Last update: Oct 2026

Cost of Living Comparison Between Keflavik and Medellin

For one person, living is cheaper in Medellin: $1,639 a month against $3,018 in Keflavik, rent and utilities included – about $16,500 less a year. Rent and utilities account for about half of the difference.

145

Cost of Living Index in Keflavik
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Keflavik Living Index
79

Cost of Living Index in Medellin
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Medellin Living Index

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Keflavik

🇮🇸 Iceland

$3,018

/mo nomad

Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Monthly Cost of Living

How much you'll spend in Keflavik and in Medellin

Real prices from locals and on-the-ground checks – rent, groceries, transit and the daily extras. Here's what a month in Keflavik and in Medellin actually costs, broken down by who's living it.

Monthly costs for one person with rent: $3,018 in Keflavik versus $1,639 in Medellin.

Keflavik $3,018
Medellin $1,639

Estimated couple costs with rent: $4,529 in Keflavik versus $2,413 in Medellin.

Keflavik $4,529
Medellin $2,413

Monthly costs for a family of three with rent: $6,041 in Keflavik versus $3,186 in Medellin.

Keflavik $6,041
Medellin $3,186

Living in Keflavik is roughly 84% more expensive than in Medellin, and outside of rent the biggest gap is in groceries.

Both cities are pricier than the global median: Keflavik 122% above, Medellin 20% above.

Meal at Budget Restaurant

$24.11 ISK 2,927

$8.09 COP 26.1K

198.02%

Three-Course Dinner for Two, Mid-Range

$121 ISK 14.7K

$47.05 COP 151.9K

157.53%

Fast Food Meal (McDonalds, etc)

$20.25 ISK 2,458

$9.50 COP 30.7K

113.16%

Cappuccino

$4.22 ISK 513

$3.01 COP 9,735

40.20%

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

$3.36 ISK 408

$1.80 COP 5,809

86.67%

Water (0.33 liter bottle)

$3.03 ISK 368

$1.41 COP 4,561

114.89%

Local Beer (0.5 liter draught)

$8.25 ISK 1,001

$3.18 COP 10.3K

159.43%

Imported Beer (0.33 liter bottle)

$8.15 ISK 990

$5.75 COP 18.6K

41.74%

Milk (1 liter)

$2.11 ISK 256

$1.51 COP 4,876

39.74%

White Bread (500g)

$4.21 ISK 512

$2.38 COP 7,678

76.89%

Rice (white) (1kg)

$2.50 ISK 303

$1.77 COP 5,720

41.24%

Eggs

$6.55 ISK 796

$2.89 COP 9,333

126.64%

Local Cheese (1kg)

$19.70 ISK 2,391

$10.19 COP 32.9K

93.33%

Chicken Fillets (1kg)

$23.90 ISK 2,902

$9.87 COP 31.9K

142.15%

Beef Round Steak (1kg)

$41.71 ISK 5,063

$13.99 COP 45.2K

198.14%

Apples (1kg)

$2.44 ISK 296

$3.97 COP 12.8K

-38.54%

Banana (1kg)

$2.41 ISK 292

$1.55 COP 5,012

55.48%

Oranges (1kg)

$2.50 ISK 303

$2.18 COP 7,048

14.68%

Tomato (1kg)

$4.16 ISK 504

$2.18 COP 7,051

90.83%

Potato (1kg)

$3.12 ISK 378

$1.96 COP 6,337

59.18%

Onion (1kg)

$1.64 ISK 199

$1.59 COP 5,132

3.14%

Lettuce (1 head)

$3.62 ISK 440

$1.15 COP 3,699

214.78%

Water (1.5 liter bottle)

$1.81 ISK 219

$1.24 COP 4,014

45.97%

Cigarettes 20 Pack (Marlboro, Camel)

$13.85 ISK 1,681

$3.96 COP 12.8K

249.75%

Wine (Bottle)

$16.32 ISK 1,981

$13.68 COP 44.2K

19.30%

Local Beer (0.5 liter bottle)

$3.73 ISK 453

$1.66 COP 5,359

124.70%

Imported Beer (0.33 liter bottle)

$2.81 ISK 341

$2.26 COP 7,291

24.34%

One-way Ticket (Public Transport)

$3.68 ISK 447

$1.17 COP 3,771

214.53%

Public Transport Monthly Pass (Regular Price)

$77.2 ISK 9,366

$77.4 COP 249.8K

-0.28%

Taxi Start (Normal Tariff)

$6.35 ISK 771

$1.27 COP 4,094

400.00%

Taxi (Normal Tariff) (1km)

$2.59 ISK 314

$2.05 COP 6,612

26.34%

Taxi 1hour Waiting (Normal Tariff)

$80.2 ISK 9,738

$8.55 COP 27.6K

838.25%

Gasoline (1 liter)

$2.00 ISK 243

$1.35 COP 4,349

48.15%

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

$68.2K ISK 8.3M

$34.1K COP 110.0M

100.13%

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

$55.2K ISK 6.7M

$34.7K COP 111.9M

59.23%

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

$95.8 ISK 11.6K

$170 COP 547.8K

-43.55%

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

$32.13 ISK 3,900

$13.55 COP 43.8K

137.12%

Internet (50+ Mbps, Unlimited Data)

