Cost of Living Comparison Between Medellin and Akranes Cost of Living Comparison Between Medellin and Akranes

Monthly Cost of Living

Monthly costs for one person with rent: $1,028 in Medellin versus $3,503 in Akranes.

Estimated couple costs with rent: $1,586 in Medellin versus $5,571 in Akranes.

Monthly costs for a family of three with rent: $2,144 in Medellin versus $7,638 in Akranes.

Living in Medellin costs roughly 71% less than in Akranes, driven mainly by Groceries & Markets.

The two cities straddle the global median: Medellin is 23% below, Akranes is 163% above.

Meal at Budget Restaurant

$6.00 COP 20.6K

$27.44 ISK 3,410

-78.13%

Three-Course Dinner for Two, Mid-Range

$32.84 COP 112.9K

$146 ISK 18.1K

-77.44%

Fast Food Meal (McDonalds, etc)

$7.42 COP 25.5K

$22.17 ISK 2,755

-66.53%

Cappuccino

$1.65 COP 5,675

$6.18 ISK 768

-73.30%

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

$1.07 COP 3,673

$3.26 ISK 406

-67.18%

Water (0.33 liter bottle)

$0.76 COP 2,614

$2.41 ISK 300

-68.46%

Local Beer (0.5 liter draught)

$1.72 COP 5,925

$10.28 ISK 1,278

-83.27%

Imported Beer (0.33 liter bottle)

$3.20 COP 11.0K

$8.25 ISK 1,026

-61.21%

Milk (1 liter)

$1.05 COP 3,607

$1.93 ISK 240

-45.60%

White Bread (500g)

$1.31 COP 4,492

$1.99 ISK 248

-34.17%

Rice (white) (1kg)

$1.34 COP 4,604

$3.71 ISK 461

-63.88%

Eggs

$2.19 COP 7,543

$5.97 ISK 742

-63.32%

Local Cheese (1kg)

$4.41 COP 15.2K

$17.86 ISK 2,219

-75.31%

Chicken Fillets (1kg)

$5.69 COP 19.6K

$24.54 ISK 3,049

-76.81%

Beef Round Steak (1kg)

$8.52 COP 29.3K

$43.05 ISK 5,350

-80.21%

Apples (1kg)

$2.34 COP 8,046

$3.19 ISK 396

-26.65%

Banana (1kg)

$1.11 COP 3,815

$2.52 ISK 313

-55.95%

Oranges (1kg)

$1.52 COP 5,225

$3.12 ISK 387

-51.28%

Tomato (1kg)

$1.37 COP 4,694

$4.83 ISK 600

-71.64%

Potato (1kg)

$1.15 COP 3,962

$3.59 ISK 447

-67.97%

Onion (1kg)

$1.18 COP 4,055

$2.43 ISK 302

-51.44%

Lettuce (1 head)

$0.84 COP 2,893

$3.06 ISK 380

-72.55%

Water (1.5 liter bottle)

$0.86 COP 2,940

$2.00 ISK 249

-57.00%

Cigarettes 20 Pack (Marlboro, Camel)

$2.26 COP 7,776

$13.87 ISK 1,724

-83.71%

Wine (Bottle)

$11.60 COP 39.9K

$23.63 ISK 2,935

-50.91%

Local Beer (0.5 liter bottle)

$1.20 COP 4,121

$2.79 ISK 347

-56.99%

Imported Beer (0.33 liter bottle)

$2.48 COP 8,508

$2.03 ISK 252

22.17%

One-way Ticket (Public Transport)

$0.79 COP 2,729

$3.58 ISK 444

-77.93%

Public Transport Monthly Pass (Regular Price)

$40.83 COP 140.4K

$73.4 ISK 9,115

-44.34%

Taxi Start (Normal Tariff)

$1.47 COP 5,038

$6.24 ISK 776

-76.44%

Taxi (Normal Tariff) (1km)

