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Cost of Living Breakdown
A community-curated guide by Iranian-Icelandic Community
Overview
Iceland is one of the more expensive countries in Europe, but salaries are also correspondingly higher. The minimum wage is around 400,000 ISK/month (2025).
Monthly Expenses (Single Person)
Rent: 200,000–280,000 ISK. Groceries: 40,000–60,000 ISK. Transport: 10,000–15,000 ISK. Utilities: 15,000–25,000 ISK. Total: approximately 300,000–400,000 ISK.
Saving Tips
Shop at Bónus and Krónan. Cook at home. Use the city bus (Strætó) instead of taxis. Buy seasonal clothing at Kolaportið flea market (www.kolaportid.is).