Cost of living in Iceland

Living in Iceland offers numerous advantages that make it a unique and desirable place to reside.

One of the main perks of living in Iceland is its stunning natural beauty. The country is known for its dramatic landscapes, including majestic waterfalls, geothermal hot springs, and lava fields. This presents ample opportunities for outdoor activities such as hiking, exploring glaciers, or soaking in natural hot springs. In addition, Iceland’s location near the Arctic Circle offers residents the chance to witness the mesmerizing Northern Lights during the winter months.

Another advantage of living in Iceland is its high standard of living. The country consistently ranks among the top nations in terms of quality of life and healthcare. Icelanders benefit from a well-functioning welfare system, excellent education, and low levels of crime. Moreover, Iceland has a clean and unpolluted environment, which contributes to the overall well-being of its residents.

Iceland is also known for its strong sense of community and safety. It is a close-knit society where people look out for one another. This sense of community is further enhanced by the low population density, which allows for a more intimate and peaceful living environment.

Moreover, Iceland offers an abundance of fresh and high-quality food. The country’s cold waters are home to various seafood, including fish and shellfish, which are a staple of the Icelandic diet. Additionally, Iceland has seen a significant increase in organic farming and sustainable agriculture, promising healthier and more environmentally-friendly food options.

Lastly, Iceland’s progressive policies and attitude towards gender equality make it an attractive place to live. The country consistently ranks at the top in gender equality indices, with strong support for women’s rights and equal opportunities in education and the workforce.

In summary, living in Iceland provides numerous advantages, including breathtaking natural landscapes, a high standard of living, a strong sense of community and safety, access to fresh and quality food, and progressive gender equality policies. All these factors combine to make Iceland an appealing destination for individuals seeking a high quality of life in a unique and beautiful environment.

Average salaries in Iceland

Here are some examples of average monthly salaries for popular positions in Iceland:

1. Teacher: The average monthly salary for a teacher in Iceland is around 600,000 ISK (approximately 4,000 EUR or 4,500 USD).

2. Salesperson: The average monthly salary for a salesperson in Iceland is around 400,000 ISK (approximately 2,700 EUR or 3,000 USD).

3. Driver: The average monthly salary for a driver in Iceland is around 500,000 ISK (approximately 3,300 EUR or 3,700 USD).

Please note that these figures are approximate and can vary depending on factors such as experience, qualifications, and the specific industry. It’s also important to consider the cost of living in Iceland, which is relatively high compared to other countries.

Food prices in Iceland

Meals in restaurants

Here are some examples of meal prices in restaurants in Iceland:

1. Fast food meal (e.g., burger, fries, and a drink): 1,500 ISK (approximately 9 EUR or 11 USD).

2. Traditional Icelandic dish (e.g., lamb stew or fish and chips): 3,500 ISK (approximately 21 EUR or 26 USD).

3. Pizza: 2,500 ISK (approximately 15 EUR or 19 USD).

4. Sushi set: 4,500 ISK (approximately 27 EUR or 33 USD).

5. Pasta dish: 3,000 ISK (approximately 18 EUR or 23 USD).

6. Salad: 2,000 ISK (approximately 12 EUR or 15 USD).

7. Sandwich: 1,500 ISK (approximately 9 EUR or 11 USD).

8. Steak: 5,000 ISK (approximately 30 EUR or 38 USD).

9. Seafood platter: 6,500 ISK (approximately 39 EUR or 49 USD).

10. Vegetarian/vegan meal: 2,500 ISK (approximately 15 EUR or 19 USD).

Please note that these prices are approximate and can vary depending on the restaurant’s location, type, and quality. Additionally, prices in Iceland tend to be higher compared to other countries due to the high cost of living and the country’s remote location.

