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: $1,681 in Medellin versus $3,696 in Akranes.

Estimated couple costs with rent: $2,445 in Medellin versus $5,877 in Akranes.

Monthly costs for a family of three with rent: $3,210 in Medellin versus $8,058 in Akranes.

Living in Medellin costs roughly 55% less than in Akranes, driven mainly by Eating Out.

Both cities are pricier than the global median: Medellin 23% above, Akranes 170% above.

Meal at Budget Restaurant

$8.02 COP 25.0K

$29.64 ISK 3,610

-72.94%

Three-Course Dinner for Two, Mid-Range

$47.87 COP 149.4K

$137 ISK 16.7K

-65.09%

Fast Food Meal (McDonalds, etc)

$9.89 COP 30.8K

$26.36 ISK 3,210

-62.48%

Cappuccino

$3.13 COP 9,767

$6.09 ISK 742

-48.60%

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

$1.91 COP 5,954

$3.32 ISK 404

-42.47%

Water (0.33 liter bottle)

$1.51 COP 4,712

$2.54 ISK 309

-40.55%

Local Beer (0.5 liter draught)

$3.12 COP 9,747

$10.76 ISK 1,311

-71.00%

Imported Beer (0.33 liter bottle)

$5.75 COP 17.9K

$8.27 ISK 1,007

-30.47%

Milk (1 liter)

$1.44 COP 4,509

$2.13 ISK 259

-32.39%

White Bread (500g)

$2.49 COP 7,759

$2.10 ISK 256

18.57%

Rice (white) (1kg)

$1.77 COP 5,535

$3.55 ISK 432

-50.14%

Eggs

$2.96 COP 9,235

$6.17 ISK 751

-52.03%

Local Cheese (1kg)

$10.07 COP 31.4K

$20.99 ISK 2,557

-52.02%

Chicken Fillets (1kg)

$10.12 COP 31.6K

$24.68 ISK 3,006

-59.00%

Beef Round Steak (1kg)

$14.30 COP 44.6K

$41.49 ISK 5,053

-65.53%

Apples (1kg)

$4.14 COP 12.9K

$3.45 ISK 420

20.00%

Banana (1kg)

$1.61 COP 5,019

$2.77 ISK 337

-41.88%

Oranges (1kg)

$2.25 COP 7,007

$3.28 ISK 399

-31.40%

Tomato (1kg)

$2.25 COP 7,028

$5.02 ISK 611

-55.18%

Potato (1kg)

$2.04 COP 6,375

$4.05 ISK 493

-49.63%

Onion (1kg)

$1.54 COP 4,790

$1.69 ISK 206

-8.88%

Lettuce (1 head)

$1.17 COP 3,651

$3.79 ISK 462

-69.13%

Water (1.5 liter bottle)

$1.31 COP 4,077

$1.84 ISK 224

-28.80%

Cigarettes 20 Pack (Marlboro, Camel)

$3.90 COP 12.2K

$14.24 ISK 1,735

-72.61%

Wine (Bottle)

$14.01 COP 43.7K

$24.31 ISK 2,961

-42.37%

Local Beer (0.5 liter bottle)

$1.74 COP 5,439

$2.96 ISK 360

-41.22%

Imported Beer (0.33 liter bottle)

$2.87 COP 8,956

$2.11 ISK 257

36.02%

One-way Ticket (Public Transport)

$1.22 COP 3,792

$3.79 ISK 461

-67.81%

Public Transport Monthly Pass (Regular Price)

$80.5 COP 251.1K

$74.6 ISK 9,090

7.84%

Taxi Start (Normal Tariff)

$1.31 COP 4,084

$6.86 ISK 836

-80.90%

Taxi (Normal Tariff) (1km)

$2.19 COP 6,825

$1.27 ISK 155

72.44%

Taxi 1hour Waiting (Normal Tariff)

$8.71 COP 27.2K

$75.0 ISK 9,135

-88.39%

Gasoline (1 liter)

$1.37 COP 4,260

$2.00 ISK 243

-31.50%

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

$27.8K COP 86.9M

$51.3K ISK 6.2M

-45.73%

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

$35.8K COP 111.6M

$54.4K ISK 6.6M

-34.26%

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

$177 COP 553.2K

$86.5 ISK 10.5K

104.99%

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

$13.88 COP 43.3K

$33.37 ISK 4,064

-58.41%

Internet (50+ Mbps, Unlimited Data)

$29.72 COP 92.8K

$82.9 ISK 10.1K

-64.15%

Gym Membership (Monthly)

$44.88 COP 140.1K

$103 ISK 12.5K

-56.32%

Tennis Court (1 Hour on Weekend)

$17.12 COP 53.4K

Cinema Ticket

$6.65 COP 20.7K

$19.79 ISK 2,410

-66.40%

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

$813 COP 2.5M

$1,180 ISK 143.8K

-31.14%

International Primary School, 1 Child (Yearly)

$9,187 COP 28.7M

$30.5K ISK 3.7M

-69.85%

Jeans (Levis 501 Or Similar)

$89.5 COP 279.3K

$156 ISK 19.1K

-42.80%

Summer Dress (H&M, Zara, etc)

$59.0 COP 184.0K

$65.7 ISK 8,000

-10.22%

Sport Shoes (Adidas, Nike)

$138 COP 431.2K

$181 ISK 22.0K

-23.65%

Men's Leather Business Shoes

$102 COP 318.7K

$251 ISK 30.6K

-59.39%

1-bedroom Apartment, City Center (Monthly)

$1,062 COP 3.3M

$3,048 ISK 371.3K

-65.16%

1-bedroom Apartment, Outside City Center (Monthly)

$663 COP 2.1M

$1,882 ISK 229.2K

-64.78%

3-bedroom Apartment, City Center (Monthly)

$1,888 COP 5.9M

$4,893 ISK 596.0K

-61.41%

3-bedroom Apartment, Outside City Center (Monthly)

$1,027 COP 3.2M

$3,735 ISK 454.9K

-72.50%

Buy Apartment in City Center (m2)

$4,183 COP 13.1M

Buy Apartment Outside City Center (m2)

$1,675 COP 5.2M

Average Monthly Net Salary (After Tax)

$678 COP 2.1M

$5,863 ISK 714.1K

-88.44%

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

8.88

23.20%

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

Last update for Medellin: September 14, 2026

Last update for Akranes: September 14, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $1,062 in Medellin and $3,048 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 765% 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: $48.00 in Medellin vs $137 in Akranes for a mid-range dinner for two. Groceries echo the gap at $305 vs $584 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 120% 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 765% 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: $1,062 in Medellin versus $3,048 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $1,681 per month in Medellin versus $3,696 in Akranes – a 120% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Medellin runs roughly 8% less than in Akranes. Both cities have functional networks, but the price difference matters if you're watching your budget.

At $1,681 in Medellin versus $3,696 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 work as nomad bases, but Medellin delivers better value – similar infrastructure at $1,681 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 120% less than in Akranes. Beyond cost, consider language, visa policies, and how big the international community is in each city.