Cost Of Living in Iceland

Average monthly spending for singles, couples, and families in Iceland

Whether you're living in Iceland or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the three main population groups.

Average Spending Per Month
All-inclusive

Single
550,000 ISK
average per month
140,000 ISK
Range
1,200,000 ISK

Couple
1,000,000 ISK
average per month
210,000 ISK
Range
1,700,000 ISK

Family
1,700,000 ISK
average per month
480,000 ISK
Range
2,500,000 ISK

Student
410,000 ISK
average per month
69,000 ISK
Range
900,000 ISK
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expenses for a single person living in Iceland is 550,000 ISK. Expenses can range from 140,000 ISK at the minimum level to 1,200,000 ISK at the highest end.

Couples

The average monthly spending of couples in Iceland is 1,000,000 ISK. Expenditure can range from 210,000 ISK to 1,700,000 ISK per month.

Families

The average cost of living for families in Iceland is 1,700,000 ISK per month. Families spend anywhere from 480,000 ISK to 2,500,000 ISK.

Students

The average monthly expenditure for students in Iceland is 410,000 ISK. Students spend from 69,000 ISK to 900,000 ISK per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in Iceland

Dining, food, and beverages costs


Large bottle
of water

140 ISK

140 ISK
140 ISK

Fast food
combo meal

1,400 ISK

990 ISK
2,300 ISK

Restaurant
meal for one

4,600 ISK

3,600 ISK
5,700 ISK

Fine dining
meal for one

11,000 ISK

7,700 ISK
14,000 ISK

Soda
Soft Drink

110 ISK

110 ISK
110 ISK

Cappuccino
or latte

920 ISK

570 ISK
1,400 ISK

Grocery and market costs


Milk
large bottle

690 ISK

570 ISK
770 ISK

Loaf of
bread

99 ISK

86 ISK
110 ISK

12
eggs

690 ISK

570 ISK
860 ISK

Fresh whole
chicken

1,600 ISK

1,300 ISK
2,000 ISK

Beef
1 kg or 1 lb

1,800 ISK

1,500 ISK
2,300 ISK

Rice
1 kg or 1 lb

990 ISK

860 ISK
1,100 ISK

Tomato
1 kg or 1 lb

460 ISK

380 ISK
570 ISK

Apples
1 kg or 1 lb

490 ISK

430 ISK
530 ISK

Banana
1 kg or 1 lb

480 ISK

420 ISK
530 ISK

Commute, travel, and transportation costs


20 minutes
taxi ride

690 ISK

570 ISK
1,400 ISK

Average car
full tank

4,600 ISK

3,400 ISK
9,200 ISK

Average car
1-day rental

4,600 ISK

3,400 ISK
6,900 ISK

Average car
price

3,400,000 ISK

1,700,000 ISK
4,600,000 ISK

Bus ticket
one way

170 ISK

110 ISK
340 ISK

Car
Service

6,900 ISK

4,600 ISK
14,000 ISK

Utility cost (monthly)


