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: $1,003 in Medellin versus $3,536 in Akranes.

Estimated couple costs with rent: $1,573 in Medellin versus $5,655 in Akranes.

Monthly costs for a family of three with rent: $2,143 in Medellin versus $7,774 in Akranes.

Living in Medellin costs roughly 72% less than in Akranes, driven mainly by Groceries & Markets.

The two cities straddle the global median: Medellin is 25% below, Akranes is 166% above.

Meal at Budget Restaurant

$5.91 COP 18.6K

$26.91 ISK 3,326

-78.04%

Three-Course Dinner for Two, Mid-Range

$32.96 COP 103.8K

$146 ISK 18.1K

-77.50%

Fast Food Meal (McDonalds, etc)

$7.43 COP 23.4K

$22.78 ISK 2,816

-67.38%

Cappuccino

$1.65 COP 5,207

$5.95 ISK 736

-72.27%

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

$1.10 COP 3,468

$3.25 ISK 402

-66.15%

Water (0.33 liter bottle)

$0.78 COP 2,458

$2.35 ISK 291

-66.81%

Local Beer (0.5 liter draught)

$1.72 COP 5,412

$10.47 ISK 1,294

-83.57%

Imported Beer (0.33 liter bottle)

$3.18 COP 10.0K

$7.99 ISK 988

-60.20%

Milk (1 liter)

$1.10 COP 3,474

$1.93 ISK 238

-43.01%

White Bread (500g)

$1.26 COP 3,962

$2.03 ISK 251

-37.93%

Rice (white) (1kg)

$1.38 COP 4,349

$3.59 ISK 443

-61.56%

Eggs

$2.18 COP 6,858

$6.12 ISK 756

-64.38%

Local Cheese (1kg)

$4.49 COP 14.1K

$17.79 ISK 2,198

-74.76%

Chicken Fillets (1kg)

$5.79 COP 18.2K

$24.14 ISK 2,983

-76.01%

Beef Round Steak (1kg)

$8.97 COP 28.2K

$41.83 ISK 5,170

-78.56%

Apples (1kg)

$2.32 COP 7,308

$3.37 ISK 417

-31.16%

Banana (1kg)

$1.06 COP 3,352

$2.51 ISK 311

-57.77%

Oranges (1kg)

$1.52 COP 4,774

$3.12 ISK 386

-51.28%

Tomato (1kg)

$1.36 COP 4,270

$4.80 ISK 593

-71.67%

Potato (1kg)

$1.13 COP 3,552

$3.67 ISK 453

-69.21%

Onion (1kg)

$1.17 COP 3,689

$2.31 ISK 286

-49.35%

Lettuce (1 head)

$0.90 COP 2,838

$3.03 ISK 375

-70.30%

Water (1.5 liter bottle)

$0.90 COP 2,823

$2.00 ISK 247

-55.00%

Cigarettes 20 Pack (Marlboro, Camel)

$2.23 COP 7,034

$13.81 ISK 1,707

-83.85%

Wine (Bottle)

$12.12 COP 38.2K

$22.94 ISK 2,835

-47.17%

Local Beer (0.5 liter bottle)

$1.19 COP 3,743

$2.88 ISK 356

-58.68%

Imported Beer (0.33 liter bottle)

$2.48 COP 7,815

$2.05 ISK 253

20.98%

One-way Ticket (Public Transport)

$0.85 COP 2,687

$3.56 ISK 440

-76.12%

Public Transport Monthly Pass (Regular Price)

$41.62 COP 131.0K

$71.3 ISK 8,813

-41.63%

Taxi Start (Normal Tariff)

$1.42 COP 4,459

$6.30 ISK 778

-77.46%

Taxi (Normal Tariff) (1km)

$1.95 COP 6,141

$1.06 ISK 131

83.96%

Taxi 1hour Waiting (Normal Tariff)

$7.89 COP 24.8K

$85.3 ISK 10.5K

-90.75%

Gasoline (1 liter)

$0.99 COP 3,118

$2.54 ISK 314

-61.02%

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

$17.6K COP 55.4M

$46.8K ISK 5.8M

-62.36%

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

$26.8K COP 84.4M

$52.5K ISK 6.5M

-48.92%

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

$83.0 COP 261.4K

$88.4 ISK 10.9K

-6.07%

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

$9.70 COP 30.5K

$27.48 ISK 3,396

-64.70%

Internet (50+ Mbps, Unlimited Data)

$23.52 COP 74.1K

$86.9 ISK 10.7K

-72.93%

Gym Membership (Monthly)

$25.26 COP 79.5K

Tennis Court (1 Hour on Weekend)

$19.10 COP 60.1K

Cinema Ticket

$3.95 COP 12.4K

$17.65 ISK 2,181

-77.62%

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

$316 COP 994.2K

$319 ISK 39.5K

-1.10%

International Primary School, 1 Child (Yearly)

$5,975 COP 18.8M

$29.8K ISK 3.7M

-79.92%

Jeans (Levis 501 Or Similar)

$60.0 COP 188.9K

$139 ISK 17.2K

-56.87%

Summer Dress (H&M, Zara, etc)

$31.82 COP 100.2K

$62.5 ISK 7,729

-49.11%

Sport Shoes (Adidas, Nike)

$102 COP 320.1K

$186 ISK 23.0K

-45.24%

Men's Leather Business Shoes

$107 COP 338.3K

$268 ISK 33.1K

-59.85%

1-bedroom Apartment, City Center (Monthly)

$475 COP 1.5M

$2,962 ISK 366.1K

-83.96%

1-bedroom Apartment, Outside City Center (Monthly)

$374 COP 1.2M

$1,880 ISK 232.3K

-80.10%

3-bedroom Apartment, City Center (Monthly)

$849 COP 2.7M

$4,874 ISK 602.4K

-82.58%

3-bedroom Apartment, Outside City Center (Monthly)

$719 COP 2.3M

$3,636 ISK 449.5K

-80.22%

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)

$624 COP 2.0M

$5,683 ISK 702.4K

-89.01%

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: July 27, 2026

Last update for Akranes: July 25, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $475 in Medellin and $2,962 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 810% 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 $193 vs $562 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 253% 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 810% 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: $475 in Medellin versus $2,962 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $1,003 per month in Medellin versus $3,536 in Akranes – a 253% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Medellin runs roughly 71% less than in Akranes. Both cities have functional networks, but the price difference matters if you're watching your budget.

At $1,003 in Medellin versus $3,536 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 $1,003 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 253% less than in Akranes. Beyond cost, consider language, visa policies, and how big the international community is in each city.