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: $2,826 in Keflavik versus $1,017 in Medellin.

Estimated couple costs with rent: $4,368 in Keflavik versus $1,602 in Medellin.

Monthly costs for a family of three with rent: $5,910 in Keflavik versus $2,188 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 110% above, Medellin is 24% below.

Meal at Budget Restaurant

$24.41 ISK 3,039

$5.95 COP 20.8K

310.25%

Three-Course Dinner for Two, Mid-Range

$147 ISK 18.2K

$33.33 COP 116.3K

339.69%

Fast Food Meal (McDonalds, etc)

$20.33 ISK 2,531

$7.23 COP 25.2K

181.19%

Cappuccino

$3.94 ISK 491

$1.63 COP 5,687

141.72%

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

$3.13 ISK 390

$1.09 COP 3,821

187.16%

Water (0.33 liter bottle)

$2.53 ISK 314

$0.73 COP 2,548

246.58%

Local Beer (0.5 liter draught)

$8.12 ISK 1,011

$1.74 COP 6,065

366.67%

Imported Beer (0.33 liter bottle)

$8.23 ISK 1,024

$3.23 COP 11.3K

154.80%

Milk (1 liter)

$1.93 ISK 241

$1.05 COP 3,662

83.81%

White Bread (500g)

$4.15 ISK 517

$1.29 COP 4,515

221.71%

Rice (white) (1kg)

$2.35 ISK 293

$1.32 COP 4,617

78.03%

Eggs

$6.18 ISK 769

$2.27 COP 7,927

172.25%

Local Cheese (1kg)

$18.22 ISK 2,268

$4.35 COP 15.2K

318.85%

Chicken Fillets (1kg)

$23.63 ISK 2,942

$5.88 COP 20.5K

301.87%

Beef Round Steak (1kg)

$43.19 ISK 5,377

$8.61 COP 30.0K

401.63%

Apples (1kg)

$2.36 ISK 293

$2.25 COP 7,844

4.89%

Banana (1kg)

$2.43 ISK 303

$1.07 COP 3,733

127.10%

Oranges (1kg)

$2.39 ISK 298

$1.52 COP 5,322

57.24%

Tomato (1kg)

$4.04 ISK 503

$1.42 COP 4,964

184.51%

Potato (1kg)

$3.04 ISK 378

$1.17 COP 4,084

159.83%

Onion (1kg)

$2.04 ISK 254

$1.17 COP 4,077

74.36%

Lettuce (1 head)

$3.14 ISK 391

$0.89 COP 3,096

252.81%

Water (1.5 liter bottle)

$1.95 ISK 243

$0.90 COP 3,146

116.67%

Cigarettes 20 Pack (Marlboro, Camel)

$13.53 ISK 1,685

$2.25 COP 7,837

501.33%

Wine (Bottle)

$15.82 ISK 1,970

$11.04 COP 38.5K

43.30%

Local Beer (0.5 liter bottle)

$3.75 ISK 466

$1.14 COP 3,977

228.95%

Imported Beer (0.33 liter bottle)

$2.74 ISK 341

$2.38 COP 8,301

15.13%

One-way Ticket (Public Transport)

$3.57 ISK 444

$0.84 COP 2,916

325.00%

Public Transport Monthly Pass (Regular Price)

$75.1 ISK 9,355

$41.95 COP 146.4K

79.12%

Taxi Start (Normal Tariff)

$6.45 ISK 804

$1.41 COP 4,912

357.45%

Taxi (Normal Tariff) (1km)

$2.30 ISK 286

$1.90 COP 6,634

21.05%

Taxi 1hour Waiting (Normal Tariff)

$85.4 ISK 10.6K

$7.75 COP 27.0K

1002.45%

Gasoline (1 liter)

$2.47 ISK 308

$1.01 COP 3,509

144.55%

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

$47.1K ISK 5.9M

$17.6K COP 61.4M

168.20%

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

$52.8K ISK 6.6M

$26.5K COP 92.5M

99.14%

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

$86.3 ISK 10.7K

$83.7 COP 292.1K

3.14%

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

$27.46 ISK 3,418

$9.45 COP 33.0K

190.58%

Internet (50+ Mbps, Unlimited Data)

$85.8 ISK 10.7K

$24.11 COP 84.1K

255.87%

Gym Membership (Monthly)

$25.31 COP 88.3K

Tennis Court (1 Hour on Weekend)

$19.14 COP 66.8K

Cinema Ticket

$17.45 ISK 2,173

$4.10 COP 14.3K

325.61%

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

$318 ISK 39.5K

$312 COP 1.1M

1.78%

International Primary School, 1 Child (Yearly)

$30.2K ISK 3.8M

$5,993 COP 20.9M

403.47%

Jeans (Levis 501 Or Similar)

$140 ISK 17.4K

$58.0 COP 202.6K

140.51%

Summer Dress (H&M, Zara, etc)

$62.6 ISK 7,790

$32.56 COP 113.6K

92.17%

Sport Shoes (Adidas, Nike)

$185 ISK 23.1K

$99.6 COP 347.7K

86.06%

Men's Leather Business Shoes

$184 ISK 22.9K

$109 COP 378.8K

69.47%

1-bedroom Apartment, City Center (Monthly)

$1,877 ISK 233.6K

$482 COP 1.7M

289.12%

1-bedroom Apartment, Outside City Center (Monthly)

$1,344 ISK 167.3K

$379 COP 1.3M

254.07%

3-bedroom Apartment, City Center (Monthly)

$2,475 ISK 308.2K

$837 COP 2.9M

195.56%

3-bedroom Apartment, Outside City Center (Monthly)

$2,042 ISK 254.2K

$723 COP 2.5M

182.40%

Buy Apartment in City Center (m2)

$2,840 COP 9.9M

Buy Apartment Outside City Center (m2)

$1,223 COP 4.3M

Average Monthly Net Salary (After Tax)

$3,650 ISK 454.4K

$541 COP 1.9M

574.86%

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: June 8, 2026

Last update for Medellin: June 8, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,877 in Keflavik and $482 in Medellin. Housing cost is often the main lever when comparing two cities.

Keflavik pays 575% 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 $559 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 575% 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: $1,877 in Keflavik versus $482 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 79% less than in Keflavik. Both cities have functional networks, but the price difference matters if you're watching your budget.

Childcare runs $318 in Keflavik versus $312 in Medellin. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,017 in Medellin versus $2,826 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 $1,017 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.