Grocery shopping

Here is a list of basic food products and their prices in supermarkets in Iceland:

1. Milk (1 liter): 200 ISK ($1.50 / €1.30)

2. Bread (500g loaf): 300 ISK ($2.20 / €1.90)

3. Eggs (12-pack): 600 ISK ($4.40 / €3.80)

4. Chicken (1kg): 1,500 ISK ($11 / €9.50)

5. Beef (1kg): 2,500 ISK ($18.30 / €15.80)

6. Potatoes (1kg): 200 ISK ($1.50 / €1.30)

7. Rice (1kg): 500 ISK ($3.70 / €3.20)

8. Pasta (500g): 400 ISK ($2.90 / €2.50)

9. Tomatoes (1kg): 600 ISK ($4.40 / €3.80)

10. Apples (1kg): 600 ISK ($4.40 / €3.80)

11. Bananas (1kg): 400 ISK ($2.90 / €2.50)

12. Cheese (200g): 800 ISK ($5.90 / €5.10)

13. Yogurt (500g): 400 ISK ($2.90 / €2.50)

14. Butter (250g): 600 ISK ($4.40 / €3.80)

15. Sugar (1kg): 400 ISK ($2.90 / €2.50)

Please note that these prices are approximate and may vary slightly depending on the supermarket and location in Iceland. It is also important to consider that Iceland is known for its higher cost of living compared to other countries.

Cafes and bars

Here is a list of average prices for beverages served in bars and cafes in Iceland:

1. Coffee: 400-600 ISK ($3.20-$4.80 / €2.70-€4.00)

2. Tea: 400-600 ISK ($3.20-$4.80 / €2.70-€4.00)

3. Soft drinks: 400-600 ISK ($3.20-$4.80 / €2.70-€4.00)

4. Bottled water: 300-500 ISK ($2.40-$4.00 / €2.00-€3.30)

5. Beer: 800-1200 ISK ($6.40-$9.60 / €5.40-€8.00)

6. Wine: 1000-1500 ISK ($8.00-$12.00 / €6.70-€10.00)

7. Cocktails: 1500-2000 ISK ($12.00-$16.00 / €10.00-€13.30)

8. Spirits (e.g., vodka, whiskey): 1000-1500 ISK ($8.00-$12.00 / €6.70-€10.00)

Please note that these prices are approximate and can vary depending on the establishment and location. Additionally, prices may be higher in popular tourist areas. It’s always a good idea to check the menu or ask the staff for the current prices.

Iceland is known for its high cost of living, and this is reflected in the prices of beverages as well. However, it’s worth noting that tap water in Iceland is of excellent quality and safe to drink, so opting for tap water can help save money.

In conclusion, expect to pay around 400-600 ISK ($3.20-$4.80 / €2.70-€4.00) for a cup of coffee or tea, 400-600 ISK ($3.20-$4.80 / €2.70-€4.00) for a soft drink, and 800-1200 ISK ($6.40-$9.60 / €5.40-€8.00) for a beer in bars and cafes in Iceland.

Accomodation

Flat rental in Iceland

The approximate costs of renting apartments in Iceland are as follows:

1. Studio apartment in Reykjavik:

– Monthly rent: 200,000 ISK (1,300 EUR / 1,500 USD)

– Deposit: 2-3 months’ rent

2. One-bedroom apartment in Reykjavik:

– Monthly rent: 250,000 ISK (1,600 EUR / 1,900 USD)

– Deposit: 2-3 months’ rent

3. Two-bedroom apartment in Reykjavik:

– Monthly rent: 300,000 ISK (1,900 EUR / 2,200 USD)

– Deposit: 2-3 months’ rent

4. Three-bedroom apartment in Reykjavik:

– Monthly rent: 400,000 ISK (2,600 EUR / 3,000 USD)

– Deposit: 2-3 months’ rent

5. Apartments outside of Reykjavik are generally cheaper, with prices ranging from 150,000 ISK (1,000 EUR / 1,200 USD) for a studio apartment to 250,000 ISK (1,600 EUR / 1,900 USD) for a three-bedroom apartment.

6. Additional costs to consider:

– Utilities (electricity, water, heating): Approximately 20,000 ISK (130 EUR / 150 USD) per month

– Internet: Around 6,000 ISK (40 EUR / 50 USD) per month

– Parking: Varies depending on the location, but can range from 10,000 ISK (65 EUR / 75 USD) to 30,000 ISK (195 EUR / 225 USD) per month

It’s important to note that these prices are approximate and can vary depending on the location, size, and condition of the apartment. Additionally, the rental market in Iceland can be competitive, so it’s advisable to start searching for accommodation well in advance.

