Cost of living index in Iceland

Milk (1Liter / 0.26Gallon) 1.19 (USD)
Eggs (30 pack) 12.08 (USD)
White bread (100g loaf) 0.6 (USD)
Rice (1kg / 2.2lbs) 2.75 (USD)
Cheese (1kg / 2.2lbs) 11.8 (USD)
Boneless chicken breast (1kg / 2.2lbs) 15.11 (USD)
Beef steak (1kg / 2.2lbs) 23.25 (USD)
Banana (1kg / 2.2lbs) 1.88 (USD)
Oranges (1kg / 2.2lbs) 2.14 (USD)
Apples (1kg / 2.2lbs) 2.27 (USD)
Onions (1kg / 2.2lbs) 1.81 (USD)
Potato (1kg / 2.2lbs) 2.37 (USD)
Tomato (1kg / 2.2lbs) 4.03 (USD)
Lettuce (1 leaf) 2.16 (USD)
Bottle of Water (1.5L / 50oz) 1.6 (USD)
Bottle of Red Wine 18.28 (USD)
Local beer (33cl / 11oz) 1.78 (USD)
Imported beer (33cl / 11oz) 2.65 (USD)
Pack of cigarettes (20 units) 10.5 (USD)
Fast food meal (MCD Big mac) 12.41 (USD)
Meal in cheap restaurant 19.01 (USD)
Meal in high end restaurant 100.31 (USD)
Bottle of Water (33cl / 11oz) 1.99 (USD)
Cup of coffee 4.42 (USD)
Limonade (Coca cola) 2.4 (USD)
Local beer (33cl / 11oz) 5.96 (USD)
Imported beer (33cl / 11oz) 7.09 (USD)
Sport shoes (Nike / Adidas) 138.42 (USD)
Mens Dress shoes 169.79 (USD)
High quality jeans 114.74 (USD)
womens summer dress 49.75 (USD)
Taxi minimum charge 5.32 (USD)
Taxi fare (1km / 0.6mile) 2.24 (USD)
Taxi 1 hour waiting 59.06 (USD)
Bus or metro ticket (One way) 3.44 (USD)
One month pass 90.78 (USD)
Gas price (1Liter / 0.26Gallon) 1.64 (USD)
Mid range compact car (Honda Civic) 26583.3 (USD)
Mid range family car (Toyota corolla) 30287.4 (USD)
Gym monthly membership cost 52.66 (USD)
1 hour tennis court rental 32.91 (USD)
Cinema ticket price 11.94 (USD)
1 bedroom flat in city center 1330.68 (USD)
3 bedrooms flat in city center 2126.03 (USD)
1 bedroom flat outside city center 1071.07 (USD)
3 bedrooms flat outside city center 1817.17 (USD)
Square meter price in city center 4114.16 (USD)
Square meter price outside city center 3257.8 (USD)
Monthly (Natural Gas, Electricity, Water, AC) for family 90.69 (USD)
50 mbps unlimited internet (ADSL or Fiber optic) 62.13 (USD)
Local calls mobile tariff for 1 mn 0.16 (USD)
Kindergarten or preschool monthly fees 252.21 (USD)
Average primary, secondary and high school yearly fees 6022.03 (USD)
Average monthly net salary 2825.22 (USD)
Average yearly interest rates on home loans 6.03 %

Grocery budget for one person per month in Iceland

On average a signle person can spend arround 223 (USD) a month which is considered on the expensive side comparing to other places in the world. This will cover all your supermarket needs such as fruit, vegetables, dairy products and drinking water.
Note that cigarettes, beers and wine are excluded from this expenses report.

Grocery budget for two people per month in Iceland

374 (USD) will be enough for grocery shopping for a couple or two people splitting supermarket expenses.
this budget is considered a bit expensive if we compare it to the average worldwide, this budget will cover their monthly needs on dairy products, fruits and veggies and all other supermarket expenses excluding cigarettes, wine and beer.

Grocery budget for family of 4 per month in Iceland

Grocery expenses for family of 4 people can be on average 595 (USD) per month in Iceland, if we compare it to other big cities in the world this amount is considered not cheap at all.
This report is taking in consideration all monthly needs for the family from supermarket including bakery and dairy products.

Average living cost in Iceland for one person per month

An average single consumer can make it through one month in Iceland for arround 1738 (USD), which puts it among the most expensive cities in the world, yes quality of life and high standards of living comes at price.
This will cover all you basic needs, supermarket shopping will cost on average 223 (USD) while renting a one bedroom appartement a bit far from city center will cost around 1071 (USD), transportation, home utilities and gym membership can cost on average 313 (USD).

Average living cost in Iceland for a couple per month

Monthly cost of living for a couple in Iceland can average 2777 (USD), which is considered quite expensive but comparing to salaries couple can have decent life if they own a stable job.
Rent will take the big part it can cost arround 1607 (USD) for a single bedroom flat close to city center, grocery shopping can cost on average 374 (USD) while home utilities, gym, one month transportation and mobile for two people membership can be arround 466 (USD).

Average living cost in Iceland for family of 4 per month

For a decent living standard a family of 4 people can make through a month in Iceland for about 5051 (USD), which is expensive if we put it in comparison against other cities in the world.
Three bedroom appartement not far from city center can cost 2544 (USD), if we do the calculation, private school for two childs will average monthly about 723 (USD), while supermarket expenses will cost for the family not less than 595 (USD), home expenses such as wifi, water, electricity and mobile membership will cost about 182 (USD).

Cost of living by city in Iceland