Electricity
and water bill
Single

33,000 ISK

8,300 ISK
70,000 ISK

Electricity
and water bill
Couple

41,000 ISK

10,000 ISK
83,000 ISK

Electricity
and water bill
Family

66,000 ISK

14,000 ISK
74,000 ISK

Internet
and cable

6,900 ISK

3,400 ISK
9,200 ISK

Mobile phone
charges

4,600 ISK

2,800 ISK
14,000 ISK

Leisure and activities costs


Movie
ticket

2,300 ISK

1,700 ISK
3,400 ISK

One month gym
membership

6,900 ISK

5,500 ISK
14,000 ISK

Cloths and accessories costs


Pair of jeans
or pants

5,700 ISK

4,100 ISK
8,600 ISK

Woman
dress

5,300 ISK

3,800 ISK
17,000 ISK

Woman
shoes

4,900 ISK

3,600 ISK
11,000 ISK

Men
shoes

3,800 ISK

3,100 ISK
7,700 ISK

Men
suit

4,300 ISK

3,400 ISK
23,000 ISK

Regular
t-shirt

2,300 ISK

1,700 ISK
6,900 ISK

Housing costs / monthly rent


Studio
apartment

86,000 ISK

57,000 ISK
230,000 ISK

1-bedroom
apartment

140,000 ISK

86,000 ISK
340,000 ISK

2-bedroom
apartment

170,000 ISK

110,000 ISK
460,000 ISK

Housing costs / Buying


Studio
apartment

17,000,000 ISK

11,000,000 ISK
34,000,000 ISK

1-bedroom
apartment

23,000,000 ISK

14,000,000 ISK
86,000,000 ISK

2-bedroom
apartment

69,000,000 ISK

23,000,000 ISK
140,000,000 ISK

Furniture Costs


King Size
Bed

86,000 ISK

69,000 ISK
110,000 ISK

Double
Bed

69,000 ISK

46,000 ISK
86,000 ISK

Single
Bed

53,000 ISK

41,000 ISK
69,000 ISK

Living
Room

99,000 ISK

77,000 ISK
340,000 ISK

Dining
Table

46,000 ISK

34,000 ISK
86,000 ISK

Sofa
or Couch

63,000 ISK

46,000 ISK
140,000 ISK

Electronics Costs


TV
Set

69,000 ISK

46,000 ISK
140,000 ISK

Fridge
or Freezer

63,000 ISK

41,000 ISK
86,000 ISK

Washing
Machine

77,000 ISK

53,000 ISK
140,000 ISK

Stove
or Cooker

63,000 ISK

49,000 ISK
86,000 ISK

Mobile
Phone

69,000 ISK

57,000 ISK
99,000 ISK

Laptop
or Computer

77,000 ISK

63,000 ISK
140,000 ISK

How do people spend their money in Iceland?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see additional sections below.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Iceland

Housing36%

36% of total expenses on average (27% to 42%)

LOW50,000 ISK
AVERAGE200,000 ISK
HIGH420,000 ISK
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (2% to 9%)

LOW8,300 ISK
AVERAGE33,000 ISK
HIGH70,000 ISK
Per Month

Transport, Fuel8%

8% of total expenses on average (3% to 11%)

LOW11,000 ISK
AVERAGE44,000 ISK
HIGH94,000 ISK
Per Month

Food and Groceries16%

16% of total expenses on average (9% to 22%)

LOW22,000 ISK
AVERAGE88,000 ISK
HIGH190,000 ISK
Per Month

Healthcare9%

9% of total expenses on average (5% to 14%)

LOW12,000 ISK
AVERAGE50,000 ISK
HIGH110,000 ISK
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW6,900 ISK
AVERAGE28,000 ISK
HIGH59,000 ISK
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW2,800 ISK
AVERAGE11,000 ISK
HIGH23,000 ISK
Per Month

Other Expenses18%

18% of total expenses on average (15% to 21%)

LOW25,000 ISK
AVERAGE99,000 ISK
HIGH210,000 ISK
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Iceland

Housing33%

33% of total expenses on average (30% to 43%)

LOW68,000 ISK
AVERAGE340,000 ISK
HIGH550,000 ISK
Per Month

Utilities, Electricity, Water5%

5% of total expenses on average (2% to 8%)

LOW10,000 ISK
AVERAGE41,000 ISK
HIGH83,000 ISK
Per Month

Transport, Fuel12%

12% of total expenses on average (7% to 15%)

LOW25,000 ISK
AVERAGE120,000 ISK
HIGH200,000 ISK
Per Month

Food and Groceries14%

14% of total expenses on average (7% to 19%)

LOW29,000 ISK
AVERAGE140,000 ISK
HIGH230,000 ISK
Per Month

Healthcare11%

11% of total expenses on average (5% to 14%)

LOW23,000 ISK
AVERAGE110,000 ISK
HIGH180,000 ISK
Per Month

Leisure, Shopping6%

6% of total expenses on average (3% to 10%)

LOW12,000 ISK
AVERAGE62,000 ISK
HIGH99,000 ISK
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW4,100 ISK
AVERAGE21,000 ISK
HIGH33,000 ISK
Per Month

Other Expenses17%

17% of total expenses on average (14% to 20%)

LOW35,000 ISK
AVERAGE180,000 ISK
HIGH280,000 ISK
Per Month


Family
Average monthly expenses and break out of spending for families living in Iceland

Housing32%

32% of total expenses on average (27% to 38%)

