In this blog post, we’ll cover the basics – food, transportation, accommodation, and more. We’ll also give you an idea of how much money you’ll need to get to Iceland. So if you are planning a move or are just curious about the cost of living in Iceland.
Brief fact about Iceland
It was first settled by the Vikings in the ninth century, and since then, it has undergone many changes. Iceland is now an independent country and is one of the most developed countries in the world. The cost of living in Iceland is high, but it’s also a very beautiful and safe place to live.
The cost of living in Iceland depends on several factors, such as where you live, what kind of lifestyle you want to have, and how much money you earn. Overall, however, the cost of living in Iceland is high. This is due to several factors, like the high cost of living in other Nordic countries, high transportation costs, and high housing costs.
Iceland’s Gross Domestic Product per capita
The cost of living in Iceland is high. However, this has a cost – Iceland is also one of the most expensive places in the world to live.
If you are considering moving to Iceland, you will need to have a good income. The average Icelander earns about $60,000 a year – that’s about $5000 a month. This means you have to earn a decent wage to meet the cost of living in Iceland.
Cost of living in Iceland
We will look at the cost of living in Iceland below these costs:
- Food
- Transport
- Accommodation
- Healthcare
- Childcare
- Clothing/Textile
- Free time and fun
- Municipal services
- Other expenses to consider
Food:
When it comes to food, you’ll find that the cost of living in Iceland isn’t much different from other developed countries. Of course, there are always ways to save money on groceries, but overall, you can expect to spend about $300 a month on food for one person. This number will increase if you eat out often or have a greater appetite.
Transport:
As for transport, the cost of living in Iceland includes the price of gasoline as well as public transport. If you’re planning on renting a car, you can expect to pay about $60 a week for gas. If you’re going to use public transportation, a monthly pass will cost you about $45.
Accommodation:
When it comes to housing, the cost of living in Iceland can be expensive — especially if you’re looking to rent in the capital Reykjavik. The median rent for a one-bedroom apartment in Reykjavik is $1400 a month. If you’re moving to Iceland with a family or planning to rent a bigger place, you can expect to pay even more.
Healthcare:
The cost of living in Iceland also includes healthcare. While Iceland has a universal healthcare system, you’ll still have to pay for things like prescriptions and doctor’s visits. The good news is that Iceland has some of the best healthcare in the world, so you can be sure you are getting quality care.
Childcare:
If you have children, childcare is another expense to consider when budgeting for the cost of living in Iceland. Childcare can be expensive, but there are several ways to save money. For example, many jobs offer childcare subsidies, and you may also be able to find affordable childcare through friends or family members.
Clothing:
You’ll need to budget for winter and summer clothing as the weather in Iceland can be unpredictable. You can expect to spend around $100 a month on clothing.
Free time and fun:
There are many things to do in Iceland, but some activities — like going to the movies or going out to eat — can be expensive. You can expect to spend around $150 a month on leisure and entertainment.
Utilities:
The cost of living in Iceland includes municipal services such as electricity, water, and gas. The average utility bill for a one-bedroom apartment is about $100 a month. This number will increase if you have a bigger seat or if you use more electricity than average.
As you can see, the cost of living in Iceland is not cheap. However, it is possible to live comfortably on a budget – you just have to be aware of your spending. If you’re moving to Iceland, make sure you save enough money to cover all your expenses. And, of course, don’t forget to enjoy everything this beautiful place offers!