Prices and Cost of Living in Iceland
Travel Budget Calculator
Calculate how much money you will spend on your vacation in Iceland. Sample budget for each type of traveler - food, transportation, sightseeing and accommodation expenses.
Backpacker's budget
Traveling with a backpack
from 106.27 USD to 129.98 USD
Average daily expenses were calculated on the basis of the prices of accommodation, food (restaurants and shops), transport (public transport and taxis) and some tourist attractions. Values may vary depending on the city, tourist season, or during major religious and public events. Update 2 May 2024.
How much do you spend per day on travel and sightseeing?
Traveling and sightseeing in a cheap way (hostels, cheap food), you can fit into a budget from 14868 ISK (106 USD) to 18186 ISK (130 USD). On the other hand, a slightly higher standard (3-star hotel, meals in restaurants) you should expect to spend from 26878 ISK (192 USD) to 37168 ISK (266 USD). You should additionally take into account that if you are traveling alone, the cost may be slightly higher.
Food Prices - Calculate the Cost of Living
The calculator allows you to quickly and easily calculate how much you will spend on average to buy food at grocery stores in Iceland. Plan your daily, weekly and monthly food expenses.
Select the appropriate number of days to see how much you will spend on food during that period. Values given for one person.
Cheapest products
Here's how much you will spend in 1 day.
from 10.95 USD to 16.07 USD
Mid-range products
Here's how much you will spend in 1 day.
from 13.47 USD to 19.71 USD
Average values for capital or largest city. Purchase of food products in local stores and supermarkets corresponding to daily meals of 2,200 to 2,400 kcal was taken into account. Update 2 May 2024.
How much do you have to spend on groceries per day in Iceland?
When shopping for groceries in local stores and markets, the average daily cost of food expenses will range from 1532 ISK (10.95 USD) to 2248 ISK (16.07 USD) when buying the cheapest products. However, if you choose slightly more expensive products, you can expect to pay from 1885 ISK (13.47 USD) to 2758 ISK (19.71 USD) per day. These figures are based on daily meals consisting of approximately 2200-2400 kcal and may vary slightly depending on the city.
Budget and shopping basket update: 2 May 2024
Estimated budget and daily food costs are always given per person and are only a suggestion to help you plan your total travel costs.
Budget was calculated on the basis of average prices of accommodation in each category (hotels and hostels), food costs (restaurants and grocery shopping), transport prices and some tourist attractions.
BACKPACKER'S BUDGET
• accommodation in a hostel or cheap hotel,
• travel by public transport,
• dining in cheap local restaurants or buying food in local stores,
• small number of paid tourist attractions,
• two people travel (when traveling alone, prices may be higher, but only if we use a hotel room instead of a dormitory).
TOURIST'S BUDGET
• accommodation in a 3 star hotel (with a small number of available facilities, average prices of 3* and 4* hotels),
• traveling by taxis,
• catering in middle-class restaurants and buying food in grocery stores,
• average number of paid tourist attractions,
• two people travel (they share costs of accommodation and transport).
FOOD EXPENSES
• daily meals containing 2200 to 2400 kcal (applies to both price variants),
• shopping for food in local stores or supermarkets (no meals in restaurants),
• value per person & for the capital or largest city.
Prices in Iceland
Below you will find a list of prices for products and services in Iceland, which will help you determine what expenses you should prepare for when going on vacation in this country. City: Reykjavík.
Grocery Store Prices
| Apples (1kg) | 3.23 USD |
| Banana (1kg) | 2.03 USD |
| Beef Round (1kg) (or Equivalent Back Leg Red Meat) | 25.04 USD |
| Bottle of Wine (Mid-Range) | 19.29 USD |
| Chicken Fillets (1kg) | 17.30 USD |
| Cigarettes 20 Pack (Marlboro) | 11.44 USD |
| Domestic Beer (0.5 liter bottle) | 2.99 USD |
| Eggs (regular) (12) | 5.43 USD |
| Imported Beer (0.33 liter bottle) | 2.49 USD |
| Lettuce (1 head) | 2.69 USD |
| Loaf of Fresh White Bread (500g) | 3.21 USD |
| Local Cheese (1kg) | 14.06 USD |
| Milk (regular), (1 liter) | 1.52 USD |
| Onion (1kg) | 1.34 USD |
| Oranges (1kg) | 2.47 USD |
| Potato (1kg) | 2.66 USD |
| Rice (white), (1kg) | 3.04 USD |
| Tomato (1kg) | 4.57 USD |
| Water (1.5 liter bottle) | 1.93 USD |
Food and beverage prices in Iceland
Popular food products found on store shelves in Iceland include bananas, rice, bread, onions, eggs, tomatoes, cheese, beef and potatoes, among others. Prices for a kilo of these products range from 188 ISK (1.34 USD) for a kilo of onions to 3504 ISK (25.04 USD) for a kilo of beef. The price of white rice is 425 ISK (3.04 USD) per kilo, while a loaf of fresh white bread costs 450 ISK (3.21 USD) per half kilo. Bananas cost 284 ISK (2.03 USD) per kilo, while apples cost 452 ISK (3.23 USD) per kilo.
