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: $3,069 in Keflavik versus $1,681 in Medellin.

Estimated couple costs with rent: $4,595 in Keflavik versus $2,445 in Medellin.

Monthly costs for a family of three with rent: $6,122 in Keflavik versus $3,210 in Medellin.

Living in Keflavik is roughly 83% more expensive than in Medellin, driven mainly by Groceries & Markets.

Both cities are pricier than the global median: Keflavik 124% above, Medellin 23% above.

Meal at Budget Restaurant

$24.41 ISK 2,974

$8.02 COP 25.0K

204.36%

Three-Course Dinner for Two, Mid-Range

$137 ISK 16.7K

$47.87 COP 149.4K

186.21%

Fast Food Meal (McDonalds, etc)

$20.50 ISK 2,497

$9.89 COP 30.8K

107.28%

Cappuccino

$4.01 ISK 489

$3.13 COP 9,767

28.12%

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

$3.22 ISK 392

$1.91 COP 5,954

68.59%

Water (0.33 liter bottle)

$3.35 ISK 408

$1.51 COP 4,712

121.85%

Local Beer (0.5 liter draught)

$8.49 ISK 1,035

$3.12 COP 9,747

172.12%

Imported Beer (0.33 liter bottle)

$8.34 ISK 1,016

$5.75 COP 17.9K

45.04%

Milk (1 liter)

$2.02 ISK 246

$1.44 COP 4,509

40.28%

White Bread (500g)

$4.32 ISK 526

$2.49 COP 7,759

73.49%

Rice (white) (1kg)

$2.40 ISK 292

$1.77 COP 5,535

35.59%

Eggs

$6.45 ISK 785

$2.96 COP 9,235

117.91%

Local Cheese (1kg)

$19.18 ISK 2,336

$10.07 COP 31.4K

90.47%

Chicken Fillets (1kg)

$23.88 ISK 2,909

$10.12 COP 31.6K

135.97%

Beef Round Steak (1kg)

$42.74 ISK 5,206

$14.30 COP 44.6K

198.88%

Apples (1kg)

$2.44 ISK 297

$4.14 COP 12.9K

-41.06%

Banana (1kg)

$2.41 ISK 293

$1.61 COP 5,019

49.69%

Oranges (1kg)

$2.44 ISK 297

$2.25 COP 7,007

8.44%

Tomato (1kg)

$4.23 ISK 515

$2.25 COP 7,028

88.00%

Potato (1kg)

$3.18 ISK 387

$2.04 COP 6,375

55.88%

Onion (1kg)

$1.67 ISK 203

$1.54 COP 4,790

8.44%

Lettuce (1 head)

$3.84 ISK 468

$1.17 COP 3,651

228.21%

Water (1.5 liter bottle)

$1.84 ISK 224

$1.31 COP 4,077

40.46%

Cigarettes 20 Pack (Marlboro, Camel)

$14.27 ISK 1,738

$3.90 COP 12.2K

265.90%

Wine (Bottle)

$16.28 ISK 1,983

$14.01 COP 43.7K

16.20%

Local Beer (0.5 liter bottle)

$3.83 ISK 467

$1.74 COP 5,439

120.11%

Imported Beer (0.33 liter bottle)

$2.83 ISK 345

$2.87 COP 8,956

-1.39%

One-way Ticket (Public Transport)

$3.60 ISK 439

$1.22 COP 3,792

195.08%

Public Transport Monthly Pass (Regular Price)

$77.8 ISK 9,470

$80.5 COP 251.1K

-3.39%

Taxi Start (Normal Tariff)

$6.53 ISK 796

$1.31 COP 4,084

398.47%

Taxi (Normal Tariff) (1km)

$2.71 ISK 330

$2.19 COP 6,825

23.74%

Taxi 1hour Waiting (Normal Tariff)

$75.5 ISK 9,196

$8.71 COP 27.2K

766.82%

Gasoline (1 liter)

$1.92 ISK 234

$1.37 COP 4,260

40.15%

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

$51.7K ISK 6.3M

$27.8K COP 86.9M

85.70%

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

$54.7K ISK 6.7M

$35.8K COP 111.6M

52.83%

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

$87.5 ISK 10.7K

$177 COP 553.2K

-50.66%

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

$33.19 ISK 4,043

$13.88 COP 43.3K

139.12%

Internet (50+ Mbps, Unlimited Data)

$84.8 ISK 10.3K

$29.72 COP 92.8K

185.43%

Gym Membership (Monthly)

$79.0 ISK 9,620

$44.88 COP 140.1K

75.98%

Tennis Court (1 Hour on Weekend)

$17.12 COP 53.4K

Cinema Ticket

$19.65 ISK 2,393

$6.65 COP 20.7K

195.49%

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

$415 ISK 50.5K

$813 COP 2.5M

-49.00%

International Primary School, 1 Child (Yearly)

$30.8K ISK 3.8M

$9,187 COP 28.7M

235.81%

Jeans (Levis 501 Or Similar)

$158 ISK 19.3K

$89.5 COP 279.3K

77.10%

Summer Dress (H&M, Zara, etc)

$66.0 ISK 8,042

$59.0 COP 184.0K

11.97%

Sport Shoes (Adidas, Nike)

$177 ISK 21.5K

$138 COP 431.2K

27.76%

Men's Leather Business Shoes

$191 ISK 23.2K

$102 COP 318.7K

86.84%

1-bedroom Apartment, City Center (Monthly)

$1,875 ISK 228.3K

$1,062 COP 3.3M

76.53%

1-bedroom Apartment, Outside City Center (Monthly)

$1,340 ISK 163.2K

$663 COP 2.1M

102.09%

3-bedroom Apartment, City Center (Monthly)

$2,501 ISK 304.7K

$1,888 COP 5.9M

32.48%

3-bedroom Apartment, Outside City Center (Monthly)

$2,096 ISK 255.3K

$1,027 COP 3.2M

104.06%

Buy Apartment in City Center (m2)

$4,183 COP 13.1M

Buy Apartment Outside City Center (m2)

$1,675 COP 5.2M

Average Monthly Net Salary (After Tax)

$3,786 ISK 461.1K

$678 COP 2.1M

458.65%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.88

10.94

-18.83%

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

Last update for Keflavik: September 14, 2026

Last update for Medellin: September 14, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,875 in Keflavik and $1,062 in Medellin. Housing cost is often the main lever when comparing two cities.

Keflavik pays 459% 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: $137 in Keflavik vs $48.00 in Medellin for a mid-range dinner for two. Groceries echo the gap at $569 vs $305 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 83% 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.

Average pay runs 459% higher in Keflavik, 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: $1,875 in Keflavik versus $1,062 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 4% less than in Keflavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Childcare runs $415 in Keflavik versus $813 in Medellin. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,681 in Medellin versus $3,069 in Keflavik, a $2,500 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 $1,681 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 83% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.