Cost of living in Reykjavik
Reykjavik, the capital of Iceland, is known for its stunning landscapes and vibrant culture. Understanding the cost of living in this city is crucial for anyone considering moving or traveling here.
This guide provides a detailed breakdown of expenses, including housing, dining, transportation, and more, to help 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 $123.1, with prices ranging from $72.41 to $217.23.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $18.1, with a range between $16.65 and $21.72.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $7.24 to $13.76, imported beer $7.97 to $13.4, cappuccino $3.62 to $6.88, and Coke/Pepsi $2.17 to $3.98.
Grocery Prices
- Milk - Milk is priced between $1.49 and $2.32 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 $5.84.
- 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 $1.8 and $4.06 per kg, and lettuce costs $1.63 to $4.66 per head.
Transportation
- Public Transport (One-Way Ticket) - A one-way local transport ticket costs between $4.34 and $4.71, with a monthly pass priced between $67.34 and $78.2.
- Fuel (Gasoline) - Gasoline is priced between $2.1 and $2.36 per liter.
- 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 $1665.46 to $2389.57, averaging $1991.59.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $1593.05 to $2172.34, averaging $1817.83.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $2534.4 to $3620.56, averaging $2867.49.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $2172.34 to $3258.51, averaging $2491.55.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre ranges from $5148.44 to $7241.13, averaging $6334.08.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter ranges from $3837.8 to $6517.02, averaging $5267.5.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $49.96 and $181.03, averaging $71.98.
- Internet - Internet services range from $47.07 to $101.38, with an average cost of $68.36.
Cost of Living Rankings
Reykjavik ranks 1st on the Cost of Living rankings in Iceland. 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.
Cost of Living Data
Restaurants
Restaurants
Markets
Markets
Transportation
Transportation
Rent Per Month
Rent Per Month
Utilities (Monthly)
Utilities (Monthly)
Sports And Leisure
Sports And Leisure
Clothing And Shoes
Clothing And Shoes
Buy Apartment Price
Buy Apartment Price
Salaries And Financing
Salaries And Financing
Childcare
Childcare
"Key Takeaways"
Reykjavik presents a relatively high cost of living, particularly in dining and housing. The city's vibrant culture and stunning landscapes come with a price, especially for those seeking to live in the city centre.
Transportation costs are moderate, with public transport and fuel prices being relatively stable. However, owning a car can be expensive due to high vehicle prices.
Grocery prices are on the higher side, with essentials like milk, bread, and eggs costing more than in many other cities. Planning and budgeting are essential for managing expenses effectively.
Conclusion
Reykjavik offers a unique living experience with its breathtaking natural beauty and rich cultural scene. However, the cost of living is notably high, especially in terms of housing and dining.
Prospective residents should carefully consider their budget and explore cost-saving measures, such as living outside the city centre or utilizing public transportation, to make the most of their time in this vibrant city.