Last update: Oct 2026

Cost of Living Comparison Between Medellin and Akranes

For one person, living is cheaper in Medellin: $1,639 a month against $3,713 in Akranes, rent and utilities included – about $24,900 less a year. Rent and utilities account for most of the difference.

79

Cost of Living Index in Medellin
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Medellin Living Index
179

Cost of Living Index in Akranes
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Akranes Living Index

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Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Akranes

🇮🇸 Iceland

$3,713

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Akranes

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

Monthly costs for one person with rent: $1,639 in Medellin versus $3,713 in Akranes.

Medellin $1,639
Akranes $3,713

Estimated couple costs with rent: $2,413 in Medellin versus $5,859 in Akranes.

Medellin $2,413
Akranes $5,859

Monthly costs for a family of three with rent: $3,186 in Medellin versus $8,006 in Akranes.

Medellin $3,186
Akranes $8,006

Living in Medellin costs roughly 56% less than in Akranes, and outside of rent the biggest gap is in eating out.

Both cities are pricier than the global median: Medellin 20% above, Akranes 173% above.

Meal at Budget Restaurant

$8.09 COP 26.1K

$31.70 ISK 3,848

-74.48%

Three-Course Dinner for Two, Mid-Range

$47.05 COP 151.9K

$123 ISK 15.0K

-61.85%

Fast Food Meal (McDonalds, etc)

$9.50 COP 30.7K

$26.72 ISK 3,243

-64.45%

Cappuccino

$3.01 COP 9,735

$6.01 ISK 730

-49.92%

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

$1.80 COP 5,809

$3.19 ISK 388

-43.57%

Water (0.33 liter bottle)

$1.41 COP 4,561

$2.51 ISK 304

-43.82%

Local Beer (0.5 liter draught)

$3.18 COP 10.3K

$10.69 ISK 1,298

-70.25%

Imported Beer (0.33 liter bottle)

$5.75 COP 18.6K

$8.10 ISK 984

-29.01%

Milk (1 liter)

$1.51 COP 4,876

$2.10 ISK 255

-28.10%

White Bread (500g)

$2.38 COP 7,678

$2.04 ISK 248

16.67%

Rice (white) (1kg)

$1.77 COP 5,720

$3.71 ISK 451

-52.29%

Eggs

$2.89 COP 9,333

$6.26 ISK 760

-53.83%

Local Cheese (1kg)

$10.19 COP 32.9K

$20.35 ISK 2,470

-49.93%

Chicken Fillets (1kg)

$9.87 COP 31.9K

$24.72 ISK 3,001

-60.07%

Beef Round Steak (1kg)

$13.99 COP 45.2K

$42.16 ISK 5,119

-66.82%

Apples (1kg)

$3.97 COP 12.8K

$3.30 ISK 400

20.30%

Banana (1kg)

$1.55 COP 5,012

$2.72 ISK 330

-43.01%

Oranges (1kg)

$2.18 COP 7,048

$3.23 ISK 392

-32.51%

Tomato (1kg)

$2.18 COP 7,051

$4.89 ISK 593

-55.42%

Potato (1kg)

$1.96 COP 6,337

$3.82 ISK 463

-48.69%

Onion (1kg)

$1.59 COP 5,132

$1.71 ISK 207

-7.02%

Lettuce (1 head)

$1.15 COP 3,699

$3.65 ISK 443

-68.49%

Water (1.5 liter bottle)

$1.24 COP 4,014

$1.81 ISK 220

-31.49%

Cigarettes 20 Pack (Marlboro, Camel)

$3.96 COP 12.8K

$13.90 ISK 1,687

-71.51%

Wine (Bottle)

$13.68 COP 44.2K

$23.57 ISK 2,862

-41.96%

Local Beer (0.5 liter bottle)

$1.66 COP 5,359

$2.88 ISK 350

-42.36%

Imported Beer (0.33 liter bottle)

$2.26 COP 7,291

$2.07 ISK 251

9.18%

One-way Ticket (Public Transport)

$1.17 COP 3,771

$3.61 ISK 439

-67.59%

Public Transport Monthly Pass (Regular Price)

$77.4 COP 249.8K

$72.3 ISK 8,778

7.01%

Taxi Start (Normal Tariff)

$1.27 COP 4,094

$6.55 ISK 795

-80.61%

Taxi (Normal Tariff) (1km)

$2.05 COP 6,612

$1.25 ISK 152

64.00%

Taxi 1hour Waiting (Normal Tariff)

$8.55 COP 27.6K

$81.9 ISK 9,944

-89.56%

Gasoline (1 liter)

$1.35 COP 4,349

$2.08 ISK 252

-35.10%

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

$34.1K COP 110.0M

$67.8K ISK 8.2M

-49.77%

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

$34.7K COP 111.9M

$54.6K ISK 6.6M

-36.45%

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

$170 COP 547.8K

$96.4 ISK 11.7K

76.04%

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

$13.55 COP 43.8K

$33.29 ISK 4,041

-59.30%

Internet (50+ Mbps, Unlimited Data)

