Cost of living comparison

compared to
Reykjavik vs. Madrid Cost of Living Summary

Reykjavik is 38.8% more expensive than Madrid.

Restaurants
pay 31.7% more in Reykjavik
Groceries
pay 63.3% more in Reykjavik
Transportation
pay 45.0% more in Reykjavik
Housing
pay 40.7% more in Reykjavik
Childcare
pay 48.0% less in Reykjavik
Entertainment and Sports
pay 96.8% more in Reykjavik
Clothing
pay 42.2% more in Reykjavik

The cost of entertainment and sports, groceries, transportation, clothing, housing, and restaurants in Reykjavik are more expensive than in Madrid. Notably, entertainment and sports is significantly more expensive in Reykjavik.

Reykjavik vs. Madrid Cost Breakdown

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

pay 31.7% more for restaurants

 
Madrid
Reykjavik
Basic meal with drink at inexpensive restaurant $16.08
€15.57
$20.00
ISK2,840
Fast food combo meal
McDonalds, or similar
$10.72
€10.38
$18.02
ISK2,558
Bottle of Coca-Cola (11 fl. oz) $2.79
€2.70
$3.15
ISK448

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pay 63.3% more for groceries

 
Madrid
Reykjavik
Bread
1 loaf
$1.50
€1.45
$3.61
ISK513
Local cheese (8 oz) $6.92
€6.70
$7.76
ISK1,101
Milk (1 gallon) $4.41
€4.27
$6.40
ISK909

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pay 45.0% more for transportation

 
Madrid
Reykjavik
Gasoline (1 gallon) $6.79
€6.57
$8.50
ISK1,207
Monthly public transit pass $42.87
€41.51
$74.95
ISK10,642
New Volkswagen Golf 1.4 (standard edition) $35,759.38
€34,623.73
$42,450.45
ISK6,027,115

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pay 40.7% more for housing

 
Madrid
Reykjavik
Internet connection
50 mbps or faster, cable/dsl
$31.85
€30.84
$69.87
ISK9,919
1-Bedroom apartment in downtown area $1,468.90
€1,422.25
$1,971.17
ISK279,867
1-Bedroom apartment outside city center $1,074.71
€1,040.58
$1,803.44
ISK256,052

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pay 48.0% less for childcare

 
Madrid
Reykjavik
Private preschool for 1 child, monthly $567.57
€549.54
$252.14
ISK35,799
Middle school for 1 child, two semesters $10,069.47
€9,749.68
$5,993.99
ISK851,027

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pay 96.8% more for entertainment and sports

 
Madrid
Reykjavik
Domestic/local beer (1 pint) $3.75
€3.63
$10.81
ISK1,535
Cappuccino in mid-range area $2.59
€2.50
$5.31
ISK753
Pack of cigarettes
Marlboro or similar
$6.43
€6.23
$12.25
ISK1,739

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pay 42.2% more for clothing

 
Madrid
Reykjavik
Regular jeans
Levi's brand
$90.50
€87.63
$108.97
ISK15,472
Regular dress
from H&M or similar store
$37.21
€36.03
$49.72
ISK7,059
Running shoes
Nike or Adidas
$97.88
€94.77
$151.85
ISK21,560

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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: February 2025
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