Cost of Living in Reykjavik, Iceland
Iceland · Europe
$4,300
Monthly Cost
avg/person
106
Cost Index
NYC=100
95
Rent Index
NYC=100
90
Quality of Life
Excellent
92
Safety Index
Excellent
0.1M
Population
ISK
Quality Indices
Currency
Data collected from contributors and public sources.
Updated Monthly
Prices are indicative.
| Item | Price (USD) |
|---|---|
| Meal (inexpensive) | $22 |
| Meal for 2 (mid-range) | $95 |
| McMeal at McDonald's | $15 |
| Domestic Beer (0.5L) | $10 |
| Imported Beer (0.33L) | $10 |
| Cappuccino | $6 |
| Coke/Pepsi (0.33L) | $4 |
| Water (0.33L) | $3 |
| Item | Price (USD) |
|---|---|
| Milk (1L) | $1.8 |
| Bread (500g) | $3 |
| Rice (1kg) | $2.5 |
| Eggs (12) | $5 |
| Chicken (1kg) | $12 |
| Beef (1kg) | $20 |
| Apples (1kg) | $4 |
| Banana (1kg) | $2.5 |
| Tomato (1kg) | $5 |
| Potato (1kg) | $2.5 |
| Onion (1kg) | $2 |
| Water (1.5L) | $2 |
| Item | Price (USD) |
|---|---|
| 1-way Ticket (local) | $3.5 |
| Monthly Pass | $65 |
| Taxi 1km | $4 |
| Gasoline (1L) | $2.1 |
| Volkswagen Golf | $40000 |
| Toyota Corolla | $32000 |
| Item | Price (USD) |
|---|---|
| Basic (85m² apt) | $120 |
| Mobile Plan | $25 |
| Internet (60 Mbps) | $45 |
| Fitness Club/month | $80 |
| Item | Price (USD) |
|---|---|
| 1BR Center | $2,000/mo |
| 1BR Outside | $1,500/mo |
| 3BR Center | $4,000/mo |
| 3BR Outside | $3,000/mo |
| Price/m² Center | $10,000/m² |
| Price/m² Outside | $7,000/m² |
| Item | Price (USD) |
|---|---|
| Average Net Salary | $5000 |
| Mortgage Interest Rate | 7.5% |
View Cost of Living in Iceland
Cost of Living in Reykjavik — Complete Guide (2026)
Monthly Budget Overview
The average cost of living in Reykjavik, Iceland is approximately $4,300 per month for a single person. This includes rent, groceries, local transport, and utilities. Compared to New York City (index 100), Reykjavik has a cost index of 106, making it around 6% more expensive.
Rent and Housing
Renting a one-bedroom apartment outside the city center in Reykjavik costs around $1,500/month, while a one-bedroom in the center is approximately $2,000/month. A three-bedroom apartment in the center averages $4,000/month. The rent index is 95 compared to New York City.
Quality of Life and Safety
Reykjavik scores 90/100 on the quality of life index and 92/100 on safety. Healthcare is rated 90/100. The climate index is 35/100. These scores are based on factors including infrastructure, pollution levels, healthcare access, and crime rates reported by residents and contributors.
Salaries and Purchasing Power
The average net salary in Reykjavik is approximately $5,000/month. With a purchasing power index of 100/100, residents can cover basic expenses and save modestly. The local currency is ISK, though all prices on this page are displayed in USD for easy international comparison.
Cost of Living vs Salary in Reykjavik
The average monthly salary in Reykjavik is approximately $5,000. Compared with the average monthly living cost of $4,300, residents generally enjoy a purchasing power score of 100/100.
Healthcare Costs in Reykjavik
Healthcare quality in Reykjavik is rated 90/100. Medical expenses vary depending on insurance coverage and healthcare providers, but overall healthcare access remains an important factor when evaluating the total cost of living.
Quality of Life in Reykjavik
Reykjavik has a quality of life score of 90/100, supported by factors such as healthcare, safety, climate, purchasing power, infrastructure, and public services.
Cost of Living for Students in Reykjavik
Students living in Reykjavik should budget for accommodation, food, transportation, internet, and study-related expenses. Shared housing and student discounts can significantly reduce monthly costs.
Cost of Living for Expats in Reykjavik
Expats moving to Reykjavik often consider rent, healthcare, transportation, taxation, and lifestyle costs. Worldlivingcost data helps compare living expenses with other cities worldwide before relocation.
