°C | 3°C | 2°C |
| Temp | 0°C | 0°C | 1°C | 3°C | 6°C | 10°C | 11°C | 11°C | 8°C | 4°C | 2°C | 0°C |
| Low | -2°C | -1°C | -1°C | 0°C | 3°C | 7°C | 8°C | 8°C | 5°C | 2°C | 0°C | -1°C |