Monthly rent costs: $1,174 per month. A single person costs: $2,700 per month. In fact, it comes in third in Numbeo’s 2020 Cost of Living Index 2020² – just after Switzerland and Norway. It is the world’s most expensive country to live in. We are prepared for the renowned Icelandic expensiveness but only have a rough idea of the actual cost of living there. Therefore, if a city has a Price Index of 134, that means that living there is 34% more expensive than living in Prague. Cost of Living in Iceland The cost of living in Iceland is $1928, which is 2.62 times more expensive than the world average. The Cost of Living in Reykjavik is very high. The high cost of living: Iceland relies mostly on imports increasing the prices of commodities. A single traveler costs: $4,243 per month. For more insights check the list of average prices of Restaurants, Markets, Transportation, Utilities, and 40 Iceland Edit Average Monthly Net Salary (After Tax) 3,569.73 $ (455,961.39 kr) 3,107.56 $ (396,928.21 kr) -12.95 % Mortgage Interest Rate in Percentages (%), Yearly, for … In 2017, the average annual income in Iceland was 6.4 million ISK, or approximately €51,000, before tax. Cost of living in Reykjavik is 179% more expensive than in Medellín. Here the prices vary between 120.000 ISK – 350.000 ISK. Iceland Expat Forum: Talk with expats living in Iceland and people moving to Iceland on our Iceland Expat Forum. The disparity between East and West Europe remains great, reaching over 50 percent. Cost of living in Reykjavik is 19% more expensive than in Frankfurt am Main. The price goes up if you wish to rent a whole flat. Cost of living in Reykjavik, Iceland is $2,602 and it seems affordable according to the average monthly salary which is $3,077. A family costs: $5,518 per month. We provide several metrics to compare the cost of living including cost of groceries, transportation, and more. The median salary is €5,210/month, meaning half of the working population in Iceland is making more than €5,210/month, while the other half earns less than that. database is calculated by comparing their cost of living to the cost of living in Prague. Reykjavik is 27% cheaper than New York City. Larger cities typically are more expensive Cost of living in Iceland compared to the UK Iceland isn’t the cheapest place to live. Consumer prices in Iceland are on average higher than other parts of Europe, however there are many ways to travel in Iceland whatever your budget. Estimated cost of living in Iceland for a month without rent Total cost of living in Iceland for two person with average consumption for one month will be $ 2062, no rent price included. Breakdown of prices in Reykjavik, Iceland for housing, food, transportation, going out for December 2020. Expats will be surprised that the prices of products in this country are way expensive by European standards. If you prefer to download the image, please credit us as a source. To calculate each city's Price Index value, we start by assigning a value of 100 to a The costs of living of all countries within the EU are lower than in Iceland. Talk with other expats, read past discussions about cost of living, best places to live in Iceland, expat clubs and more. Living in Iceland can be difficult. If you want to compare the cost of Living in Iceland VS United States, please visit our page and find comprehensive information related to the prices of the groceries, taxi fare, hotel prices, and compare easily. Cost of living in United States compared to Iceland. Mobile version Use the link below to embed the infographic from our site and automatically keep the data layer up to date. Compared to its fellow Nordic countries, the cost of living in Iceland is around 7.10% higher than in Norway and 39.25% higher than Denmark. Cost of Living in Iceland Select city in Iceland: Cost of living in Iceland is 37.89% higher than in United States (aggregate data for all cities, rent is not taken into account). If you want to compare the cost of Living in Iceland VS France, please visit our page and find comprehensive information related to the prices of the groceries, taxi fare, hotel prices, and compare easily. Once the reference point has been established, the Price Index value of every other city in the Cost of Living in Iceland by Pu on March 16, 2010 As the cost of living is one of most common issues one can encounter when visiting or moving to another country, here we try to give you an idea compiling a list of some of the most common consumer goods. We provide several metrics to compare the cost of living including cost of groceries, transportation, and more. When you move to Iceland, there is a lot of things that will seem strange to you. of prepaid mobile tariff (no discounts or plans), 1 month of gym membership in business district. If your salary is above the median and the average monthly salary, then you can be assured of a decent life in Iceland. The cost of living calculated as a consumer basket for a moderate lifestyle in developed countries and thus might seem too high for some least developed countries where maintaining such a standard of living is expensive. of boneless chicken breast, 0.5 l (16 oz) domestic beer in the supermarket, Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area, Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area, Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat, Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area, Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area, Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio, Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands), 1 summer dress in a high street store (zara, h&m or similar retailers), 1 pair of sport shoes (nike, adidas, or equivalent brands), Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new, Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands), Short visit to private doctor (15 minutes), Standard men's haircut in expat area of the city, Basic dinner out for two in neighborhood pub, 2 tickets to the theater (best available seats), Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert, 1 beer in neighbourhood pub (500ml or 1pt. Since large cities tend to have a higher cost of living, it's better to visit specific city pages below for more relevant information. The cost of living in Iceland When comparing salaries, we should not only pay attention to how high or low it is. To maintain the standard of living with a salary of $1000 in Reykjavik, you will need $953 a month in Kopavogur - the cost of living in Reykjavik is 1.05 times higher than in Kopavogur. Some several circumstances and variables can tell us if the wage earned is indeed in line with the daily life cost of the country. Cost of living in Reykjavik is 275% more expensive than in Tunja. The cost of living as with any country is dependent on the location and individual lifestyles. Get information on cost of living, employment, tax and crime. The color of each marker corresponds with the cost of living in the city red markers show more expensive cities green ones show cheaper cities EUR 1,300.00) according to the … We also have on this page a list of all the cities available in Expatistan: List of all the cities available in Expatistan. Cost of Living in Reykjavik, Iceland Access data about cities and countries worldwide. Iceland, like a host of other Nordic cities, can be quite expensive, due in part to that fact that, because of the cold climate, they must import a lot of the fruits and vegetables that they cannot grow. If rent index This map shows only the top cities in Iceland. ), 1 min. Housing Costs in Ireland Compared to the United States, housing expenses are rather high in Ireland. Income tax is 37.3 percent for most people, but higher for the highest earners. Coffee costs: $3.91. Average Monthly Costs of Living in Iceland The minimum support criteria for an individual living in Reykjavík is ISK 207,709 per month (approx. Tabitha Laker and I collaborated to share what it is like to live as a black person in Iceland. Fortunately, national salaries also fairly reflect the high cost of living. A: According to Iceland Statistics, the average wage in Iceland is ISK 415,000 (US 3,160 EUR 2,930) before tax per month, so the offer you received is well above that. Iceland has a good number of nationalities and backgrounds which makes it very exciting to live in. The cost of living in Iceland is $1928, which is 2.62 times more expensive than the world average. Cost of living in Iceland Students living costs in Iceland are a minimum of £660 Per month.Accommodation costs vary quite a lot. Dark in winter: During winter, there is a lot of darkness because the sun does not 4. Answer 1 of 4: We'll spend 10 days touring the south of Iceland in August, car and housing are already booked. Cost of Living in Iceland Access data about cities and countries worldwide. A crowdsourced database with a cost of living calculator for prices comparison in 9294 cities in 197 countries all over the world. © 2009-2020 Expatistan.com, List of all the cities available in Expatistan, Basic lunchtime menu (including a drink) in the business district, Combo meal in fast food restaurant (big mac meal or similar), 500 gr (1 lb.) Reykjavik universities rates are higher than the rest of Iceland. 3. Cost of Living Estimate in Iceland You can calculate cost of living in Iceland by changing … But what about the cost of living in Prices vary depending on the location of the apartment, year of building, equipment and mainly size. What is the Cost of Living Index? 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