Cost of living comparison

Iceland

compared to

South Korea

South Korea vs. Iceland Cost of Living Summary

South Korea is 4.8% cheaper than Iceland overall.

Restaurants: pay 61.4% less in South Korea
Groceries: pay 31.2% more in South Korea
Transportation: pay 45.1% less in South Korea
Housing: pay 34.6% less in South Korea
Childcare: pay 2.6 times more in South Korea
Entertainment and Sports: pay 44.3% less in South Korea
Clothing: pay 42.7% less in South Korea

The cost of childcare and groceries in South Korea are more expensive than in Iceland. Expenses including restaurants, transportation, entertainment and sports, clothing, and housing are lower in South Korea. Notably, childcare is significantly more expensive in South Korea.

South Korea vs. Iceland Cost Breakdown

If you lived in South Korea instead of Iceland, you would:

Display currency: USD

pay 61.4% less for restaurants

	Iceland	South Korea
Basic meal with drink at inexpensive restaurant	$19.40 ISK2,534	$6.16 ₩8,598	-68.2%
Fast food combo meal McDonalds, or similar	$16.94 ISK2,213	$5.24 ₩7,313	-69.1%
Bottle of Coca-Cola (11 fl. oz)	$2.81 ISK367	$1.47 ₩2,055	-47.6%
Bottle of water (11 fl. oz)	$2.02 ISK264	$0.79 ₩1,105	-60.8%
Average			-61.4%

Iceland vs. South Korea - Cost of restaurants

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pay 31.2% more for groceries

	Iceland	South Korea
Bread 1 loaf	$2.95 ISK386	$3.08 ₩4,295	+4.1%
Local cheese (8 oz)	$7.27 ISK949	$5.40 ₩7,544	-25.6%
Milk (1 gallon)	$6.01 ISK784	$7.46 ₩10,411	+24.2%
Eggs 1 dozen	$5.42 ISK708	$2.76 ₩3,849	-49.1%
Boneless chicken breast (1 lb)	$8.51 ISK1,111	$3.32 ₩4,635	-61.0%
Apples (1 lb)	$1.22 ISK160	$3.17 ₩4,422	+158.9%
Bananas (1 lb)	$1.03 ISK134	$1.49 ₩2,078	+45.0%
Oranges (1 lb)	$1.17 ISK153	$2.53 ₩3,534	+116.1%
Tomatoes (1 lb)	$1.87 ISK245	$2.41 ₩3,370	+28.9%
Potatoes (1 lb)	$1.23 ISK161	$1.82 ₩2,547	+47.9%
Onions (1 lb)	$0.78 ISK102	$1.21 ₩1,689	+54.2%
Average			+31.2%

Iceland vs. South Korea - Cost of groceries

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pay 45.1% less for transportation

	Iceland	South Korea
Gasoline (1 gallon)	$8.36 ISK1,092	$4.39 ₩6,131	-47.5%
Monthly public transit pass	$71.28 ISK9,310	$45.32 ₩63,256	-36.4%
New Volkswagen Golf 1.4 (standard edition)	$40,660.66 ISK5,310,689	$27,023.07 ₩37,721,167	-33.5%
Taxi trip in downtown area (5 miles)	$22.04 ISK2,878	$8.17 ₩11,407	-62.9%
Average			-45.1%

Iceland vs. South Korea - Cost of transportation

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pay 34.6% less for housing

	Iceland	South Korea
Internet connection 50 mbps or faster, cable/dsl	$72.17 ISK9,427	$17.65 ₩24,643	-75.5%
1-Bedroom apartment in downtown area	$1,838.04 ISK240,066	$426.93 ₩595,949	-76.8%
1-Bedroom apartment outside city center	$1,497.77 ISK195,624	$328.41 ₩458,428	-78.1%
Utilities for two (700 sq ft apartment) including electric, gas, water, heating	$58.01 ISK7,577	$111.42 ₩155,533	+92.1%
Average			-34.6%

Iceland vs. South Korea - Cost of housing

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pay 2.6 times more for childcare

	Iceland	South Korea
Private preschool for 1 child, monthly	$258.16 ISK33,719	$373.40 ₩521,226	+44.6%
Middle school for 1 child, two semesters	$5,993.99 ISK782,876	$22,907.58 ₩31,976,405	+282.2%
Average			+163.4%

Iceland vs. South Korea - Cost of childcare

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pay 44.3% less for entertainment and sports

	Iceland	South Korea
Domestic/local beer (1 pint)	$9.19 ISK1,200	$3.09 ₩4,319	-66.3%
Cappuccino in mid-range area	$4.65 ISK607	$3.39 ₩4,731	-27.1%
Pack of cigarettes Marlboro or similar	$11.76 ISK1,535	$3.21 ₩4,486	-72.7%
Monthly membership at local gym	$61.46 ISK8,027	$45.71 ₩63,808	-25.6%
Movie ticket to theater/cinema	$14.35 ISK1,874	$10.10 ₩14,096	-29.6%
Average			-44.3%

Iceland vs. South Korea - Cost of entertainment and sports

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pay 42.7% less for clothing

	Iceland	South Korea
Regular jeans Levi's brand	$111.23 ISK14,528	$60.70 ₩84,737	-45.4%
Regular dress from H&M or similar store	$59.69 ISK7,796	$44.52 ₩62,148	-25.4%
Running shoes Nike or Adidas	$148.00 ISK19,330	$72.99 ₩101,889	-50.7%
Men's business shoes (leather)	$184.49 ISK24,097	$93.73 ₩130,836	-49.2%
Average			-42.7%

Iceland vs. South Korea - 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: May 2025

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