Cost of living comparison
compared to
Reykjavik vs. Madrid Cost of Living Summary
Reykjavik is 60.8% more expensive than Madrid.
Reykjavik vs. Madrid Cost Breakdown
If you lived in Reykjavik instead of Madrid, you would:
pay 79.6% more for restaurants
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
| Basic meal with drink at inexpensive restaurant |
$17.92
€15.95
|
$31.06
ISK3,763
|
|
|
Fast food combo meal
McDonalds, or similar
|
$11.20
€9.97
|
$26.97
ISK3,268
|
|
| Bottle of Coca-Cola (11 fl. oz) |
$3.30
€2.94
|
$3.31
ISK402
|
|
| Bottle of water (11 fl. oz) |
$2.30
€2.05
|
$3.11
ISK376
|
|
Madrid vs. Reykjavik - Cost of restaurants
pay 59.9% more for groceries
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
|
Bread
1 loaf
|
$1.57
€1.39
|
$4.19
ISK508
|
|
| Local cheese (8 oz) |
$8.35
€7.43
|
$10.93
ISK1,324
|
|
| Milk (1 gallon) |
$5.25
€4.67
|
$7.78
ISK942
|
|
|
Eggs
1 dozen
|
$4.15
€3.69
|
$7.08
ISK858
|
|
| Boneless chicken breast (1 lb) |
$4.23
€3.76
|
$11.00
ISK1,333
|
|
| Apples (1 lb) |
$1.17
€1.04
|
$1.50
ISK182
|
|
| Bananas (1 lb) |
$0.96
€0.85
|
$1.27
ISK154
|
|
| Oranges (1 lb) |
$1.15
€1.02
|
$1.46
ISK177
|
|
| Tomatoes (1 lb) |
$1.16
€1.03
|
$2.93
ISK355
|
|
| Potatoes (1 lb) |
$1.00
€0.89
|
$1.78
ISK215
|
|
| Onions (1 lb) |
$0.97
€0.86
|
$0.76
ISK92
|
|
Madrid vs. Reykjavik - Cost of groceries
pay 56.5% more for transportation
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
| Gasoline (1 gallon) |
$6.88
€6.12
|
$7.76
ISK941
|
|
| Monthly public transit pass |
$36.95
€32.89
|
$94.80
ISK11,488
|
|
| New Volkswagen Golf 1.4 (standard edition) |
$35,271.67
€31,393.06
|
$50,588.43
ISK6M
|
|
| Taxi trip in downtown area (5 miles) |
$15.84
€14.10
|
$29.26
ISK3,545
|
|
Madrid vs. Reykjavik - Cost of transportation
pay 44.4% more for housing
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
|
Internet connection
50 mbps or faster, cable/dsl
|
$34.86
€31.03
|
$86.01
ISK10,422
|
|
| 1-Bedroom apartment in downtown area |
$1,491.38
€1,327.38
|
$2,522.88
ISK306K
|
|
| 1-Bedroom apartment outside city center |
$1,193.86
€1,062.58
|
$2,032.25
ISK246K
|
|
|
Utilities for two
(700 sq ft apartment)
including electric, gas, water, heating
|
$144.11
€128.26
|
$73.44
ISK8,899
|
|
Madrid vs. Reykjavik - Cost of housing
pay 60.2% more for childcare
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
| Private preschool for 1 child, monthly |
$668.48
€594.97
|
$1,185.23
ISK144K
|
|
| Middle school for 1 child, two semesters |
$17,859.91
€15,895.97
|
$25,853.51
ISK3M
|
|
Madrid vs. Reykjavik - Cost of childcare
pay 2.2 times more for entertainment and sports
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
| Domestic/local beer (1 pint) |
$3.92
€3.49
|
$13.89
ISK1,684
|
|
| Cappuccino in mid-range area |
$3.07
€2.74
|
$6.74
ISK817
|
|
|
Pack of cigarettes
Marlboro or similar
|
$6.72
€5.98
|
$13.89
ISK1,684
|
|
| Monthly membership at local gym |
$50.67
€45.10
|
$100.25
ISK12,148
|
|
| Movie ticket to theater/cinema |
$11.20
€9.97
|
$19.57
ISK2,372
|
|
Madrid vs. Reykjavik - Cost of entertainment and sports
pay 76.5% more for clothing
|
Madrid
|
Reykjavik
|
||
|---|---|---|---|
|
Regular jeans
Levi's brand
|
$86.50
€76.99
|
$149.01
ISK18,058
|
|
|
Regular dress
from H&M or similar store
|
$42.98
€38.25
|
$65.79
ISK7,972
|
|
|
Running shoes
Nike or Adidas
|
$108.99
€97.00
|
$181.84
ISK22,035
|
|
| Men's business shoes (leather) |
$112.77
€100.37
|
$248.81
ISK30,151
|
|
Madrid vs. Reykjavik - Cost of clothing
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
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Compare further: Madrid vs. Reykjavik
Compare countries by overall cost of living
See the
cost of living in Spain vs. Iceland.
This provides a comparison of the average cost of living from cities within Spain and Iceland.
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