University of Iceland

Cost of living











Cost of living in Reykjavík

It is important to consider your budget for living expenses if you are planning to study in Iceland. According to Registers Iceland, the minimum support criteria for an individual living in Reykjavík is 180,550 ISK per month. However, this amount does not necessarily reflect actual living costs, which can vary greatly depending on your lifestyle and spending habits.

Below are estimated living costs, divided into upper and lower ranges, as well as some additional costs you may want to consider including in your budget.

Estimated Living Costs Per Month

These estimates are based on costs for an individual and may vary for couples and families

  Lower range (ISK) Upper range (ISK)
       Student Housing 56.000.- 90.000.-
       Private Housing, single room 70.000.- 90.000.-
       Private Housing, apartment 120.000.- 200.000.-
Food 44.000.- 88.000.-
Utilities (heat, electricity, etc.) May be included in rent 15.000.-
Internet & Mobile phone 3.000.- 10.000.-
Public transportation 6.300.- 10.900.-
Total 119.300.- 323.900.-

Initial one-off costs

These estimates are based on costs for an individual and may vary for couples and families

  Estimated costs (ISK)
Residence permit, visa documents and fees* 12.000-35.000.-
Rent deposit 1-2 months’ rent in advance
Shuttle from Keflavik Airport to Reykjavík 1.950.-
Overnight stay at a hostel or guesthouse 4.000-12.000.-
Basic houseware (dishes, cups, utensils, sheets, towels, etc.) 4.000-50.000.-
Textbooks (per semester) 35.000-60.000.-
Total 56.950-158.950.-

*For non-EEA citizens only

Other costs

  Estimated costs (ISK)
Cup of coffee 350-600.-
Glass of beer (0,5 l) 800-1.200.-
Dinner, restaurant 4.000-10.000.-
Cinema ticket 1.200-1.400.-
Gym membership (per month)  890-12.900.-
Taxi (within Reykjavik) 1.500-5.000.-
Swimming pool (one admission) 900.-


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