| Apartment Rentals | Rent for a one-bedroom apartment in the city center of Reykjavik is around $1,400 per month. Rent for a three-bedroom apartment in the city center is around $2,400 per month. Rent for a one-bedroom apartment outside of the city center is around $1,000 per month. Rent for a three-bedroom apartment outside of the city center is around $1,800 per month. |
| Apartment Purchases | The average price of a one-bedroom apartment in the city center of Reykjavik is around $250,000. The average price of a three-bedroom apartment in the city center is around $400,000. The average price of a one-bedroom apartment outside of the city center is around $200,000. The average price of a three-bedroom apartment outside of the city center is around $300,000. |
| Transportation | Public transportation in Reykjavik is relatively inexpensive. A single bus ticket costs around $2.50. A monthly bus pass costs around $50. Taxi fares start at around $5 and increase with distance. Gasoline is around $2.50 per liter. |
| Groceries | Groceries in Reykjavik are relatively expensive. A loaf of bread costs around $4. A liter of milk costs around $2.50. A dozen eggs costs around $5. A kilogram of apples costs around $4. A kilogram of potatoes costs around $3. |
| Restaurants | Eating out in Reykjavik can be expensive. A meal at a mid-range restaurant costs around $30 per person. A three-course meal for two at a mid-range restaurant costs around $60. A cup of coffee costs around $4. A beer at a bar costs around $10. |
| Utilities | Utilities in Reykjavik are relatively expensive. The average monthly cost for electricity, heating, water, and garbage for a 85m2 apartment is around $200. The average monthly cost for internet is around $50. |
| Private School Tuition | Private school tuition in Reykjavik is expensive. Preschool tuition is around $1,000 per month. Elementary school tuition is around $1,500 per month. Middle school tuition is around $2,000 per month. High school tuition is around $2,500 per month. |
Monthly Budget for Retirees in Reykjavik
“Yes, the cost of living in Reykjavik is high. The prices of groceries, transportation, and housing are all higher than in many other cities in the world,” said one expat living in Reykjavik.
“The cost of living in Reykjavik, is relatively high compared to other cities around the world. Housing expenses, such as rent and utilities, can be quite expensive, especially in the city center. Groceries and food prices are also high due to the country’s reliance on imports. Transportation costs, including public transit and gasoline, are also above average. Dining out and entertainment options, such as restaurants, bars, and movie theaters, can be pricey as well. However, healthcare and education in Iceland are generally of high quality and more affordable due to government subsidies. Overall, the cost of living in Reykjavik can be challenging for some, but the city offers a unique and beautiful environment with a high quality of life,” wrote a member in Reykjavik.
Can I live in Reykjavik on $1,500 a month?
“I’ve been living in Reykjavik for a few years now, and I can tell you that living on $1,500 a month can be quite challenging, especially if you’re used to modern amenities. However, it’s not impossible if you’re willing to make some sacrifices and be smart about your spending.First, you’ll need to find affordable housing. Reykjavik can be quite expensive, especially in the downtown area and neighborhoods like Vesturbær and Laugardalur. I’d recommend looking for a shared apartment or a small studio in more affordable neighborhoods like Breiðholt, Árbær, or Grafarvogur. You might be able to find something for around $800-$1,000 a month, but it might not be as modern or spacious as you’re used to.Next, you’ll need to be mindful of your grocery spending. Food can be quite expensive in Iceland, so I’d recommend shopping at budget-friendly stores like Bónus or Krónan and cooking most of your meals at home. Eating out can quickly eat up your budget, so save that for special occasions.Transportation can also be a significant expense, so I’d recommend using public transportation or biking instead of owning a car. The city has a decent bus system, and a monthly pass costs around $100. Biking can be a great way to get around during the warmer months, and there are plenty of bike paths throughout the city.As for entertainment and socializing, you’ll need to be creative and look for free or low-cost activities. There are plenty of beautiful parks and outdoor spaces in Reykjavik, and you can also take advantage of the city’s public pools, which are quite affordable. Going out for drinks can be expensive, so consider hosting gatherings at your place or attending events with free or low-cost entry.In summary, living on $1,500 a month in Reykjavik is possible, but you’ll need to make some sacrifices and be smart about your spending. Look for affordable housing in neighborhoods like Breiðholt, Árbær, or Grafarvogur, cook most of your meals at home, use public transportation or bike, and find free or low-cost entertainment options. It might not be the most luxurious lifestyle, but it’s definitely doable if you’re willing to adapt,” commented an expat living in Reykjavik.
