Discover the Reality of Living Costs in Iceland: Is It Expensive to Live in Iceland?

Are you planning to visit Iceland but wondering if it is expensive to live in Iceland? This blog post will provide you with all the information you need to know before you travel to Iceland.

Introduction

Iceland, a Nordic island country located in the North Atlantic, is known for its stunning landscapes, natural beauty, and adventurous activities. It is also notorious for being expensive. Before you pack your bags and head to Iceland, you need to know if it is financially feasible for you to live there.

The Cost of Living in Iceland

The cost of living in Iceland is high when compared to most countries in Europe and North America. The prices for groceries, accommodation, and transportation are the most expensive. According to the Numbeo cost of living index, Iceland ranks 6th in the world for the highest cost of living.

The following is a breakdown of the average cost of living in Iceland:

Accommodation

Accommodation is one of the biggest expenses in Iceland. The cost of living in Reykjavik, the capital city of Iceland, is 43 percent higher than the average cost of living in other cities in Iceland. The average monthly rent for a one-bedroom apartment in Reykjavik is around 208,000 ISK (1,575 USD), while the average monthly rent for a three-bedroom apartment is 376,000 ISK (2,860 USD).

Food and Drink

The prices for groceries and dining out in Iceland are higher than most other countries. A meal for two at a mid-range restaurant costs around 15,000 ISK (114 USD), while a cup of coffee costs around 500 ISK (4 USD). If you plan on cooking your meals, expect to pay around 40,000 ISK (304 USD) for groceries per month.

Transportation

Transportation in Iceland is expensive. A monthly pass for public transportation costs around 13,000 ISK (99 USD), while a liter of gas costs around 235 ISK (1.8 USD). If you plan on owning a car, expect to pay around 340,000 ISK (2,585 USD) for a new Toyota Corolla.

Ways to Save Money in Iceland

Even though Iceland is expensive, there are ways to save money. Here are some tips that can help you save some money:

Choose the Right Accommodation

Choosing the right accommodation can save you a lot of money. Instead of staying in a hotel or an Airbnb, try to find a hostel or a guesthouse. Hostels and guesthouses are much cheaper than hotels.

Cook Your Own Meals

Since food is one of the biggest expenses in Iceland, cooking your meals can save you a lot of money. Try to find supermarkets that offer discounts and cook your meals at home.

Use Public Transportation

Instead of renting a car, use public transportation. Public transportation is much cheaper than owning a car in Iceland. If you plan on traveling outside Reykjavik, consider taking a bus instead of renting a car.

Conclusion

In conclusion, Iceland is an expensive country to live in. Accommodation, food, and transportation are the biggest expenses. However, there are ways to save money. By choosing the right accommodation, cooking your meals, and using public transportation, you can save a lot of money. Keep these tips in mind and have a great trip to Iceland!