Cost of living comparison

compared to

Elliot Lake vs. Reykjavik Cost of Living Summary

Elliot Lake is 21.1% cheaper than Reykjavik.

Restaurants: pay 45.9% less in Elliot Lake
Groceries: pay 9.1% less in Elliot Lake
Transportation: pay 44.6% less in Elliot Lake
Housing: pay 12.2% more in Elliot Lake
Childcare: pay 23.4% more in Elliot Lake
Entertainment and Sports: pay 38.6% less in Elliot Lake
Clothing: pay 45.2% less in Elliot Lake

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

Elliot Lake vs. Reykjavik Cost Breakdown

If you lived in Elliot Lake instead of Reykjavik, you would:

Display currency: USD

pay 45.9% less for restaurants

	Reykjavik	Elliot Lake
Basic meal with drink at inexpensive restaurant	$27.48 ISK3,420	$17.93 CA$24.90	-34.7%
Fast food combo meal McDonalds, or similar	$22.76 ISK2,833	$10.04 CA$13.94	-55.9%
Bottle of Coca-Cola (11 fl. oz)	$3.34 ISK415	$1.79 CA$2.49	-46.2%
Bottle of water (11 fl. oz)	$2.70 ISK336	$1.43 CA$1.99	-46.8%
Average			-45.9%

Reykjavik vs. Elliot Lake - Cost of restaurants

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pay 9.1% less for groceries

	Reykjavik	Elliot Lake
Bread 1 loaf	$4.63 ISK577	$1.97 CA$2.74	-57.5%
Local cheese (8 oz)	$9.44 ISK1,175	$6.26 CA$8.69	-33.7%
Milk (1 gallon)	$7.63 ISK950	$8.29 CA$11.51	+8.7%
Eggs 1 dozen	$6.50 ISK809	$3.66 CA$5.09	-43.7%
Boneless chicken breast (1 lb)	$11.29 ISK1,406	$7.09 CA$9.84	-37.3%
Apples (1 lb)	$1.59 ISK198	$2.42 CA$3.36	+52.0%
Bananas (1 lb)	$1.17 ISK146	$0.88 CA$1.22	-24.8%
Oranges (1 lb)	$1.49 ISK185	$1.71 CA$2.37	+14.8%
Tomatoes (1 lb)	$2.54 ISK316	$2.03 CA$2.82	-19.9%
Potatoes (1 lb)	$1.70 ISK211	$2.01 CA$2.79	+18.5%
Onions (1 lb)	$1.13 ISK141	$1.39 CA$1.93	+22.9%
Average			-9.1%

Reykjavik vs. Elliot Lake - Cost of groceries

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pay 44.6% less for transportation

	Reykjavik	Elliot Lake
Gasoline (1 gallon)	$9.66 ISK1,202	$4.00 CA$5.55	-58.6%
Monthly public transit pass	$88.58 ISK11,027	??
New Volkswagen Golf 1.4 (standard edition)	$50,771.00 ISK6M	$24,369.83 CA$33,839.43	-52.0%
Taxi trip in downtown area (5 miles)	$28.07 ISK3,494	$21.59 CA$29.98	-23.1%
Average			-44.6%

Reykjavik vs. Elliot Lake - Cost of transportation

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pay 12.2% more for housing

	Reykjavik	Elliot Lake
Internet connection 50 mbps or faster, cable/dsl	$81.97 ISK10,203	$76.89 CA$106.76	-6.2%
1-Bedroom apartment in downtown area	$2,259.48 ISK281K	??
1-Bedroom apartment outside city center	$2,034.90 ISK253K	??
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$60.87 ISK7,578	$79.53 CA$110.43	+30.6%
Average			+12.2%

Reykjavik vs. Elliot Lake - Cost of housing

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pay 23.4% more for childcare

	Reykjavik	Elliot Lake
Private preschool for 1 child, monthly	$327.78 ISK40,802	$717.22 CA$995.92	+118.8%
Middle school for 1 child, two semesters	$30,711.08 ISK4M	$8,606.69 CA$11,951.06	-72.0%
Average			+23.4%

Reykjavik vs. Elliot Lake - Cost of childcare

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pay 38.6% less for entertainment and sports

	Reykjavik	Elliot Lake
Domestic/local beer (1 pint)	$13.12 ISK1,634	$2.87 CA$3.98	-78.1%
Cappuccino in mid-range area	$6.17 ISK768	$3.59 CA$4.98	-41.9%
Pack of cigarettes Marlboro or similar	$13.94 ISK1,735	$14.34 CA$19.92	+2.9%
Monthly membership at local gym	$87.35 ISK10,874	??
Movie ticket to theater/cinema	$17.18 ISK2,139	$10.76 CA$14.94	-37.4%
Average			-38.6%

Reykjavik vs. Elliot Lake - Cost of entertainment and sports

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pay 45.2% less for clothing

	Reykjavik	Elliot Lake
Regular jeans Levi's brand	$145.10 ISK18,062	$61.39 CA$85.25	-57.7%
Regular dress from H&M or similar store	$63.97 ISK7,963	$38.55 CA$53.53	-39.7%
Running shoes Nike or Adidas	$193.43 ISK24,078	$101.85 CA$141.42	-47.3%
Men's business shoes (leather)	$248.79 ISK30,970	$158.98 CA$220.76	-36.1%
Average			-45.2%

Reykjavik vs. Elliot Lake - Cost of clothing

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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: April 2026

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