$84.5 ISK 10.3K

$28.07 COP 90.6K

201.10%

Gym Membership (Monthly)

$76.7 ISK 9,316

$43.70 COP 141.1K

75.61%

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.5K

Cinema Ticket

$19.58 ISK 2,377

$6.91 COP 22.3K

183.36%

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

$406 ISK 49.3K

$797 COP 2.6M

-49.06%

International Primary School, 1 Child (Yearly)

$26.4K ISK 3.2M

$9,112 COP 29.4M

189.87%

Jeans (Levis 501 Or Similar)

$148 ISK 18.0K

$84.7 COP 273.5K

74.92%

Summer Dress (H&M, Zara, etc)

$66.8 ISK 8,104

$58.0 COP 187.2K

15.18%

Sport Shoes (Adidas, Nike)

$184 ISK 22.4K

$135 COP 435.8K

36.68%

Men's Leather Business Shoes

$190 ISK 23.1K

$97.9 COP 316.0K

94.00%

1-bedroom Apartment, City Center (Monthly)

$1,862 ISK 226.0K

$1,208 COP 3.9M

54.16%

1-bedroom Apartment, Outside City Center (Monthly)

$1,359 ISK 165.0K

$642 COP 2.1M

111.88%

3-bedroom Apartment, City Center (Monthly)

$2,527 ISK 306.7K

$2,028 COP 6.5M

24.61%

3-bedroom Apartment, Outside City Center (Monthly)

$2,040 ISK 247.7K

$1,012 COP 3.3M

101.66%

Buy Apartment in City Center (m2)

$4,170 COP 13.5M

Buy Apartment Outside City Center (m2)

$1,910 COP 6.2M

Average Monthly Net Salary (After Tax)

$3,819 ISK 463.6K

$657 COP 2.1M

481.15%

20-Year Fixed Mortgage Interest Rate (Annual %)

8.81

10.94

-19.47%

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

Last update for Keflavik: October 26, 2026

Last update for Medellin: October 25, 2026

Monthly budget structure

Share of the monthly basket for one person, rent included.

Accommodation & Living

Keflavik

$1.4K 45%

Medellin

$642 39.1% 52.8% $718

Groceries & Markets

Keflavik

$566 18.8%

Medellin

$297 18.1% 47.6% $269

Eating Out

Keflavik

$387 12.8%

Medellin

$170 10.4% 56.2% $218

Clothing & Footwear

Keflavik

$265 8.8%

Medellin

$169 10.3% 36.3% $96

Monthly Utilities & Internet

Keflavik

$212 7%

Medellin

$211 12.9% 0.5% $1.1

Sport & Entertainment

Keflavik

$116 3.8%

Medellin

$58 3.5% 50.4% $58

Getting Around

Keflavik

$111 3.7%

Medellin

$94 5.7% 15.8% $18

Cost Breakdown

A one-bedroom apartment in the center runs $1,862 in Keflavik and $1,208 in Medellin. Housing cost is often the main lever when comparing two cities.

Keflavik pays about 5.8 times more on average. How far that income stretches comes down to housing choices and lifestyle.

Dining out: $121 in Keflavik vs $47 in Medellin for a mid-range dinner for two. Groceries echo the gap at $566 vs $297 per month, with Medellin cheaper across the board.

Good to know

🇮🇸 Keflavik

🇨🇴 Medellin

🕒 Local time

05:23 5:23 AM

00:23 12:23 AM

5 h behind Keflavik

🌤 Weather

👥 Population

15,000

2,486,723

💱 Currency

Icelandic Króna ISK kr

Colombian Peso COP $

📈 Exchange rate

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

10,000 COP = 3.1 USD

10,000 COP = 2.77 EUR

Exchange rates and currency converter

COP, USD, EUR to ISK – Icelandic Króna Converter

🇺🇸 United States Dollar ($)

🇮🇸 Icelandic Króna (kr)

Icelandic Króna exchange rates as of November 2, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.38 EUR).

Colombian Peso exchange rates as of November 2, 2026: 1 USD = 3,229 COP (10,000 COP = 3.1 USD). 1 EUR = 3,605 COP (10,000 COP = 2.77 EUR).

USD to ISK in detail →

On the map

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Between locations

Keflavik Medellin 7,660 km ≈ 10 h nonstop flight

From you

Keflavik
Medellin

Distances are measured in a straight line. Your location is detected approximately.

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 46% 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 in Keflavik is about 5.8 times higher, 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: $1,862 in Keflavik versus $1,208 in Medellin. Housing is usually the single largest factor when comparing overall living costs between the two.

Supermarket bills run roughly 91% higher in Keflavik. For households that cook at home regularly, that difference adds up over a month.

All in, you’ll spend $3,018 per month in Keflavik versus $1,639 in Medellin – Medellin is about 46% cheaper, which adds up to real savings over time.

At $1,639 in Medellin versus $3,018 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 cities offer a good standard of living with different trade-offs. Neither is objectively better – the right pick depends on what matters most: affordability, career, cultural scene, or climate.

It comes down to priorities – Medellin wins on affordability, Keflavik on earning potential. Factor in climate, language, visa rules, and proximity to places that matter to you before deciding.