Housing benefits calculator

The basic amount of housing benefit is based on the number of household members, regardless of age. The basic amounts of housing benefit per year are as follows:

Number of household members: 1

Number of household members: 2

Number of household members: 3

Number of household members: 4+

Households refer to all those who live in the rented residential housing.

Income, assets and co-payments in housing costs have the effect of reducing the basic amounts of housing benefit.

Income has the effect of reducing housing benefits. The basic amounts decrease by 11% of the total annual income of households, 18 years and older, in excess of certain holiday income limits that take into account the number of households regardless of age. Income refers to all income of household members, 18 years and older, including financial income, cf. II. section of the Income Tax Act, taking into account deductions.

The holiday income limit for housing benefit is as follows

Number of household members: 1

Number of household members: 2

Number of household members: 3

Number of household members: 4+

Housing benefit decreases by a proportion of the total assets of all household members, 18 years and older, which exceed ISK 8.000.000. until they fall to a 60% higher amount. If the total assets of household members amount to more than ISK 12.800.000. housing benefits will therefore be canceled in full.

Assets refer to all assets of households, 18 years and older, less debt. Assets at the end of the calendar year in which the payment of housing benefit was made.

Housing benefit can never amount to more than 75% of the housing cost of housing.

Housing costs refer to the part of the rental amount that is paid for the rental use of housing. Other payments and cost factors that the tenant must pay according to a contract or the Housing Lease Act for heating, water, electricity, housing fund, maintenance, etc., are not included in housing costs.