Study in Iceland: Housing & Living Costs

The Nordic countries are known for being expensive; this includes Iceland. This means that you’ll need to budget carefully during your time there.

As most students find themselves in Reykjavik, these costs will reflect the cost of living in the capital.

Some average costs of living (in ISK and USD) are: 

• Monthly rent (1 bedroom apartment): 200,000ISK ($1650) *
• Utilities (monthly average): 13,000ISK ($110)
• Monthly public transport pass: 13,000ISK ($110)
• Meal (inexpensive restaurant): 2,500ISK ($20)
• Coffee: 580ISK ($4.80)
• Milk (1 liter): 180ISK ($1.50)
• Vegetables (1kg): 300ISK ($2.50)
• Eggs (dozen): 730ISK ($6)
• Water (1.5 liter): 280ISK ($2.30)
• Chicken (1kg): 2000ISK ($16.50)
• Wine (bottle): 3000ISK ($25)
• Bread (loaf): 480ISK ($4)

* Many students in Iceland choose to live in dorms or in shared accommodation. In Iceland, dorms are known as corridors.

Student.com offers over 1 million beds in Iceland and other countries around the world. Their website is free to use and offers a dedicated team of expert accommodation consultants and price match comparisons. They also have formal contractual relationships with every landlord on their site for an added layer of security for you!

You can also drink the tap water in Iceland, so you won’t have to factor this into your everyday costs.

Excluding rent, the average cost of living in Reykjavik is 160,000ISK ($1300) per month. As in many other countries, rent is normally counted as a separate cost. 

As for healthcare, it’s universal in Iceland. There are sometimes small fees at the point of use, but it’s mostly free and of a very high standard. Your residence permit allows you to access Icelandic healthcare. You just need to go to the doctor’s surgery where you would like to be registered, fill in a form and then wait for confirmation of your registration. Private healthcare is available in Iceland, but it’s still accessed through public hospitals and healthcare workers.

Iceland is also an extremely automated country. Cards and contactless payments are accepted everywhere. In fact, some places don't accept cash. Some Icelanders don't even routinely carry cash. Make sure you take a bank card with you that works abroad.