Living in Reykjavik, Iceland
Reykjavik is one of the Iceland destinations covered by GoWira's fiscal and lifestyle database, refreshed quarterly. A one-bedroom apartment in the Reykjavik city center rents for around ISK 520,000/month, while the same layout in the suburbs averages ISK 360,000/month — a typical center-vs-suburbs gap for a city this size. Everyday expenses run about ISK 100,000 for groceries (single person) and ISK 20,000 for a monthly public transport pass. On our cost-of-living index (100 = highest benchmark city), Reykjavik scores 172, which makes it one of the more expensive cities in the region.
If you're planning a move, a realistic first-year budget in Reykjavik starts at roughly ISK 640,000/month for a single person in a central studio, before taxes, insurance or discretionary spending. Dining tends to cost ISK 8,200 for a mid-range meal and ISK 670 for a coffee at a local café, with a beer at a bar around ISK 1,300. Owning a car adds approximately ISK 140,000/month between fuel, parking and insurance — many residents in Reykjavik skip this in favour of public transport or the ISK 20,000/month pass mentioned above.
Healthcare, schools and essentials
Iceland offers a public healthcare system that residents access through social security contributions. Private health insurance for a single expat in Reykjavik costs around ISK 22,000/month, with a family plan at ISK 67,000. An out-of-pocket private GP visit runs about ISK 19,000, while specialists charge around ISK 34,000. Families should budget ISK 450,000/month for international schooling, or ISK 240,000/month for a local private school.
Who does Reykjavik suit best?
Reykjavik works especially well for senior professionals and families who can absorb top-tier European rent in exchange for infrastructure.
All figures are medians (p50), reviewed quarterly. Hit the calculator below for a number tailored to your salary and residency situation.