Buy a house or apartament in Iceland

– Średnia cena zakupu domu w Islandii wynosi około 50-60 milionów ISK (około 320-380 tysięcy euro, 380-450 tysięcy dolarów amerykańskich).

– Ceny mieszkań w Islandii są zróżnicowane w zależności od lokalizacji, rozmiaru i stanu nieruchomości. Przykładowo, za mieszkanie o powierzchni 50-70 metrów kwadratowych w Reykjaviku można oczekiwać zapłacić około 30-40 milionów ISK (około 190-250 tysięcy euro, 230-300 tysięcy dolarów amerykańskich).

– W mniejszych miastach i na obszarach wiejskich ceny mieszkań mogą być nieco niższe. Na przykład, za mieszkanie o podobnej powierzchni w Akureyri, drugim co do wielkości mieście w Islandii, można oczekiwać zapłacić około 20-30 milionów ISK (około 130-190 tysięcy euro, 150-230 tysięcy dolarów amerykańskich).

– Wysokie ceny nieruchomości w Islandii wynikają z ograniczonej podaży mieszkań i domów oraz wysokich kosztów budowy i utrzymania nieruchomości.

– Warto również zauważyć, że ceny nieruchomości w Islandii mogą się różnić w zależności od aktualnej sytuacji na rynku nieruchomości i ogólnych warunków gospodarczych.

Transport in Iceland

Public transport

Here is a list of different forms of public transportation in Iceland, along with their approximate prices in Icelandic króna (ISK), euros (EUR), and US dollars (USD):

1. Bus:

– Single ticket within Reykjavik: 460 ISK (3 EUR, 3.50 USD)

– Single ticket outside Reykjavik: 1,000 ISK (6.50 EUR, 7.50 USD)

– 24-hour ticket within Reykjavik: 1,800 ISK (12 EUR, 14 USD)

– 24-hour ticket outside Reykjavik: 3,500 ISK (23 EUR, 26 USD)

2. Taxi:

– Starting fare: 800 ISK (5 EUR, 6 USD)

– Per kilometer: 300-400 ISK (2-3 EUR, 2.50-3.50 USD)

3. Ferries:

– Ferry from Reykjavik to Viðey Island: 1,500 ISK (10 EUR, 11.50 USD)

– Ferry from Stykkishólmur to Flatey Island: 2,500 ISK (16 EUR, 18 USD)

4. Domestic Flights:

– Reykjavik to Akureyri: 15,000-20,000 ISK (97-130 EUR, 110-150 USD)

– Reykjavik to Ísafjörður: 20,000-25,000 ISK (130-162 EUR, 150-185 USD)

5. Rental Cars:

– Economy car per day: 6,000-10,000 ISK (39-65 EUR, 45-75 USD)

– 4×4/SUV per day: 12,000-20,000 ISK (78-130 EUR, 90-150 USD)

6. Bicycles:

– Rental per day: 2,000-3,000 ISK (13-20 EUR, 15-23 USD)

Please note that these prices are approximate and may vary depending on the specific service provider and location. It’s always a good idea to check the latest prices before planning your trip.

Fuel prices

Here are some examples of fuel prices in Iceland:

– Unleaded gasoline (95 octane): 230 ISK per liter (1.45 EUR or 1.70 USD per liter)

– Diesel: 220 ISK per liter (1.40 EUR or 1.65 USD per liter)

Please note that these prices are approximate and may vary depending on the location and current market conditions. It’s always a good idea to check the latest prices before refueling.

Fuel prices in Iceland are generally higher compared to many other countries due to various factors such as high taxes, transportation costs, and the country’s remote location. It’s important to consider this when planning your budget for a trip to Iceland.

In recent years, the Icelandic government has implemented measures to encourage the use of electric vehicles, which can be a more cost-effective and environmentally friendly option for transportation in the country. Additionally, some rental car companies offer hybrid or electric vehicles as alternatives to traditional gasoline or diesel cars.

Overall, it’s advisable to factor in the higher fuel prices when planning your expenses in Iceland and consider alternative transportation options if possible.

