What is the cost of living in Reykjavik?

The cost of living in Reykjavik is 17.4% cheaper than New York City (index: 82.6). Groceries are 11.3% more expensive than NYC. Restaurants are 29.0% more expensive than NYC. A 1-bedroom apartment in the city centre costs approximately ISK 300,974 per month. Local purchasing power index is 112.8 (NYC = 100).

How much tax do you pay in Iceland?

In Iceland, a gross salary of ISK 6,826,681 per year results in approximately ISK 443,527 per month take-home pay after income tax and social contributions (effective rate: 22.0%). Use our Iceland tax calculator for a personalised breakdown.

🇮🇸 Iceland · #8 of 577 cities · 2026

Should I Move to Reykjavik?

Q: Should I move to Reykjavik?

Reykjavik, Iceland has a cost of living 17.4% cheaper than New York City (index: 82.6). It is ranked #8 out of 577 cities globally. Local purchasing power is strong (index: 112.8 vs NYC = 100). Workers in Iceland earning ISK 6,826,681 gross take home approximately ISK 443,527/month after tax. Use our salary comparison calculator to see exactly how your take-home pay would change.

17.4% cheaper than NYC, and purchasing power is strong.

Run the calculator below with your actual salary to get a personalised answer.

-17.4%

vs NYC

ISK 300,974

1-BR, city centre

ISK 443,527

Net take-home

Strong

Purchasing Power

Cost index: Numbeo, blended with Expatistan and LivingCost where available (NYC = 100) · Data from October 2026

Personalised Answer

Compare your salary: move to Reykjavik?

Example: ISK 6,826,681 gross/year in Iceland → ISK 443,527/month net after tax (22% effective rate). Full Iceland tax breakdown →

Cost breakdown: Reykjavik

Cost indices vs NYC = 100

Cost of Living

82.6 Very expensive

Rent

49.6 Affordable

Groceries

111.3 Expensive

Restaurants

129.0 Expensive

Purchasing Power

112.8 Strong

Rent in Reykjavik

1-BR, city centre ISK 300,974/mo

1-BR, outside centre ISK 246,101/mo

3-BR, city centre ISK 416,118/mo

3-BR, outside centre ISK 329,565/mo

Save by going outside centre 18% cheaper

Numbeo · 2026-10-02

Iceland take-home pay

ISK 6,826,681 → ISK 443,527/Net take-home (22% effective rate, single filer)

Full Iceland tax calculator →

Considering alternatives?

Cities in the same country or region with a comparable cost of living.

🇨🇭 Geneva

Switzerland

CoL index 85.9

Compare Geneva vs Reykjavik →

🇬🇧 London

United Kingdom

CoL index 78.9

Compare London vs Reykjavik →

🇨🇭 Lucerne

Switzerland

CoL index 78.2

Compare Lucerne vs Reykjavik →

Ready to run the numbers?

Enter your salary and current city. Get exact take-home pay in Reykjavik after tax, in seconds.

Compare salaries → Full cost of living data

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