Salary and cost of living in Iceland
If you’re able to secure a full-time job at a state school, you can earn as much as $4,500/£3,315 per month. That’s a pretty hefty wage, though newer ESL teachers should reasonably expect wages closer to $3,200/£2,500 per month when they’re starting out. In terms of private tutoring, you can reasonably charge $40-100/£31-£78 for an hour of ESL teaching.
Why are salaries so high? Well, Iceland is admittedly one of the more expensive places you could choose to live. According to Numbeo, Reykjavik is over 10% more expensive to live in than London, even though rents are - on average - 35% lower. Monthly utilities average at around $87/£68, renting a one-bedroom city centre apartment will set you back around $1,900/£1,500, and a pint of beer is about $11/£8.60.
The salaries will meet this cost of living, and you can have an excellent lifestyle in Iceland, but we recommend that you learn to cook!