Vehicles rental

Here are some examples of rental prices for vehicles in Iceland:

1. Car rental:

– Economy car: starting from 8,000 ISK per day (approx. 50 EUR / 60 USD)

– Compact car: starting from 10,000 ISK per day (approx. 65 EUR / 75 USD)

– SUV: starting from 15,000 ISK per day (approx. 95 EUR / 110 USD)

2. Camper van rental:

– Basic camper van: starting from 15,000 ISK per day (approx. 95 EUR / 110 USD)

– Mid-range camper van: starting from 20,000 ISK per day (approx. 130 EUR / 150 USD)

– Luxury camper van: starting from 25,000 ISK per day (approx. 160 EUR / 185 USD)

3. Scooter rental:

– 50cc scooter: starting from 5,000 ISK per day (approx. 30 EUR / 35 USD)

– 125cc scooter: starting from 8,000 ISK per day (approx. 50 EUR / 60 USD)

Please note that these prices are approximate and may vary depending on the rental company, season, and duration of the rental. It’s always recommended to check with different rental companies and compare prices to get the best deal.

Entertainment prices in Iceland

Here is a list of different forms of entertainment in Iceland along with their approximate prices in Icelandic króna (ISK), euros (EUR), and US dollars (USD):

1. Visit the Blue Lagoon: Prices start at around 10,000 ISK (€65 / $75) for basic admission.

2. Explore the Golden Circle: Guided tours range from 10,000 to 20,000 ISK (€65-130 / $75-150) per person.

3. Go whale watching: Boat tours cost around 10,000 to 15,000 ISK (€65-100 / $75-115) per person.

4. Take a glacier hike: Guided tours start at around 15,000 ISK (€100 / $115) per person.

5. Visit the National Museum of Iceland: Admission is 2,000 ISK (€13 / $15) for adults and free for children.

6. Explore the Reykjavik Art Museum: Admission is 2,000 ISK (€13 / $15) for adults and free for children.

7. Enjoy a traditional Icelandic meal: Prices at local restaurants range from 3,000 to 6,000 ISK (€20-40 / $23-45) per person.

8. Attend a live music concert: Ticket prices vary depending on the artist and venue, but they typically range from 5,000 to 10,000 ISK (€30-65 / $35-75) per person.

9. Visit the Icelandic Phallological Museum: Admission is 1,500 ISK (€10 / $12) for adults and free for children.

10. Explore the Icelandic Sagas Museum: Admission is 2,000 ISK (€13 / $15) for adults and free for children.

Please note that these prices are approximate and may vary depending on the season, location, and specific provider. It’s always a good idea to check the latest prices and availability before planning your activities in Iceland.

Basic services in Iceland

Here is a list of basic services in Iceland along with their approximate prices in Icelandic króna (ISK), euros (EUR), and US dollars (USD):

1. Cinema ticket: 1,500 ISK (10 EUR, 12 USD)

2. Haircut (men): 5,000 ISK (34 EUR, 40 USD)

3. Haircut (women): 7,000 ISK (47 EUR, 56 USD)

4. Manicure: 5,000 ISK (34 EUR, 40 USD)

5. Pedicure: 6,000 ISK (40 EUR, 47 USD)

6. Full body massage (60 minutes): 10,000 ISK (67 EUR, 80 USD)

7. Car mechanic labor cost (per hour): 10,000 ISK (67 EUR, 80 USD)

Please note that these prices are approximate and can vary depending on the location, quality of service, and additional factors. It’s always a good idea to check with specific service providers for the most accurate and up-to-date prices.

Iceland is known for its high cost of living, and these prices reflect that. However, it’s important to consider the quality and standards of services in Iceland, which are generally high.

Healthcare

Private healthcare in Iceland is generally more expensive than public healthcare, but it offers shorter waiting times and a higher level of service. Here are some approximate prices for private healthcare services in Iceland:

1. Visit to a specialist doctor: The cost of a consultation with a specialist doctor in Iceland can range from 20,000 ISK to 40,000 ISK (approximately 150-300 euros or 180-360 US dollars), depending on the specialization and the complexity of the case.

