Cost of Living Comparison Between Keflavik and Medellin Cost of Living Comparison Between Keflavik and Medellin

Monthly Cost of Living

Monthly costs for one person with rent: $2,873 in Keflavik versus $1,034 in Medellin.

Estimated couple costs with rent: $4,433 in Keflavik versus $1,577 in Medellin.

Monthly costs for a family of three with rent: $5,992 in Keflavik versus $2,120 in Medellin.

Living in Keflavik is roughly 178% more expensive than Medellin, driven mainly by Groceries & Markets.

The two cities straddle the global median: Keflavik is 115% above, Medellin is 23% below.

Meal at Budget Restaurant

$23.97 ISK 2,936

$5.92 COP 21.5K

304.90%

Three-Course Dinner for Two, Mid-Range

$147 ISK 18.0K

$32.75 COP 119.1K

349.10%

Fast Food Meal (McDonalds, etc)

$19.75 ISK 2,419

$7.20 COP 26.2K

174.31%

Cappuccino

$4.11 ISK 504

$1.70 COP 6,186

141.76%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$3.12 ISK 382

$1.10 COP 3,996

183.64%

Water (0.33 liter bottle)

$2.50 ISK 307

$0.72 COP 2,625

247.22%

Local Beer (0.5 liter draught)

$8.16 ISK 999

$1.67 COP 6,067

388.62%

Imported Beer (0.33 liter bottle)

$8.16 ISK 999

$3.10 COP 11.3K

163.23%

Milk (1 liter)

$1.96 ISK 240

$1.06 COP 3,837

84.91%

White Bread (500g)

$4.14 ISK 508

$1.25 COP 4,531

231.20%

Rice (white) (1kg)

$2.48 ISK 303

$1.39 COP 5,060

78.42%

Eggs

$6.35 ISK 778

$2.26 COP 8,229

180.97%

Local Cheese (1kg)

$18.44 ISK 2,259

$4.33 COP 15.8K

325.87%

Chicken Fillets (1kg)

$23.91 ISK 2,929

$5.84 COP 21.2K

309.42%

Beef Round Steak (1kg)

$42.20 ISK 5,168

$8.83 COP 32.1K

377.92%

Apples (1kg)

$2.35 ISK 287

$2.24 COP 8,159

4.91%

Banana (1kg)

$2.48 ISK 304

$1.08 COP 3,911

129.63%

Oranges (1kg)

$2.43 ISK 298

$1.53 COP 5,563

58.82%

Tomato (1kg)

$3.95 ISK 483

$1.37 COP 4,987

188.32%

Potato (1kg)

$3.21 ISK 393

$1.13 COP 4,109

184.07%

Onion (1kg)

$2.03 ISK 248

$1.12 COP 4,067

81.25%

Lettuce (1 head)

$3.08 ISK 377

$0.85 COP 3,080

262.35%

Water (1.5 liter bottle)

$1.94 ISK 238

$0.91 COP 3,305

113.19%

Cigarettes 20 Pack (Marlboro, Camel)

$13.45 ISK 1,647

$2.33 COP 8,477

477.25%

Wine (Bottle)

$16.12 ISK 1,974

$11.13 COP 40.5K

44.83%

Local Beer (0.5 liter bottle)

$3.71 ISK 454

$1.19 COP 4,342

211.76%

Imported Beer (0.33 liter bottle)

$2.80 ISK 343

$2.37 COP 8,617

18.14%

One-way Ticket (Public Transport)

$3.52 ISK 432

$0.79 COP 2,859

345.57%

Public Transport Monthly Pass (Regular Price)

$74.8 ISK 9,166

$41.13 COP 149.6K

81.96%

Taxi Start (Normal Tariff)

$6.24 ISK 765

$1.44 COP 5,223

333.33%

Taxi (Normal Tariff) (1km)

$2.30 ISK 281

$1.91 COP 6,952

20.42%

Taxi 1hour Waiting (Normal Tariff)

$85.2 ISK 10.4K

$8.02 COP 29.2K

962.47%

Gasoline (1 liter)

