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: $2,853 in Keflavik versus $1,003 in Medellin.

Estimated couple costs with rent: $4,401 in Keflavik versus $1,573 in Medellin.

Monthly costs for a family of three with rent: $5,949 in Keflavik versus $2,143 in Medellin.

Living in Keflavik is roughly 185% more expensive than in Medellin, driven mainly by Groceries & Markets.

The two cities straddle the global median: Keflavik is 114% above, Medellin is 25% below.

Meal at Budget Restaurant

$23.97 ISK 2,962

$5.91 COP 18.6K

305.58%

Three-Course Dinner for Two, Mid-Range

$143 ISK 17.7K

$32.96 COP 103.8K

333.86%

Fast Food Meal (McDonalds, etc)

$20.29 ISK 2,508

$7.43 COP 23.4K

173.08%

Cappuccino

$3.95 ISK 488

$1.65 COP 5,207

139.39%

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

$3.18 ISK 393

$1.10 COP 3,468

189.09%

Water (0.33 liter bottle)

$2.52 ISK 312

$0.78 COP 2,458

223.08%

Local Beer (0.5 liter draught)

$7.95 ISK 983

$1.72 COP 5,412

362.21%

Imported Beer (0.33 liter bottle)

$8.18 ISK 1,011

$3.18 COP 10.0K

157.23%

Milk (1 liter)

$1.87 ISK 231

$1.10 COP 3,474

70.00%

White Bread (500g)

$4.18 ISK 517

$1.26 COP 3,962

231.75%

Rice (white) (1kg)

$2.37 ISK 293

$1.38 COP 4,349

71.74%

Eggs

$6.43 ISK 795

$2.18 COP 6,858

194.95%

Local Cheese (1kg)

$18.22 ISK 2,252

$4.49 COP 14.1K

305.79%

Chicken Fillets (1kg)

$24.11 ISK 2,980

$5.79 COP 18.2K

316.41%

Beef Round Steak (1kg)

$42.82 ISK 5,292

$8.97 COP 28.2K

377.37%

Apples (1kg)

$2.35 ISK 291

$2.32 COP 7,308

1.29%

Banana (1kg)

$2.44 ISK 302

$1.06 COP 3,352

130.19%

Oranges (1kg)

$2.36 ISK 291

$1.52 COP 4,774

55.26%

Tomato (1kg)

$4.00 ISK 494

$1.36 COP 4,270

194.12%

Potato (1kg)

$3.06 ISK 378

$1.13 COP 3,552

170.80%

Onion (1kg)

$2.01 ISK 249

$1.17 COP 3,689

71.79%

Lettuce (1 head)

$3.17 ISK 392

$0.90 COP 2,838

252.22%

Water (1.5 liter bottle)

$1.93 ISK 239

$0.90 COP 2,823

114.44%

Cigarettes 20 Pack (Marlboro, Camel)

$13.80 ISK 1,706

$2.23 COP 7,034

518.83%

Wine (Bottle)

$15.90 ISK 1,965

$12.12 COP 38.2K

31.19%

Local Beer (0.5 liter bottle)

$3.74 ISK 462

$1.19 COP 3,743

214.29%

Imported Beer (0.33 liter bottle)

$2.82 ISK 349

$2.48 COP 7,815

13.71%

One-way Ticket (Public Transport)

$3.67 ISK 454

$0.85 COP 2,687

331.76%

Public Transport Monthly Pass (Regular Price)

$74.3 ISK 9,183

$41.62 COP 131.0K

78.52%

Taxi Start (Normal Tariff)

$6.37 ISK 787

$1.42 COP 4,459

348.59%

Taxi (Normal Tariff) (1km)

$2.26 ISK 279

$1.95 COP 6,141

15.90%

Taxi 1hour Waiting (Normal Tariff)

$86.4 ISK 10.7K

$7.89 COP 24.8K

994.68%

Gasoline (1 liter)

$2.43 ISK 300

$0.99 COP 3,118

145.45%

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

$47.5K ISK 5.9M

$17.6K COP 55.4M

169.94%

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

$52.0K ISK 6.4M

$26.8K COP 84.4M

94.04%

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

$86.6 ISK 10.7K

$83.0 COP 261.4K

4.26%

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

$27.84 ISK 3,441

$9.70 COP 30.5K

187.01%

Internet (50+ Mbps, Unlimited Data)

$86.2 ISK 10.7K

$23.52 COP 74.1K

266.54%

Gym Membership (Monthly)

$25.26 COP 79.5K

Tennis Court (1 Hour on Weekend)

$19.10 COP 60.1K

Cinema Ticket

$17.61 ISK 2,177

$3.95 COP 12.4K

345.82%

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

$318 ISK 39.3K

$316 COP 994.2K

0.70%

International Primary School, 1 Child (Yearly)

$29.7K ISK 3.7M

$5,975 COP 18.8M

397.51%

Jeans (Levis 501 Or Similar)

$141 ISK 17.4K

$60.0 COP 188.9K

135.20%

Summer Dress (H&M, Zara, etc)

$62.8 ISK 7,766

$31.82 COP 100.2K

97.45%

Sport Shoes (Adidas, Nike)

$180 ISK 22.3K

$102 COP 320.1K

77.13%

Men's Leather Business Shoes

$188 ISK 23.2K

$107 COP 338.3K

74.72%

1-bedroom Apartment, City Center (Monthly)

$1,829 ISK 226.0K

$475 COP 1.5M

285.08%

1-bedroom Apartment, Outside City Center (Monthly)

$1,350 ISK 166.8K

$374 COP 1.2M

260.87%

3-bedroom Apartment, City Center (Monthly)

$2,442 ISK 301.8K

$849 COP 2.7M

187.56%

3-bedroom Apartment, Outside City Center (Monthly)

$2,007 ISK 248.1K

$719 COP 2.3M

178.95%

Buy Apartment in City Center (m2)

$3,265 COP 10.3M

Buy Apartment Outside City Center (m2)

$1,441 COP 4.5M

Average Monthly Net Salary (After Tax)

$3,712 ISK 458.9K

$624 COP 2.0M

494.52%

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: July 26, 2026

Last update for Medellin: July 27, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,829 in Keflavik and $475 in Medellin. Housing cost is often the main lever when comparing two cities.

Keflavik pays 495% 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: $143 in Keflavik vs $33.00 in Medellin for a mid-range dinner for two. Groceries echo the gap at $560 vs $193 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 185% 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 495% 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: $1,829 in Keflavik versus $475 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 $316 in Medellin. Over years of preschool, even a modest monthly gap compounds into a major financial factor for families.

At $1,003 in Medellin versus $2,853 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 $1,003 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 185% less than in Keflavik. Beyond cost, consider language, visa policies, and how big the international community is in each city.