Cost of living comparison

Iceland

compared to

Mongolia

Mongolia vs. Iceland Cost of Living Summary

Mongolia is 64.2% cheaper than Iceland overall.

Restaurants: pay 78.4% less in Mongolia
Groceries: pay 49.9% less in Mongolia
Transportation: pay 61.8% less in Mongolia
Housing: pay 71.9% less in Mongolia
Childcare: pay 46.0% less in Mongolia
Entertainment and Sports: pay 67.4% less in Mongolia
Clothing: pay 31.3% less in Mongolia

Expenses including restaurants, housing, entertainment and sports, transportation, groceries, and childcare are lower in Mongolia.

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Mongolia vs. Iceland Cost Breakdown

If you lived in Mongolia instead of Iceland, you would:

Display currency: USD

pay 78.4% less for restaurants

	Iceland	Mongolia
Basic meal with drink at inexpensive restaurant	$28.88 ISK3,517	$5.56 MNT20,000.00	-80.8%
Fast food combo meal McDonalds, or similar	$22.83 ISK2,781	$5.56 MNT20,000.00	-75.7%
Bottle of Coca-Cola (11 fl. oz)	$3.25 ISK395	$0.86 MNT3,083.33	-73.6%
Bottle of water (11 fl. oz)	$3.01 ISK367	$0.59 MNT2,125.00	-80.4%
Average			-78.4%

Iceland vs. Mongolia - Cost of restaurants

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pay 49.9% less for groceries

	Iceland	Mongolia
Bread 1 loaf	$3.55 ISK433	$1.00 MNT3,588.33	-71.9%
Local cheese (8 oz)	$10.11 ISK1,232	$6.18 MNT22,248.75	-38.9%
Milk (1 gallon)	$7.79 ISK949	$5.49 MNT19,758.34	-29.5%
Eggs 1 dozen	$6.92 ISK843	$2.10 MNT7,573.96	-69.6%
Boneless chicken breast (1 lb)	$11.01 ISK1,341	$2.22 MNT7,975.68	-79.9%
Apples (1 lb)	$1.43 ISK174	$1.39 MNT5,003.76	-2.5%
Bananas (1 lb)	$1.23 ISK149	$1.09 MNT3,926.41	-11.0%
Oranges (1 lb)	$1.42 ISK173	$1.69 MNT6,091.75	+19.5%
Tomatoes (1 lb)	$2.60 ISK317	$1.37 MNT4,944.16	-47.2%
Potatoes (1 lb)	$1.71 ISK208	$0.33 MNT1,188.41	-80.7%
Onions (1 lb)	$0.76 ISK92	$0.48 MNT1,730.24	-36.4%
Average			-49.9%

Iceland vs. Mongolia - Cost of groceries

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pay 61.8% less for transportation

	Iceland	Mongolia
Gasoline (1 gallon)	$8.09 ISK985	$4.32 MNT15,549.41	-46.6%
Monthly public transit pass	$80.58 ISK9,813	$16.67 MNT60,000.00	-79.3%
New Volkswagen Golf 1.4 (standard edition)	$48,967.53 ISK6M	$26,896.36 MNT97M	-45.1%
Taxi trip in downtown area (5 miles)	$26.24 ISK3,195	$4.86 MNT17,500.00	-81.5%
Average			-61.8%

Iceland vs. Mongolia - Cost of transportation

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pay 71.9% less for housing

	Iceland	Mongolia
Internet connection 50 mbps or faster, cable/dsl	$98.24 ISK11,964	$13.63 MNT49,062.50	-86.1%
1-Bedroom apartment in downtown area	$2,335.24 ISK284K	$569.30 MNT2M	-75.6%
1-Bedroom apartment outside city center	$1,824.40 ISK222K	$444.50 MNT2M	-75.6%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$72.34 ISK8,809	$54.38 MNT196K	-24.8%
Average			-71.9%

Iceland vs. Mongolia - Cost of housing

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pay 46.0% less for childcare

	Iceland	Mongolia
Private preschool for 1 child, monthly	$833.66 ISK102K	$817.79 MNT3M	-1.9%
Middle school for 1 child, two semesters	$27,752.37 ISK3M	$8,262.71 MNT30M	-70.2%
Average			-46.0%

Iceland vs. Mongolia - Cost of childcare

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pay 67.4% less for entertainment and sports

	Iceland	Mongolia
Domestic/local beer (1 pint)	$11.37 ISK1,385	$2.36 MNT8,500.00	-79.2%
Cappuccino in mid-range area	$5.90 ISK718	$2.42 MNT8,692.31	-59.0%
Pack of cigarettes Marlboro or similar	$13.85 ISK1,687	$1.68 MNT6,044.89	-87.9%
Monthly membership at local gym	$83.64 ISK10,186	$67.73 MNT244K	-19.0%
Movie ticket to theater/cinema	$17.92 ISK2,182	$4.17 MNT15,000.00	-76.7%
Average			-67.4%

Iceland vs. Mongolia - Cost of entertainment and sports

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pay 31.3% less for clothing

	Iceland	Mongolia
Regular jeans Levi's brand	$134.47 ISK16,375	$81.73 MNT294K	-39.2%
Regular dress from H&M or similar store	$63.25 ISK7,702	$45.38 MNT163K	-28.2%
Running shoes Nike or Adidas	$159.03 ISK19,366	$102.93 MNT370K	-35.3%
Men's business shoes (leather)	$237.19 ISK28,885	$187.55 MNT675K	-20.9%
Average			-31.3%

Iceland vs. Mongolia - Cost of clothing

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We average the price of thousands of data points entered by users across the world. Sources: MyLifeElsewhere's cost-of-living dataset (prices updated October 2026). How we calculate this

Compare further: Iceland vs. Mongolia

Salary Calculator · Free tool

What salary would you need in Mongolia?

Quality of Life Comparison · 21 statistics

Make 92.8% less money in Mongolia

Size Comparison · See true size

Iceland is about 15 times smaller than Mongolia.

Moving from Iceland to Mongolia · Cost, visas & climate

Compare cost of living, salary and climate.

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