Cost of Living in Iceland

Last updated on Mar 05, 2024

Summary: The cost of living in Iceland is generally high, especially in the capital city of Reykjavik. The average cost of a nice 1 bedroom apartment in Reykjavik is around $1,500 USD per month, while a nice 2 bedroom apartment can cost up to $2,500 USD per month. The cost of dinner at a moderately priced restaurant in Reykjavik is around $30 USD per person.

Is the cost of living in Iceland high?

We asked people how much they someone comfortably live on in Iceland, they wrote:

"The cost of living in Iceland is generally higher than in other European countries. Prices for basic goods and services, such as food, housing, transportation, and utilities, are all more expensive than in many other countries. Eating out and entertainment can also be costly, and the cost of alcohol is particularly high. However, wages in Iceland are also higher than in many other countries, so the overall cost of living is still manageable," explained one expat.

Answer this Question

Allianz Care
Get Quote

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.

Allianz Care

Will I save money living in Iceland?

Please login to continue reading this article.

Not a member? Join Today (it's free).

About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.