Cost of living in Keflavik
Keflavik, a charming town in Iceland, offers a unique blend of natural beauty and modern amenities. Understanding the cost of living here is crucial for anyone considering a move or extended stay.
This guide provides a detailed breakdown of expenses, from dining and groceries to housing and transportation, helping you plan your budget effectively.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $20.93 on average, with a range between $14.41 and $35.48.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $123.10, with prices ranging from $72.41 to $217.23.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $15.17, with a range between $12.24 and $21.72.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $7.24 to $13.76, imported beer $7.24 to $13.40, cappuccino $3.55 to $6.88, and Coke/Pepsi $2.17 to $3.98.
Grocery Prices
- Milk - Milk is priced between $1.30 and $2.72 per liter, averaging $1.69.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $2.31 and $7.24, with an average price of $3.63.
- Eggs (Dozen) - A dozen eggs range from $4.34 to $6.95, averaging $5.43.
- Fruits (e.g., Apples, Oranges) - Apples cost $1.45 to $4.99 per kg, while oranges range from $1.96 to $5.43 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $1.80 and $4.06 per kg, and lettuce costs $1.23 to $4.66 per head.
Transportation
- Public Transport (Monthly Pass) - A monthly pass for local transport costs between $67.34 and $94.13, averaging $80.74.
- Fuel (Gasoline) - Gasoline is priced between $1.90 and $3.04 per liter, averaging $2.25.
- Taxi Fares - Taxi fares start at $5.29, with a cost of $2.17 to $4.35 per km and $67.78 to $86.89 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre ranges from $941.35 to $1665.46, averaging $1351.68.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $868.94 to $1086.17, averaging $965.48.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $1448.23 to $1918.90, averaging $1749.94.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $1267.20 to $1448.23, averaging $1339.61.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre averages $2824.04.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter averages $2027.52.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $41.03 and $181.03, averaging $41.03.
- Internet - Internet services range from $47.07 to $101.38, with an average cost of $65.17.
Worldwide
Iceland
Cost of Living Rankings
The cost of living indices for Iceland are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in Iceland, covering factors like consumer goods, rent, and purchasing power.
Highest to LowestUpdated: Dec, 2024
Cost of Living Data
The following pricing data has been gathered from 16 user contributions, as of the most recent update in November, 2024.
Restaurants
Restaurants
Avg
Range
Meal, Inexpensive Restaurant
$20.93
Meal for 2 People, Mid-range Restaurant, Three-course
$123.10
McMeal at McDonalds (or Equivalent Combo Meal)
$15.17
Domestic Beer (0.5 liter draught)
$7.60
Imported Beer (0.33 liter bottle)
$7.24
Coke/Pepsi (0.33 liter bottle)
$2.90
Water (0.33 liter bottle)
$2.19
Cappuccino (regular)
$3.58
Markets
Markets
Avg
Range
Milk (regular), (1 liter)
$1.69
Loaf of Fresh White Bread (500g)
$3.63
Eggs (regular) (12)
$5.43
Local Cheese (1kg)
$15.68
Water (1.5 liter bottle)
$2.08
Bottle of Wine (Mid-Range)
$14.48
Domestic Beer (0.5 liter bottle)
$3.21
Imported Beer (0.33 liter bottle)
$2.72
Cigarettes 20 Pack (Marlboro)
$10.82
Chicken Fillets (1kg)
$19.04
Apples (1kg)
$2.03
Oranges (1kg)
$2.17
Potato (1kg)
$2.39
Lettuce (1 head)
$2.79
Rice (white), (1kg)
$2.53
Tomato (1kg)
$3.33
Banana (1kg)
$2.03
Onion (1kg)
$1.33
Beef Round (1kg) (or Equivalent Back Leg Red Meat)
$28.96
Transportation
Transportation
Avg
Range
Monthly Pass (Regular Price)
$80.74
Gasoline (1 liter)
$2.25
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)
$42,650.25
Taxi Start (Normal Tariff)
$5.61
Taxi 1km (Normal Tariff)
$2.35
Taxi 1hour Waiting (Normal Tariff)
$76.90
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)
$45,871.65
Rent Per Month
Rent Per Month
Avg
Range
Apartment (1 bedroom) in City Centre
$1,351.68
Apartment (1 bedroom) Outside of Centre
$965.48
Apartment (3 bedrooms) in City Centre
$1,749.94
Apartment (3 bedrooms) Outside of Centre
$1,339.61
Utilities (Monthly)
Utilities (Monthly)
Avg
Range
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment
$41.03
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)
$65.17
Mobile Phone Monthly Plan with Calls and 10GB+ Data
$25.03
Sports And Leisure
Sports And Leisure
Avg
Range
Fitness Club, Monthly Fee for 1 Adult
$57.93
Tennis Court Rent (1 Hour on Weekend)
$30.67
Cinema, International Release, 1 Seat
$13.40
Clothing And Shoes
Clothing And Shoes
Avg
Range
1 Pair of Jeans (Levis 501 Or Similar)
$111.25
1 Summer Dress in a Chain Store (Zara, H&M, ...)
$50.69
1 Pair of Nike Running Shoes (Mid-Range)
$154.96
1 Pair of Men Leather Business Shoes
$168.96
Buy Apartment Price
Buy Apartment Price
Avg
Range
Price per Square Meter to Buy Apartment in City Centre
$2,824.04
Price per Square Meter to Buy Apartment Outside of Centre
$2,027.52
Salaries And Financing
Salaries And Financing
Avg
Range
Average Monthly Net Salary (After Tax)
$3,195.75
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate
5.38%
Childcare
Childcare
Avg
Range
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child
$254.01
International Primary School, Yearly for 1 Child
$5,620.93
Keflavik Cost of Living
"Key Takeaways"
Keflavik offers a relatively high cost of living, particularly in dining and housing. However, the cost of utilities remains moderate.
Transportation costs are significant, especially for those relying on taxis or purchasing a new car.
Grocery prices are varied, with some items like milk and bread being more affordable, while others like beef and chicken are on the higher end.
Conclusion
Living in Keflavik, Iceland, presents a unique blend of expenses. While dining and housing can be costly, the overall quality of life and access to natural beauty may justify the expenses for many.
Prospective residents should budget carefully, particularly for dining and transportation, and consider the benefits of the local lifestyle and amenities.