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: $1,034 in Medellin versus $3,434 in Akranes.

Estimated couple costs with rent: $1,577 in Medellin versus $5,592 in Akranes.

Monthly costs for a family of three with rent: $2,120 in Medellin versus $7,750 in Akranes.

Living in Medellin costs roughly 70% less than in Akranes, driven mainly by Groceries & Markets.

The two cities straddle the global median: Medellin is 23% below, Akranes is 156% above.

Meal at Budget Restaurant

$5.92 COP 21.4K

$27.17 ISK 3,327

-78.21%

Three-Course Dinner for Two, Mid-Range

$32.75 COP 118.2K

$145 ISK 17.7K

-77.38%

Fast Food Meal (McDonalds, etc)

$7.20 COP 26.0K

$22.07 ISK 2,702

-67.38%

Cappuccino

$1.70 COP 6,140

$6.13 ISK 751

-72.27%

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

$1.10 COP 3,966

$3.14 ISK 384

-64.97%

Water (0.33 liter bottle)

$0.72 COP 2,605

$2.36 ISK 289

-69.49%

Local Beer (0.5 liter draught)

$1.67 COP 6,022

$10.54 ISK 1,290

-84.16%

Imported Beer (0.33 liter bottle)

$3.10 COP 11.2K

$8.14 ISK 997

-61.92%

Milk (1 liter)

$1.06 COP 3,809

$1.92 ISK 235

-44.79%

White Bread (500g)

$1.25 COP 4,497

$2.07 ISK 253

-39.61%

Rice (white) (1kg)

$1.39 COP 5,022

$3.59 ISK 439

-61.28%

Eggs

$2.26 COP 8,168

$6.11 ISK 748

-63.01%

Local Cheese (1kg)

$4.33 COP 15.6K

$17.93 ISK 2,195

-75.85%

Chicken Fillets (1kg)

$5.84 COP 21.1K

$24.18 ISK 2,961

-75.85%

Beef Round Steak (1kg)

$8.83 COP 31.9K

$43.23 ISK 5,294

-79.57%

Apples (1kg)

$2.24 COP 8,099

$3.26 ISK 400

-31.29%

Banana (1kg)

$1.08 COP 3,882

$2.42 ISK 296

-55.37%

Oranges (1kg)

$1.53 COP 5,522

$2.98 ISK 364

-48.66%

Tomato (1kg)

$1.37 COP 4,950

$4.93 ISK 603

-72.21%

Potato (1kg)

$1.13 COP 4,078

$3.56 ISK 435

-68.26%

Onion (1kg)

$1.12 COP 4,036

$2.32 ISK 284

-51.72%

Lettuce (1 head)

$0.85 COP 3,057

$3.05 ISK 374

-72.13%

Water (1.5 liter bottle)

$0.91 COP 3,281

$1.93 ISK 236

-52.85%

Cigarettes 20 Pack (Marlboro, Camel)

$2.33 COP 8,414

$13.70 ISK 1,677

-82.99%

Wine (Bottle)

$11.13 COP 40.2K

$22.69 ISK 2,779

-50.95%

Local Beer (0.5 liter bottle)

$1.19 COP 4,309

$2.75 ISK 337

-56.73%

Imported Beer (0.33 liter bottle)

$2.37 COP 8,553

$1.98 ISK 242

19.70%

One-way Ticket (Public Transport)

$0.79 COP 2,838

$3.67 ISK 449

-78.47%

Public Transport Monthly Pass (Regular Price)

$41.13 COP 148.5K

$73.5 ISK 9,002

-44.06%

Taxi Start (Normal Tariff)

$1.44 COP 5,184

$6.52 ISK 798

-77.91%

Taxi (Normal Tariff) (1km)

$1.91 COP 6,901

$1.05 ISK 128

81.90%

Taxi 1hour Waiting (Normal Tariff)

$8.02 COP 28.9K

$86.4 ISK 10.6K

-90.72%

Gasoline (1 liter)

$0.94 COP 3,385

$2.56 ISK 314

-63.28%

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

$17.9K COP 64.7M

$47.6K ISK 5.8M

-62.38%

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

$26.8K COP 96.7M

$52.3K ISK 6.4M

-48.74%

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

$84.0 COP 303.1K

$87.7 ISK 10.7K

-4.26%

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

$9.60 COP 34.7K

$27.18 ISK 3,327

-64.68%

Internet (50+ Mbps, Unlimited Data)

$24.16 COP 87.2K

$87.0 ISK 10.7K

-72.24%

Gym Membership (Monthly)

$25.88 COP 93.4K

Tennis Court (1 Hour on Weekend)

$19.04 COP 68.7K

Cinema Ticket

$3.92 COP 14.1K

$17.80 ISK 2,180

-77.98%

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

$306 COP 1.1M

$327 ISK 40.0K

-6.24%

International Primary School, 1 Child (Yearly)

$5,919 COP 21.4M

$30.4K ISK 3.7M

-80.51%

Jeans (Levis 501 Or Similar)

$57.9 COP 209.1K

$140 ISK 17.1K

-58.59%

Summer Dress (H&M, Zara, etc)

$31.82 COP 114.9K

$61.9 ISK 7,583

-48.63%

Sport Shoes (Adidas, Nike)

$99.9 COP 360.6K

$179 ISK 21.9K

-44.17%

Men's Leather Business Shoes

$107 COP 386.8K

$263 ISK 32.2K

-59.25%

1-bedroom Apartment, City Center (Monthly)

$487 COP 1.8M

$2,958 ISK 362.2K

-83.54%

1-bedroom Apartment, Outside City Center (Monthly)

$368 COP 1.3M

$1,833 ISK 224.5K

-79.92%

3-bedroom Apartment, City Center (Monthly)

$826 COP 3.0M

$4,728 ISK 578.9K

-82.54%

3-bedroom Apartment, Outside City Center (Monthly)

$716 COP 2.6M

$3,569 ISK 437.0K

-79.94%

Buy Apartment in City Center (m2)

$2,925 COP 10.6M

Buy Apartment Outside City Center (m2)

$1,407 COP 5.1M

Average Monthly Net Salary (After Tax)

$546 COP 2.0M

$5,650 ISK 691.8K

-90.34%

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: April 27, 2026

Last update for Akranes: April 25, 2026

Cost Breakdown

A one-bedroom apartment in the center runs $487 in Medellin and $2,958 in Akranes. Housing cost is often the main lever when comparing two cities.

Akranes pays 936% 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 $145 in Akranes for a mid-range dinner for two. Groceries echo the gap at $190 vs $564 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 232% 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, Akranes earns 936% less. 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: $487 in Medellin versus $2,958 in Akranes. Housing is usually the single largest factor when comparing overall living costs between the two.

All in, you'll spend $1,034 per month in Medellin versus $3,434 in Akranes – a 232% gap that adds up to real savings over time for anyone picking the cheaper option.

A monthly transit pass in Medellin runs roughly 79% less than in Akranes. Both cities have functional networks, but the price difference matters if you're watching your budget.

At $1,034 in Medellin versus $3,434 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 $1,034 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 232% less than in Akranes. Beyond cost, consider language, visa policies, and how big the international community is in each city.