Keystone logo

Study in Iceland: Housing & Living Costs

The Nordic countries are known for being expensive; this includes Iceland. This means that you’ll need to budget during your time there. As most students find themselves in Reykjavik, these costs will reflect the cost of living in the capital. 

Jan 31, 2024

The Nordic countries are known for being expensive; this includes Iceland. This means that you’ll need to budget carefully during your time there.

Find a program

Want to study in Iceland? Find & compare programs

As most students find themselves in Reykjavik, these costs will reflect the cost of living in the capital.

Some average costs of living (in ISK and USD) are: 

  • Monthly rent (1 bedroom apartment): 200,000ISK ($1650) *
  • Utilities (monthly average): 13,000ISK ($110)
  • Monthly public transport pass: 13,000ISK ($110)
  • Meal (inexpensive restaurant): 2,500ISK ($20)
  • Coffee: 580ISK ($4.80)
  • Milk (1 liter): 180ISK ($1.50)
  • Vegetables (1kg): 300ISK ($2.50)
  • Eggs (dozen): 730ISK ($6)
  • Water (1.5 liter): 280ISK ($2.30)
  • Chicken (1kg): 2000ISK ($16.50)
  • Wine (bottle): 3000ISK ($25)
  • Bread (loaf): 480ISK ($4)

* Many students in Iceland choose to live in dorms or in shared accommodation. In Iceland, dorms are known as corridors.

Student.com logo

Student.com offers over 1 million beds in Iceland and other countries around the world. Their website is free to use and offers a dedicated team of expert accommodation consultants and price match comparisons. They also have formal contractual relationships with every landlord on their site for an added layer of security for you!

You can also drink the tap water in Iceland, so you won’t have to factor this into your everyday costs.

Excluding rent, the average cost of living in Reykjavik is 160,000ISK ($1300) per month. As in many other countries, rent is normally counted as a separate cost. 

mountain iceland

As for healthcare, it’s universal in Iceland. There are sometimes small fees at the point of use, but it’s mostly free and of a very high standard. Your residence permit allows you to access Icelandic healthcare. You just need to go to the doctor’s surgery where you would like to be registered, fill in a form and then wait for confirmation of your registration. Private healthcare is available in Iceland, but it’s still accessed through public hospitals and healthcare workers.

Iceland is also an extremely automated country. Cards and contactless payments are accepted everywhere. In fact, some places don't accept cash. Some Icelanders don't even routinely carry cash. Make sure you take a bank card with you that works abroad.

Overview

Iceland is a place that captures our imaginations, from its glaciers to its black sand beaches. This section gives you an overview of what life and study is like in Iceland.

Education in Iceland

Want to learn about how the higher education system works in Iceland. Iceland is a great destination for those studying science, history and much more. Find out more here.

Student Visas

Do you need a visa to enter Iceland to study? Learn more about the student visa process, and what you need to enter the country, depending on your citizenship.

Tuition Fees & Scholarships

Tuition fees for degree programs in Iceland can vary a lot. It can vary from free to a low fee. We've put together information on how this works, and on scholarships, in this section.

Language & Culture

Iceland is a country rich in cultural significance, from its language to its past. You can find out more about that, as well as to stay safe and manage the harsh winters, in this section.

Application Process

Learn more about how to apply to Icelandic schools and the documentation you need to do it in this section.

Programs

Ready to look at education in Iceland? Use our search engine to find and compare top programs in Iceland today!

Keystone Team

Author

The Keystone Team is comprised of experienced educators and advisors dedicated to providing valuable resources and advice to students all over the world.