Quick Answer
The average cost of living in Reykjavik, Iceland is approximately $4,300 per month for a single person including rent, groceries, transportation, utilities and healthcare. The city's cost index is 106 compared with New York City (100).
Living in Reykjavik
Living in Reykjavik offers a balance between housing costs, transportation expenses, healthcare access and overall quality of life. The city has a cost of living index of 106 and a quality of life score of 90/100. Residents spend most of their monthly budget on housing, groceries and transportation, while local salaries average $5,000 per month. For expats, students, remote workers and families, Reykjavik provides a useful benchmark when comparing living costs with other cities in Iceland and around the world.
Key Facts About Reykjavik
- Average Monthly Cost: $4,300
- Cost Index: 106
- Rent Index: 95
- Average Salary: $5,000
- Quality of Life: 90/100
- Safety Score: 92/100
- Country: Iceland
- Currency: ISK
Is Reykjavik Expensive?
Reykjavik has a cost index of 106 compared with New York City's benchmark score of 100. This means it is more expensive than many major international cities.
How does Reykjavik compare to other cities?
Reykjavik is located in Europe with a population of approximately 0.1M. At a cost index of 106 (NYC = 100), it is a mid-range city in terms of global cost of living. Use the free comparison tool to see how Reykjavik stacks up against any other city worldwide across rent, groceries, transport, and salaries.
Frequently Asked Questions
What is the cost of living in Reykjavik?
The average cost of living in Reykjavik, Iceland is approximately $4,300 per month for a single person, including rent, food, transportation, and utilities. The cost index is 106 relative to New York City (NYC = 100).
How much does rent cost in Reykjavik?
Rent in Reykjavik varies by neighborhood and apartment size. The rent index is 95 (NYC=100). Use Worldlivingcost's city comparison tool to see detailed rent prices for Reykjavik alongside other cities worldwide.
Is Reykjavik expensive to live in?
Reykjavik has a cost index of 106 compared to New York City (100). At 106, Reykjavik is on the more expensive side globally. The average monthly budget for a single person is around $4,300.
What is the quality of life in Reykjavik?
Reykjavik has a quality of life index of 90/100 and a safety index of 92/100. The city is located in Europe and offers a excellent quality of life rating based on factors including safety, healthcare, climate, and infrastructure.
How does the cost of living in Reykjavik compare to other cities?
Use Worldlivingcost's free comparison tool to compare Reykjavik with any city worldwide. Reykjavik's cost index is 106 (NYC=100), making it more expensive than New York. Compare rent, groceries, transport, healthcare, and salaries side by side.
Can you live comfortably in Reykjavik?
Many residents live comfortably in Reykjavik with a monthly budget of around $4,300 depending on lifestyle and housing choices.
Is Reykjavik good for expats?
Reykjavik is popular among expats due to its job opportunities, quality of life, and infrastructure.
What salary is needed in Reykjavik?
A salary above the average monthly living cost of $4,300 is generally sufficient for a comfortable lifestyle in Reykjavik.
Is Reykjavik cheaper than New York?
No, Reykjavik has a cost index of 106 compared with New York City's benchmark index of 100.
What are the biggest expenses in Reykjavik?
Housing, rent, groceries, transportation, and healthcare are typically the largest monthly expenses in Reykjavik.
Best Time & Tips to Save Money in Reykjavik
Cheapest Ways to Live in Reykjavik
Newcomers looking to reduce their monthly budget in Reykjavik typically save the most on housing by choosing accommodation outside the city center, where rent runs close to $1,500/month compared to $2,000/month in the center. Cooking at home instead of dining out, using public transport instead of taxis, and sharing an apartment with roommates are the most effective ways to cut living expenses in Reykjavik, Iceland.
Is Reykjavik Worth Moving To?
With a purchasing power index of 100/100 and a quality of life score of 90/100, Reykjavik is considered a highly desirable relocation destination with strong infrastructure and services. Combined with a cost index of 106 relative to New York City, Reykjavik remains a popular search term among people comparing the cost of living Iceland has to offer against other destinations in Europe.
Reykjavik Cost of Living FAQ Summary
People searching for "cost of living in Reykjavik", "Reykjavik monthly expenses 2026", and "is Reykjavik affordable" can use this page as a complete reference. With an average monthly cost of $4,300, a safety score of 92/100, and healthcare rated 90/100, Reykjavik offers a data-backed answer for expats, digital nomads, students, and families planning a move to Iceland.
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Last reviewed: 7/15/2026