Cost of living comparison

Monaco

compared to

Iceland

Iceland vs. Monaco Cost of Living Summary

Iceland is 37.4% cheaper than Monaco overall.

Restaurants: pay 2.8% more in Iceland
Groceries: pay 12.5% less in Iceland
Transportation: pay 22.8% more in Iceland
Housing: pay 67.9% less in Iceland
Childcare: pay 48.9% less in Iceland
Entertainment and Sports: pay 20.9% less in Iceland
Clothing: pay 30.6% less in Iceland

The cost of transportation and restaurants in Iceland are more expensive than in Monaco. Expenses including housing, childcare, clothing, entertainment and sports, and groceries are lower in Iceland.

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Iceland vs. Monaco Cost Breakdown

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

Display currency: USD

pay 2.8% more for restaurants

	Monaco	Iceland
Basic meal with drink at inexpensive restaurant	$30.79 €27.41	$28.88 ISK3,499	-6.2%
Fast food combo meal McDonalds, or similar	$11.76 €10.46	$22.83 ISK2,767	+94.2%
Bottle of Coca-Cola (11 fl. oz)	$7.52 €6.69	$3.25 ISK393	-56.8%
Bottle of water (11 fl. oz)	$7.52 €6.69	$3.01 ISK365	-60.0%
Average			+2.8%

Monaco vs. Iceland - Cost of restaurants

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pay 12.5% less for groceries

	Monaco	Iceland
Bread 1 loaf	$4.17 €3.71	$3.55 ISK431	-14.8%
Local cheese (8 oz)	$8.73 €7.77	$10.11 ISK1,226	+15.8%
Milk (1 gallon)	$7.59 €6.76	$7.79 ISK944	+2.6%
Eggs 1 dozen	$4.79 €4.26	$6.92 ISK839	+44.7%
Boneless chicken breast (1 lb)	$7.62 €6.78	$11.01 ISK1,334	+44.5%
Apples (1 lb)	$2.12 €1.89	$1.43 ISK173	-32.9%
Bananas (1 lb)	$2.28 €2.03	$1.23 ISK148	-46.4%
Oranges (1 lb)	$1.70 €1.51	$1.42 ISK172	-16.6%
Tomatoes (1 lb)	$2.69 €2.40	$2.60 ISK315	-3.3%
Potatoes (1 lb)	$1.82 €1.62	$1.71 ISK207	-6.1%
Onions (1 lb)	$1.90 €1.69	$0.76 ISK92	-60.3%
Average			-12.5%

Monaco vs. Iceland - Cost of groceries

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pay 22.8% more for transportation

	Monaco	Iceland
Gasoline (1 gallon)	$8.91 €7.93	$8.09 ISK980	-9.2%
Monthly public transit pass	$30.51 €27.16	$80.58 ISK9,765	+164.1%
New Volkswagen Golf 1.4 (standard edition)	$51,360.87 €45,713.02	$48,967.53 ISK6M	-4.7%
Taxi trip in downtown area (5 miles)	$23.51 €20.93	$26.24 ISK3,179	+11.6%
Average			+22.8%

Monaco vs. Iceland - Cost of transportation

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pay 67.9% less for housing

	Monaco	Iceland
Internet connection 50 mbps or faster, cable/dsl	$80.06 €71.26	$98.24 ISK11,905	+22.7%
1-Bedroom apartment in downtown area	$5,971.92 €5,315.23	$2,335.24 ISK283K	-60.9%
1-Bedroom apartment outside city center	$6,792.97 €6,045.99	$1,824.40 ISK221K	-73.1%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$367.05 €326.69	$72.34 ISK8,766	-80.3%
Average			-67.9%

Monaco vs. Iceland - Cost of housing

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pay 48.9% less for childcare

	Monaco	Iceland
Private preschool for 1 child, monthly	$2,883.32 €2,566.26	$833.66 ISK101K	-71.1%
Middle school for 1 child, two semesters	$30,722.74 €27,344.35	$27,752.37 ISK3M	-9.7%
Average			-48.9%

Monaco vs. Iceland - Cost of childcare

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pay 20.9% less for entertainment and sports

	Monaco	Iceland
Domestic/local beer (1 pint)	$10.08 €8.97	$11.37 ISK1,378	+12.9%
Cappuccino in mid-range area	$3.95 €3.51	$5.90 ISK715	+49.4%
Pack of cigarettes Marlboro or similar	$13.16 €11.71	$13.85 ISK1,679	+5.3%
Monthly membership at local gym	$379.31 €337.60	$83.64 ISK10,136	-77.9%
Movie ticket to theater/cinema	$15.68 €13.95	$17.92 ISK2,171	+14.3%
Average			-20.9%

Monaco vs. Iceland - Cost of entertainment and sports

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pay 30.6% less for clothing

	Monaco	Iceland
Regular jeans Levi's brand	$187.18 €166.60	$134.47 ISK16,295	-28.2%
Regular dress from H&M or similar store	$80.90 €72.00	$63.25 ISK7,664	-21.8%
Running shoes Nike or Adidas	$181.58 €161.62	$159.03 ISK19,271	-12.4%
Men's business shoes (leather)	$503.60 €448.22	$237.19 ISK28,742	-52.9%
Average			-30.6%

Monaco vs. Iceland - 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: Monaco vs. Iceland

Salary Calculator · Free tool

What salary would you need in Iceland?

Quality of Life Comparison · 10 statistics

Make 65.9% less money in Iceland

Size Comparison · See true size

Monaco is about 51,500 times smaller than Iceland.

Moving from Monaco to Iceland · UN DESA 2015

1 people born in Monaco live in Iceland.

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