Cost of Living in Iceland

RESTAURANTS

The restaurants in Iceland are very expensive, which is why local citizens often recommend that you buy food in the supermarkets or the markets and cook it yourself.

The combo meal in McDonald’s or a similar eatery is $14.092, while the bill for a three-course meal in a mid-range restaurant for two people is $98.8.

Imported beer costs $7.05, and a small bottle of water is $1.91.

MARKETS

The food in the markets is not cheap at all.

Although, you can buy kilograms of food instead of a small portion in the restaurant for this money.

Just to name a few, a bottle of mid-range wine is $17.97, a kilo of beef round is $24.52, and skinless boneless chicken breasts are $115.96 per kilo.

TRANSPORTATION

A broad network of public transportation in Iceland allows its citizens to get around the country safely and fast.

Bus routes, ferry boats, taxis, and local airports all aim at making your travel as comfortable as possible.

Although, the prices for tickets are one of the most expensive ones in the world.

A monthly pass will cost you $56.72, still, it’s cheaper than buying a one-way ticket for $3.45 every time you go anywhere.

UTILITIES (MONTHLY)

Surprisingly, the utility bills in Iceland are really low, according to the statistics.

The prices of water, heating, cooling, rubbish management, and housekeeping are $106.75  per month.

The Internet connection is much more expensive than in the EU countries and is $64.54 per month for a high-speed unlimited data cable/ADSL connection.

SPORTS & LEISURE

Iceland is full of picturesque places with fascinating views and nature around.

The national parks, geysers, waterfalls, canyons, beaches, farms, glaciers, and wildlife reserves are the words that describe this country the best.

If you don’t like exploring nature, you can go to one of the museums, exhibitions, or outdoor music festivals.

Prices for traditional sports are given below.

CLOTHING & SHOES

A great number of concept stores, markets, clothing and shoe shops, accessory shops, and designer boutiques are there in every city of Iceland.

The prices in the chain stores like Zara, H&M, or Nike are high, just like the rest of the goods in this country.

It is cheaper to go to the same shop in another country and still has some money left.

RENT PER MONTH

Accommodation in the land of greenery costs too much, even for a native.

People usually have to give out half their salary for the monthly rent of a one-bedroom apartment which is not a luxurious one.

It is worth considering sharing a three-bedroom apartment outside the center with a few friends at $1,755.93.

HEALTHCARE

Iceland’s healthcare system has universal coverage funded through taxes, with private insurance available for supplemental services at roughly 40 to 90 USD per month.

Out-of-pocket spending per person often runs around 500 to 900 USD annually for cost-sharing and services not fully covered.

With average monthly salaries above 4,000 USD, healthcare costs are generally affordable relative to income.

EDUCATION

Public primary and secondary schools are tuition-free, with families covering books, materials, and meals, roughly $300 to $600 per year.

Private schools charge $10,000 to $25,000 annually.

Public universities charge low tuition for residents, around $1,500 to $3,000 per year, while private universities may cost $5,000 to $12,000 annually.

Students also pay for housing, food, transport, and textbooks.

Average monthly income is about $5,000, making public education affordable, while private schooling and living expenses are significant.