$28.07 COP 90.6K

$85.0 ISK 10.3K

-66.99%

Gym Membership (Monthly)

$43.70 COP 141.1K

$104 ISK 12.6K

-58.05%

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.5K

Cinema Ticket

$6.91 COP 22.3K

$19.29 ISK 2,342

-64.18%

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

$797 COP 2.6M

$1,205 ISK 146.3K

-33.90%

International Primary School, 1 Child (Yearly)

$9,112 COP 29.4M

$26.1K ISK 3.2M

-65.03%

Jeans (Levis 501 Or Similar)

$84.7 COP 273.5K

$150 ISK 18.2K

-43.39%

Summer Dress (H&M, Zara, etc)

$58.0 COP 187.2K

$67.1 ISK 8,147

-13.63%

Sport Shoes (Adidas, Nike)

$135 COP 435.8K

$179 ISK 21.7K

-24.65%

Men's Leather Business Shoes

$97.9 COP 316.0K

$246 ISK 29.8K

-60.18%

1-bedroom Apartment, City Center (Monthly)

$1,208 COP 3.9M

$3,064 ISK 372.0K

-60.58%

1-bedroom Apartment, Outside City Center (Monthly)

$642 COP 2.1M

$1,889 ISK 229.3K

-66.04%

3-bedroom Apartment, City Center (Monthly)

$2,028 COP 6.5M

$5,013 ISK 608.6K

-59.55%

3-bedroom Apartment, Outside City Center (Monthly)

$1,012 COP 3.3M

$3,654 ISK 443.6K

-72.31%

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)

$657 COP 2.1M

$5,704 ISK 692.5K

-88.48%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

8.81

24.18%

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

Last update for Medellin: October 25, 2026

Last update for Akranes: October 27, 2026

Monthly budget structure

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

Accommodation & Living

Medellin

$642 39.1%

Akranes

$1.9K 50.9% 195% $1.2K

Groceries & Markets

Medellin

$297 18.1%

Akranes

$579 15.6% 95.1% $282

Monthly Utilities & Internet

Medellin

$211 12.9%

Akranes

$215 5.8% 1.6% $3.4

Eating Out

Medellin

$170 10.4%

Akranes

$498 13.4% 194% $329

Clothing & Footwear

Medellin

$169 10.3%

Akranes

$289 7.8% 70.9% $120

Getting Around

Medellin

$94 5.7%

Akranes

$100 2.7% 6.4% $6

Sport & Entertainment

Medellin

$58 3.5%

Akranes

$143 3.9% 148% $85

Cost Breakdown

A one-bedroom apartment in the center runs $1,208 in Medellin and $3,064 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays about 8.7 times more on average. How far that income stretches comes down to housing choices and lifestyle.

Dining out: $47 in Medellin vs $123 in Akranes for a mid-range dinner for two. Groceries echo the gap at $297 vs $579 per month, with Medellin cheaper across the board.

Good to know

🇨🇴 Medellin

🇮🇸 Akranes

🕒 Local time

04:19 4:19 AM

09:19 9:19 AM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

7,800

💱 Currency

Colombian Peso COP $

Icelandic Króna ISK kr

📈 Exchange rate

10,000 COP = 3.1 USD

10,000 COP = 2.78 EUR

1,000 ISK = 8.24 USD

1,000 ISK = 7.38 EUR

Exchange rates and currency converter

ISK, USD, EUR to COP – Colombian Peso Converter

🇺🇸 United States Dollar ($)

🇨🇴 Colombian Peso ($)

Colombian Peso exchange rates as of November 2, 2026: 1 USD = 3,229 COP (10,000 COP = 3.1 USD). 1 EUR = 3,603 COP (10,000 COP = 2.78 EUR).

Icelandic Króna exchange rates as of November 2, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 135 ISK (1,000 ISK = 7.38 EUR).

USD to COP in detail →

On the map

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Between locations

Medellin Akranes 7,700 km ≈ 10 h nonstop flight

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Medellin
Akranes

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

Medellin vs Akranes: Cost of Living - Frequently Asked Questions

Medellin wins on cost – living expenses run 56% 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 88% lower in Medellin. 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: $1,208 in Medellin versus $3,064 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you’ll spend $1,639 per month in Medellin versus $3,713 in Akranes – Medellin is about 56% cheaper, which adds up to real savings over time.

A monthly transit pass in Akranes runs roughly 7% less than in Medellin. The price difference matters if you commute daily and watch your budget.

At $1,639 in Medellin versus $3,713 in Akranes, a $2,500 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 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, Akranes on earning potential. Factor in climate, language, visa rules, and proximity to places that matter to you before deciding.