LOW150,000 ISK
AVERAGE530,000 ISK
HIGH790,000 ISK
Per Month

Utilities, Electricity, Water3%

3% of total expenses on average (2% to 7%)

LOW14,000 ISK
AVERAGE66,000 ISK
HIGH74,000 ISK
Per Month

Transport, Fuel8%

8% of total expenses on average (5% to 10%)

LOW39,000 ISK
AVERAGE130,000 ISK
HIGH200,000 ISK
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW87,000 ISK
AVERAGE300,000 ISK
HIGH450,000 ISK
Per Month

Healthcare8%

8% of total expenses on average (6% to 12%)

LOW39,000 ISK
AVERAGE130,000 ISK
HIGH200,000 ISK
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW24,000 ISK
AVERAGE83,000 ISK
HIGH120,000 ISK
Per Month

Education14%

14% of total expenses on average (11% to 18%)

LOW68,000 ISK
AVERAGE230,000 ISK
HIGH350,000 ISK
Per Month

Other Expenses12%

12% of total expenses on average (8% to 15%)

LOW58,000 ISK
AVERAGE200,000 ISK
HIGH300,000 ISK
Per Month


Student
Cost of living and expense breaks for students in Iceland

Housing24%

24% of total expenses on average (18% to 31%)

LOW17,000 ISK
AVERAGE99,000 ISK
HIGH220,000 ISK
Per Month

Utilities, Electricity, Water4%

4% of total expenses on average (3% to 7%)

LOW2,800 ISK
AVERAGE17,000 ISK
HIGH36,000 ISK
Per Month

Transport, Fuel7%

7% of total expenses on average (5% to 9%)

LOW4,800 ISK
AVERAGE29,000 ISK
HIGH63,000 ISK
Per Month

Food and Groceries20%

20% of total expenses on average (16% to 24%)

LOW14,000 ISK
AVERAGE83,000 ISK
HIGH180,000 ISK
Per Month

Healthcare6%

6% of total expenses on average (3% to 9%)

LOW4,100 ISK
AVERAGE25,000 ISK
HIGH54,000 ISK
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 9%)

LOW3,400 ISK
AVERAGE21,000 ISK
HIGH45,000 ISK
Per Month

Education19%

19% of total expenses on average (17% to 24%)

LOW13,000 ISK
AVERAGE79,000 ISK
HIGH170,000 ISK
Per Month

Other Expenses15%

15% of total expenses on average (12% to 17%)

LOW10,000 ISK
AVERAGE62,000 ISK
HIGH130,000 ISK
Per Month
This section breaks down and compares expenses for all population groups: singles, couples, students, and families. If you want to see details for a specific group, please see the previous section. We asked thousands of people about their spending habits and expenditure breaks. Below are the results.

Housing Expenditure

People living in Iceland typically spend from 26% to 39% of their total monthly expenditure on housing with 31% being the average. The average spend on housing is 290,000 ISK with expenditure ranging from 72,000 ISK and 490,000 ISK. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utility Bills and Payments

On average, utility expenditure like electricity, water, and gas in Iceland ranges from 2% to 8% of total expenses with 5% being the the average. The average monthly cost of utilities is 39,000 ISK with 9,000 ISK and 66,000 ISK being the upper and lower limits.

Transportation Cost and Fuel Consumption

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 20,000 ISK to 140,000 ISK on commuting with 82,000 ISK being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 5% or as high as 11%.

Cost of Food and Groceries

The average outlay on groceries in a month in Iceland is 150,000 ISK. The cost of groceries can range between 38,000 ISK to 260,000 ISK. People spend on average about 17% on food and groceries with upper and lower bounds of 11% and 17% respectively.

Cost of Healthcare and Medical Services

People in Iceland allocate 5% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 19,000 ISK to 130,000 ISK with 80,000 ISK being the norm.

Leisure and Shopping

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 12,000 ISK to 82,000 ISK with 48,000 ISK being the average. Speaking of percentages, that equates to 2% to 9% of total expenses with an average of 5% for most residents.

Cost of Education and Schooling

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 9% of the monthly expenditure with 8% and 13% being the lower and upper bounds respectively. The average reported education cost is 86,000 ISK per month with 22,000 ISK being the minimum spent amount and 140,000 ISK being the maximum.

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