$1.92 COP 6,587

$1.09 ISK 136

76.15%

Taxi 1hour Waiting (Normal Tariff)

$7.77 COP 26.7K

$84.6 ISK 10.5K

-90.82%

Gasoline (1 liter)

$1.01 COP 3,474

$2.57 ISK 319

-60.70%

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

$17.7K COP 60.7M

$46.5K ISK 5.8M

-62.02%

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

$26.5K COP 90.9M

$53.0K ISK 6.6M

-50.05%

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

$81.1 COP 278.8K

$86.5 ISK 10.7K

-6.25%

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

$9.43 COP 32.4K

$26.90 ISK 3,342

-64.94%

Internet (50+ Mbps, Unlimited Data)

$23.86 COP 82.0K

$83.8 ISK 10.4K

-71.53%

Gym Membership (Monthly)

$25.99 COP 89.4K

Tennis Court (1 Hour on Weekend)

$18.71 COP 64.3K

Cinema Ticket

$4.09 COP 14.1K

$17.83 ISK 2,215

-77.06%

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

$315 COP 1.1M

$318 ISK 39.5K

-1.10%

International Primary School, 1 Child (Yearly)

$6,022 COP 20.7M

$29.9K ISK 3.7M

-79.86%

Jeans (Levis 501 Or Similar)

$59.7 COP 205.2K

$139 ISK 17.2K

-56.95%

Summer Dress (H&M, Zara, etc)

$31.97 COP 109.9K

$60.7 ISK 7,535

-47.29%

Sport Shoes (Adidas, Nike)

$101 COP 347.9K

$181 ISK 22.5K

-44.18%

Men's Leather Business Shoes

$105 COP 361.3K

$262 ISK 32.6K

-59.90%

1-bedroom Apartment, City Center (Monthly)

$485 COP 1.7M

$3,028 ISK 376.3K

-83.97%

1-bedroom Apartment, Outside City Center (Monthly)

$365 COP 1.3M

$1,850 ISK 229.8K

-80.26%

3-bedroom Apartment, City Center (Monthly)

$827 COP 2.8M

$4,743 ISK 589.4K

-82.57%

3-bedroom Apartment, Outside City Center (Monthly)

$730 COP 2.5M

$3,653 ISK 453.9K

-80.01%

Buy Apartment in City Center (m2)

$2,992 COP 10.3M

Buy Apartment Outside City Center (m2)

$1,314 COP 4.5M

Average Monthly Net Salary (After Tax)

$551 COP 1.9M

$5,661 ISK 703.4K

-90.27%

20-Year Fixed Mortgage Interest Rate (Annual %)

13.43

9.63

39.46%

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

Last update for Medellin: June 15, 2026

Last update for Akranes: June 13, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $485 in Medellin and $3,028 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 928% 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: $33.00 in Medellin vs $146 in Akranes for a mid-range dinner for two. Groceries echo the gap at $190 vs $568 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

Medellin vs Akranes: Cost of Living - Frequently Asked Questions

Medellin wins on cost – living expenses run 241% lower than in Akranes. Housing and daily spending are where you'll feel the difference most, making Medellin the obvious pick if budget is a priority.

On paper, salaries run 928% lower in Akranes. That's worth factoring in alongside costs, though remote workers earning in a stronger currency may not notice the difference at all.

Rent for a central apartment: $485 in Medellin versus $3,028 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $1,028 per month in Medellin versus $3,503 in Akranes – a 241% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Medellin runs roughly 80% less than in Akranes. Both cities have functional networks, but the price difference matters if you're watching your budget.

At $1,028 in Medellin versus $3,503 in Akranes, a $1,500 budget is realistic in Medellin but tight or insufficient in Akranes. 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 $1,028 monthly. If stretching your runway or maximizing savings is the goal, the price difference makes Medellin hard to pass up.

Safety-wise, Medellin and Akranes 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 241% less than in Akranes. Beyond cost, consider language, visa policies, and how big the international community is in each city.