Northern Europe Updated
Average Cost of Living in Iceland
The average cost of living in Iceland ranges from $2,405 per month in Akureyri-Iceland to $2,634 per month in Reykjavik-Iceland, with a median monthly basket of $2,634 for a single person. We track 2 cities in Iceland.
Prices in USD, refreshed regularly. Click any city for the full price breakdown.
On this page 3 sections
| Section | Description |
|---|---|
| Iceland at a glance | Headline numbers across 2 cities. |
| Cities in Iceland | Sort by cheapest, most expensive, A–Z, or cost index. |
| Frequently asked about Iceland | Common questions about prices, salaries, and relocating. |
Cities tracked
2
Median monthly · single
$2,634
Average cost index
57.3
NYC = 100
Most / least expensive
Reykjavik-Iceland /
Akureyri-Iceland
Browse cities
2 cities shown
About cost of living in Iceland
- How expensive is Iceland?
- Iceland has 2 cities tracked in our dataset. Costs vary considerably across the country: Akureyri-Iceland is among the most affordable, while Reykjavik-Iceland ranks among the most expensive.
- How much money do I need to live in Iceland?
- Budget anywhere from $2,405 per month in Akureyri-Iceland (the cheapest tracked city) to $2,634 per month in Reykjavik-Iceland (the most expensive). Pick the city that matches your work and lifestyle, then add 15–25% on top of the basket for taxes, savings, and discretionary spending.
- What is the cheapest city in Iceland?
- Akureyri-Iceland typically offers the lowest cost of living in Iceland, especially on rent and groceries. Salaries are usually lower too — compare both before relocating.
- Which city in Iceland has the best quality of life for expats?
- The best fit depends on your work and lifestyle. Capital cities offer the most amenities, English-speaking services, and international communities, while regional cities trade those for affordability and a slower pace.
- Is the cost-of-living data for Iceland up to date?
- Prices are normalized to USD and refreshed periodically. Currency fluctuations can shift dollar-denominated costs even when local prices are stable, so use the figures as a relative comparison rather than a precise quote.