Water, available in 1.5-liter bottles, costs 270 ISK (1.93 USD). Dairy prices in Iceland, on the other hand, are as follows: 1 liter of milk costs about 212 ISK (1.52 USD), and 1 kilogram of locally produced cheese is an expense of 1968 ISK (14.06 USD). Chicken filet, which is a common ingredient in meat dishes, costs in the range of 2421 ISK (17.3 USD) per kilo. Eggs (12 pieces per package) are an expense of about 759 ISK (5.43 USD), and the average price of tomatoes is 639 ISK (4.57 USD) per kilo.
Restaurant Prices
| Cappuccino (regular) | 4.47 USD |
| Coke/Pepsi (0.33 liter bottle) | 2.47 USD |
| Domestic Beer (0.5 liter draught) | 9.29 USD |
| Imported Beer (0.33 liter bottle) | 7.86 USD |
| McMeal at McDonalds (or Equivalent Combo Meal) | 14.29 USD |
| Meal for 2 People, Mid-range Restaurant, Three-course | 107 USD |
| Meal, Inexpensive Restaurant | 17.87 USD |
| Water (0.33 liter bottle) | 1.91 USD |
What is the typical cost for an affordable meal?
Prices in restaurants in Iceland vary and depend on several factors, such as the type of restaurant, location and time of day. For instance, a Cappuccino typically costs around 625 ISK (4.47 USD), while a 0.33-liter bottle of Coca-Cola or Pepsi is priced at approximately 345 ISK (2.47 USD). At a fast-food restaurant such as McDonald's, you can expect to pay 2000 ISK (14.29 USD) for a meal, whereas a meal for two at a mid-range restaurant could cost around 15000 ISK (107 USD). Budget-friendly dining options are also available, with some restaurants offering meals for as little as 2500 ISK (17.87 USD).
Public Transportation Prices
| Monthly Pass (Regular Price) | 64.33 USD |
| One-way Ticket (Local Transport) | 3.93 USD |
| Taxi 1hour Waiting (Normal Tariff) | 58.39 USD |
| Taxi 1km (Normal Tariff) | 2.96 USD |
| Taxi Start (Normal Tariff) | 5.22 USD |
How much does transportation cost in Iceland?
The average expense of a one-way trip using local transportation stands at approximately 550 ISK (3.93 USD), while a monthly ticket for public transportation has an average cost of roughly 9000 ISK (64.33 USD). Choosing to travel by taxi would entail an initial fee of 730 ISK (5.22 USD), along with a per-kilometer charge of 414 ISK (2.96 USD).
Fuel Prices
| Diesel 1L | 2.32 USD |
| Gasoline 1L | 2.27 USD |
Fuel prices in Iceland
Average fuel prices in Iceland are 318 ISK (2.27 USD) per liter of gasoline and 325 ISK (2.32 USD) per liter of diesel.
Entertainment Prices
| Cinema, International Release, 1 Seat | 13.22 USD |
| Fitness Club, Monthly Fee for 1 Adult | 64.33 USD |
| Tennis Court Rent (1 Hour on Weekend) | 44.20 USD |
Apartment Rental Prices
| Apartment (1 bedroom) in City Centre | 1 553 USD |
| Apartment (1 bedroom) Outside of Centre | 1 315 USD |
| Apartment (3 bedrooms) in City Centre | 2 249 USD |
| Apartment (3 bedrooms) Outside of Centre | 1 872 USD |
How much does it cost to rent an apartment in Iceland?
The cost of renting or buying an apartment in Iceland varies according to its location. On average, renting an apartment with one bedroom and a living room outside the city center costs approximately 184046 ISK (1315 USD) per month, while the same type of apartment in the city center can cost around 217281 ISK (1553 USD) per month. In comparison, the purchase price of an apartment in the city center is 839818 ISK (6003 USD) per square meter.
Apartment Buying Prices
| Price per Square Meter to Buy Apartment in City Centre | 6 003 USD |
| Price per Square Meter to Buy Apartment Outside of Centre | 4 380 USD |
Average Salary
| Average Monthly Net Salary (After Tax) | 3 568 USD |
Hotel Prices in Iceland
A comprehensive list of the current prices of accommodations in various cities, ranging from budget-friendly hotels to high-end luxurious stays.
• Prices for products and services in Reykjavík. Prices may vary from town to town.
• Updates: oldest data 03/2023, latest data 02/2024.
• Prices were calculated based on several sources including Expedia.com, Booking.com, local supermarket websites, own sources, submissions from users. We do not guarantee their accuracy, however, we try, to keep them high.
• If you have noticed an error, please report it.
