Iceland is an island country located in the Northern parts of Europe and the Atlantic Ocean. Iceland is the 20th richest country in the world with a GDP per capita of $48,070. Iceland has so many hot springs and medieval museums which are tourist attractions. Cost of rent in Iceland is 33% higher than the United States. These are the ten most expensive cities in Iceland. Akranes is the least expensive on the list. The cost of renting a one bedroom for a month in the main city of Akranes is 78,000.00 kr, to rent an apartment outside town for a month is 60,000.00 kr. Click the next ARROW to see the next City!