Can I live in Reykjavik on $3,500 a month?
“I’ve been living in Reykjavik for a few years now, and I can tell you that it’s possible to live on $3,000 a month, but you’ll have to make some sacrifices. The cost of living in Iceland is quite high, especially when it comes to housing and groceries. To make it work, you’ll need to find an affordable place to live. I’d recommend looking for an apartment in neighborhoods like Breiðholt or Árbær, which are a bit further from the city center but have more reasonable rent prices. You can expect to pay around $1,000 to $1,500 for a one-bedroom apartment in these areas. I’d avoid neighborhoods like 101 Reykjavik or Vesturbær, as they tend to be more expensive.Another significant expense is groceries. To save money, I usually shop at discount supermarkets like Bónus or Krónan, which offer lower prices than other grocery stores. Eating out can also be quite expensive, so I try to cook at home as much as possible. Transportation is another thing to consider. Reykjavik has a decent public transportation system, and a monthly bus pass costs around $100. If you can, I’d recommend using public transportation or biking instead of owning a car, as gas prices and parking fees can add up quickly.As for entertainment and leisure activities, there are plenty of free or low-cost options in Reykjavik. You can enjoy the city’s parks, museums, and outdoor swimming pools without spending too much. However, you might have to cut back on more expensive activities like going to bars, concerts, or taking trips around the country.In summary, living comfortably on $3,000 a month in Reykjavik is possible, but you’ll need to be mindful of your spending and make some sacrifices. By choosing an affordable neighborhood, shopping smartly for groceries, and taking advantage of free or low-cost activities, you can make it work,” said one expat living in Reykjavik.
Can I live in Reykjavik on $5,000 a month?
“I’ve been living in Reykjavik for a few years now, and I can tell you that it’s definitely possible to live comfortably on $5,000 a month, but you’ll need to be mindful of your spending. The cost of living in Iceland is quite high, especially when it comes to housing and groceries. To make it work, you might have to make some sacrifices. For example, you might need to live in a smaller apartment or share a place with roommates. When it comes to choosing a neighborhood, I’d recommend looking into more affordable areas like Breiðholt, Árbær, or Grafarvogur. These neighborhoods are a bit further from the city center, but they offer more reasonable rent prices. I’d avoid more expensive neighborhoods like 101 Reykjavik (downtown) or Vesturbær, as the rent prices there can be quite steep.Another thing to consider is transportation. Owning a car in Iceland can be expensive due to high gas prices and maintenance costs. Instead, I’d recommend using public transportation or biking, which is a popular and affordable way to get around the city.When it comes to groceries, you’ll want to shop at more budget-friendly stores like Bónus or Krónan, as opposed to more expensive options like Hagkaup or Nettó. Eating out can also be quite pricey, so cooking at home more often will help you save money.Lastly, you might have to cut back on some leisure activities, as things like going to the movies, concerts, or bars can be expensive in Reykjavik. However, there are plenty of free or low-cost activities to enjoy, like exploring the beautiful nature surrounding the city or attending local cultural events.Overall, living comfortably on $5,000 a month in Reykjavik is possible, but you’ll need to be mindful of your spending and make some sacrifices in terms of housing, transportation, and leisure activities,” commented an expat living in Reykjavik.