$2.56 ISK 313

$0.94 COP 3,410

172.34%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$47.2K ISK 5.8M

$17.9K COP 65.2M

163.37%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$52.6K ISK 6.4M

$26.8K COP 97.4M

96.18%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$87.5 ISK 10.7K

$84.0 COP 305.4K

4.26%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$27.94 ISK 3,422

$9.60 COP 34.9K

191.04%

Internet (50+ Mbps, Unlimited Data)

$86.2 ISK 10.6K

$24.16 COP 87.9K

256.66%

Gym Membership (Monthly)

$25.88 COP 94.1K

Tennis Court (1 Hour on Weekend)

$19.04 COP 69.3K

Cinema Ticket

$17.88 ISK 2,190

$3.92 COP 14.2K

356.12%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$319 ISK 39.1K

$306 COP 1.1M

4.22%

International Primary School, 1 Child (Yearly)

$30.3K ISK 3.7M

$5,919 COP 21.5M

411.60%

Jeans (Levis 501 Or Similar)

$137 ISK 16.7K

$57.9 COP 210.6K

135.71%

Summer Dress (H&M, Zara, etc)

$61.4 ISK 7,515

$31.82 COP 115.7K

92.83%

Sport Shoes (Adidas, Nike)

$179 ISK 21.9K

$99.9 COP 363.3K

78.70%

Men's Leather Business Shoes

$187 ISK 22.9K

$107 COP 389.7K

74.26%

1-bedroom Apartment, City Center (Monthly)

$1,826 ISK 223.6K

$487 COP 1.8M

275.19%

1-bedroom Apartment, Outside City Center (Monthly)

$1,331 ISK 163.1K

$368 COP 1.3M

261.73%

3-bedroom Apartment, City Center (Monthly)

$2,481 ISK 303.9K

$826 COP 3.0M

200.52%

3-bedroom Apartment, Outside City Center (Monthly)

$2,009 ISK 246.0K

$716 COP 2.6M

180.56%

Buy Apartment in City Center (m2)

$2,925 COP 10.6M

Buy Apartment Outside City Center (m2)

$1,407 COP 5.1M

Average Monthly Net Salary (After Tax)

$3,701 ISK 453.3K

$546 COP 2.0M

578.50%

20-Year Fixed Mortgage Interest Rate (Annual %)

9.63

13.43

-28.29%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Keflavik: April 26, 2026

Last update for Medellin: April 27, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,826 in Keflavik and $487 in Medellin. Housing cost is often the main lever when comparing two cities.

Keflavik pays 579% more on average. The extra income cushions the higher costs, though housing choices and lifestyle decide how much of the gap is truly closed.

Dining out: $147 in Keflavik vs $33.00 in Medellin for a mid-range dinner for two. Groceries echo the gap at $560 vs $190 per month, with Medellin cheaper across the board.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Keflavik vs Medellin: Cost of Living - Frequently Asked Questions

Medellin wins on cost – living expenses run 178% lower than in Keflavik. Housing and daily spending are where you'll feel the difference most, making Medellin the obvious pick if budget is a priority.

Keflavik pays 579% more on average, which matters when comparing affordability. Whether that higher income actually nets you more depends on your spending habits and housing choices.

Rent for a central apartment: $1,826 in Keflavik versus $487 in Medellin. Housing is usually the single largest factor when comparing overall living costs between the two.

A monthly transit pass in Medellin runs roughly 82% less than in Keflavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Childcare runs $319 in Keflavik versus $306 in Medellin. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,034 in Medellin versus $2,873 in Keflavik, a $1,500 budget is realistic in Medellin but tight or insufficient in Keflavik. The gap between the two cities makes Medellin the clear choice for anyone on this budget.

Both work as nomad bases, but Medellin delivers better value – similar infrastructure at $1,034 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Medellin hard to pass up.

Safety-wise, Keflavik and Medellin are on par. Petty crime is typical for cities this size, and most residents feel comfortable going about their daily routines in either place.

Expats usually find Medellin gentler on the wallet – expenses run 178% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.