Cost of living comparison

compared to

Iceland is 37.0% more expensive than Madrid.

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

pay 18.4% more for restaurants

 
Madrid
Iceland
Basic meal with drink at inexpensive restaurant $13.15
€12.91
$15.00
kr2,051
Fast food combo meal
McDonalds, or similar
$8.42
€8.26
$12.33
kr1,686
Bottle of Coca-Cola (11 fl. oz) $2.30
€2.26
$2.20
kr301

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pay 75.6% more for groceries

 
Madrid
Iceland
Bread
1 loaf
$1.04
€1.02
$3.14
kr430
Local cheese (8 oz) $5.21
€5.11
$5.86
kr801
Milk (1 gallon) $3.29
€3.23
$5.16
kr706

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pay 32.5% more for transportation

 
Madrid
Iceland
Gasoline (1 gallon) $6.45
€6.33
$7.21
kr986
Monthly public transit pass $57.86
€56.80
$85.09
kr11,636
New Volkswagen Golf 1.4 (standard edition) $26,298.13
€25,816.00
$27,857.83
kr3,809,558

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pay 26.0% more for housing

 
Madrid
Iceland
Internet connection
50 mbps or faster, cable/dsl
$37.24
€36.56
$66.89
kr9,148
1-Bedroom apartment in downtown area $1,056.08
€1,036.72
$1,349.42
kr184,533
1-Bedroom apartment outside city center $815.10
€800.15
$1,143.63
kr156,391

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pay 59.0% less for childcare

 
Madrid
Iceland
Private preschool for 1 child, monthly $514.57
€505.13
$277.52
kr37,951
Middle school for 1 child, two semesters $10,045.88
€9,861.71
$2,822.44
kr385,968

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pay 85.2% more for entertainment and sports

 
Madrid
Iceland
Domestic/local beer (1 pint) $3.16
€3.10
$7.85
kr1,074
Cappuccino in mid-range area $2.19
€2.15
$4.10
kr561
Pack of cigarettes
Marlboro or similar
$5.26
€5.16
$11.37
kr1,555

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pay 80.4% more for clothing

 
Madrid
Iceland
Regular jeans
Levi's brand
$79.49
€78.03
$117.41
kr16,056
Regular dress
from H&M or similar store
$32.03
€31.45
$55.13
kr7,539
Running shoes
Nike or Adidas
$75.56
€74.17
$156.49
kr21,401

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The statistics used to build this comparison are calculated using data from users just like you. We average the price of thousands of data points entered by users across the world. Learn more about our data sources. Page last updated: August 2022
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