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Cost of Living in Iceland | Expat Exchange
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Cost of Living in Iceland

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By Joshua Wood, LPC

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," wrote a person living in Iceland.

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Will I save money living in Iceland?

"Living in Iceland can be more expensive than living in the United States in some areas, such as food and transportation. However, Iceland has a much lower cost of living overall, with lower taxes, cheaper housing, and lower healthcare costs. Additionally, Iceland has free education and free healthcare, which can help to offset the higher cost of living in other areas," remarked one expat in Iceland.

What is the average cost of housing in Iceland?

If you are thinking about moving to Iceland, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The cost of housing in Iceland is generally quite high, with the average price of a one-bedroom apartment in Reykjavik being around €1,500 per month. Prices for larger apartments and houses can be significantly higher, depending on the location and size," remarked one expat in Iceland.

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Relocating abroad soon? Make your move with AGS! AGS Worldwide Movers is a leader in the international moving industry. Our experience and expertise allows us to guarantee our clients the best quality moving services.

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Relocating abroad soon? Make your move with AGS! AGS Worldwide Movers is a leader in the international moving industry. Our experience and expertise allows us to guarantee our clients the best quality moving services.

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What are typical rental prices for expats in Iceland?

"The rental price for a nice 1 bedroom apartment in Iceland can range from around $1,000 to $2,000 per month, while a nice 2 bedroom apartment can range from around $1,500 to $3,000 per month," mentioned one expat in Iceland.

What appliances are typically included in a rental?

We asked foreigners in Iceland what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Iceland typically include a refrigerator, stove, oven, and washing machine. Some properties may also include a dishwasher, microwave, and other small kitchen appliances. Additionally, many properties come with basic furniture such as beds, couches, and tables," commented one expat living in Iceland.

About the Author

Joshua Wood 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.

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