2. Dental visit: A routine dental check-up in Iceland can cost around 10,000 ISK to 20,000 ISK (approximately 75-150 euros or 90-180 US dollars). The cost of more complex dental procedures such as fillings, root canals, or extractions can vary depending on the treatment required.

3. Eye examination: The cost of an eye examination by an ophthalmologist in Iceland can range from 15,000 ISK to 30,000 ISK (approximately 110-220 euros or 130-260 US dollars). Additional costs may apply for specialized tests or procedures such as contact lens fitting or laser eye surgery.

It is important to note that these prices are approximate and can vary depending on the healthcare provider and the specific services required. Additionally, private health insurance can help cover some of these costs, but it is advisable to check the coverage and reimbursement policies with the insurance provider.

In summary, private healthcare services in Iceland can be quite expensive, but they offer shorter waiting times and a higher level of service. The cost of a visit to a specialist doctor, a dental visit, or an eye examination can vary depending on the specific services required. It is advisable to check with healthcare providers for accurate and up-to-date pricing information.

Vacations and trips

Prices for vacations and trips in Iceland can vary depending on various factors such as the time of year, duration of stay, accommodation type, and activities chosen. Here is a list of approximate prices in Icelandic Krona (ISK), Euros (EUR), and US Dollars (USD):

1. Accommodation:

– Budget hostel: 5,000-10,000 ISK per night (35-70 EUR, 40-80 USD)

– Mid-range hotel: 15,000-25,000 ISK per night (105-175 EUR, 120-200 USD)

– Luxury hotel: 30,000+ ISK per night (210+ EUR, 240+ USD)

2. Transportation:

– Domestic flight: 10,000-30,000 ISK one way (70-210 EUR, 80-240 USD)

– Rental car: 8,000-15,000 ISK per day (55-105 EUR, 65-120 USD)

– Public transportation: 440 ISK for a single ride (3 EUR, 3.5 USD)

3. Food and drinks:

– Budget meal at a restaurant: 2,000-3,500 ISK (14-25 EUR, 16-30 USD)

– Mid-range meal at a restaurant: 4,000-7,000 ISK (28-50 EUR, 32-60 USD)

– Fast food meal: 1,500-2,500 ISK (10-18 EUR, 12-20 USD)

– Beer at a bar: 1,200-1,800 ISK (8-13 EUR, 9-15 USD)

4. Activities and attractions:

– Blue Lagoon entrance fee: 7,000-10,000 ISK (50-70 EUR, 60-80 USD)

– Glacier hiking tour: 15,000-20,000 ISK (105-140 EUR, 120-160 USD)

– Golden Circle tour: 10,000-15,000 ISK (70-105 EUR, 80-120 USD)

– Whale watching tour: 10,000-15,000 ISK (70-105 EUR, 80-120 USD)

It’s important to note that these prices are approximate and can vary depending on the season and current exchange rates. Additionally, prices for activities and attractions may differ based on the provider and package chosen. It’s always recommended to check the latest prices and book in advance to secure the best deals.

Clothes and accessories

The average prices of clothing and accessories in Iceland can vary depending on the brand, quality, and type of item. Here is a list of average prices for different clothing and accessory categories in Iceland:

1. T-shirts: 2,500-5,000 ISK ($20-40)

2. Jeans: 10,000-20,000 ISK ($80-160)

3. Dresses: 10,000-30,000 ISK ($80-240)

4. Sweaters: 10,000-20,000 ISK ($80-160)

5. Jackets: 15,000-40,000 ISK ($120-320)

6. Shoes: 10,000-30,000 ISK ($80-240)

7. Handbags: 5,000-20,000 ISK ($40-160)

8. Hats: 2,000-5,000 ISK ($16-40)

9. Scarves: 2,000-5,000 ISK ($16-40)

10. Gloves: 2,000-5,000 ISK ($16-40)

Please note that these prices are approximate and can vary depending on the store, location, and current exchange rates. It’s always a good idea to check with specific stores or online retailers for the most accurate and up-to-date prices.

In general, clothing and accessories in Iceland tend to be more expensive compared to other countries due to the high cost of living and import taxes. However, there are also affordable options available, especially during sales or in budget-friendly stores.