Cost of Living in Reykjavik, Iceland
Iceland · Europe
Cost of Living in Reykjavik: Quick Answer
The average cost of living in Reykjavik, Iceland is approximately $4,300 per month for one person. This page covers rent, groceries, transportation, utilities, salaries and quality of life. The cost of living index is 106, using New York City as the 100-point benchmark.
$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
| 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% |
Cost of Living in Reykjavik: Complete Guide
The cost of living in Reykjavik, Iceland, depends mainly on housing, transportation, food, utilities and lifestyle. The estimated monthly cost for one person is $4,300. The city's cost of living index is 106, compared with a New York City benchmark of 100.
Monthly Expenses in Reykjavik
A typical monthly budget in Reykjavik includes rent, groceries, transportation, utilities and other everyday expenses. Housing is usually one of the largest parts of the monthly budget.
Rent and Housing Costs in Reykjavik
A one-bedroom apartment outside the city center costs approximately $1,500 per month, while a one-bedroom apartment in the city center costs around $2,000. A three-bedroom apartment in the center averages $4,000 per month.
Average Salary in Reykjavik
The average net salary in Reykjavik is approximately $5,000 per month. Purchasing power is rated 100out of 100.
Is Reykjavik Expensive to Live In?
With a cost of living index of 106,Reykjavik is more expensive than the New York City benchmark. Housing, groceries and transportation are important factors when comparing the total monthly cost.
Quality of Life in Reykjavik
Safety
Reykjavik has a safety score of 92/100. Safety is one of the factors to consider when comparing living costs and choosing a city.
Healthcare
Healthcare in Reykjavik is rated 90/100. Healthcare access and medical costs can affect the total monthly budget for residents and families.
Climate
The climate index for Reykjavik is 35/100. Climate and seasonal conditions can influence housing, transport and lifestyle expenses.
Purchasing Power
Reykjavik has a purchasing power score of 100/100. Comparing salary levels with living expenses provides a better picture of affordability than looking at rent alone.
Living in Reykjavik
Cost of Living for Students
Students should budget for accommodation, food, transportation, utilities and study expenses. Shared housing and public transportation may reduce monthly expenses.
Cost of Living for Expats
Expats considering Reykjavik should compare rent, healthcare, transportation, taxes, groceries and salary levels before relocating.
Cost of Living for Remote Workers
Remote workers can compare housing, transportation, internet, food and purchasing power to estimate whether Reykjavik fits their monthly budget.
Is Reykjavik Affordable?
Affordability depends on income and housing choices. The cost index of 106provides a useful benchmark when comparing Reykjavik with other cities.
Key Cost of Living Facts for Reykjavik
- Average Monthly Cost
- $4,300
- Cost Index
- 106
- Rent Index
- 95
- Average Net Salary
- $5,000
- Quality of Life
- 90/100
- Safety
- 92/100
- Healthcare
- 90/100
- Currency
- ISK
Frequently Asked Questions About Reykjavik
What is the cost of living in Reykjavik?
The estimated cost of living in Reykjavik, Iceland, is approximately $4,300 per month for one person. This estimate includes major living expenses such as housing, food, transportation and utilities.
How much is rent in Reykjavik?
A one-bedroom apartment outside the center costs approximately $1,500 per month, while a one-bedroom apartment in the center costs about $2,000.
Is Reykjavik expensive to live in?
Reykjavik has a cost index of 106 compared with New York City's benchmark of 100. The overall affordability depends on housing, salary and lifestyle.
What is the average salary in Reykjavik?
The average net salary in Reykjavik is approximately $5,000 per month.
Is Reykjavik good for expats?
Expats should evaluate housing, salaries, transportation, healthcare, safety and quality of life before deciding whether Reykjavik is suitable for relocation.