Last update: Oct 2026

Cost of Living Comparison Between Medellin and Akureyri

For one person, living is cheaper in Medellin: $1,639 a month against $3,106 in Akureyri, rent and utilities included – about $17,600 less a year. Rent and utilities account for most of the difference.

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Cost of Living Index in Medellin
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Medellin Living Index

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Medellin

🇨🇴 Colombia

$1,639

/mo nomad

Akureyri

🇮🇸 Iceland

$3,106

/mo nomad

Monthly Cost of Living

How much you'll spend in Medellin and in Akureyri

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 Akureyri actually costs, broken down by who's living it.

A single person spends $1,639 per month in Medellin vs $3,106 in Akureyri, rent included.

Medellin $1,639
Akureyri $3,106

A couple spends around $2,413 per month in Medellin vs $4,176 in Akureyri, rent included.

Medellin $2,413
Akureyri $4,176

A family of three spends $3,186 per month in Medellin vs $5,246 in Akureyri, rent included.

Medellin $3,186
Akureyri $5,246

Medellin is about 47% cheaper than Akureyri, and outside of rent the biggest gap is in eating out.

Both Medellin and Akureyri sit above the global median – Medellin by 20%, Akureyri by 128%.

Meal at Budget Restaurant

$8.09 COP 26.1K

$24.94 ISK 3,028

-67.56%

Three-Course Dinner for Two, Mid-Range

$47.05 COP 151.7K

$129 ISK 15.6K

-63.49%

Fast Food Meal (McDonalds, etc)

$9.50 COP 30.6K

$22.63 ISK 2,748

-58.02%

Cappuccino

$3.01 COP 9,722

$5.04 ISK 611

-40.28%

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

$1.80 COP 5,801

$3.35 ISK 406

-46.27%

Water (0.33 liter bottle)

$1.41 COP 4,554

$2.99 ISK 363

-52.84%

Local Beer (0.5 liter draught)

$3.18 COP 10.2K

$11.22 ISK 1,362

-71.66%

Imported Beer (0.33 liter bottle)

$5.75 COP 18.5K

$9.62 ISK 1,168

-40.23%

Milk (1 liter)

$1.51 COP 4,869

$2.77 ISK 337

-45.49%

White Bread (500g)

$2.38 COP 7,667

$2.32 ISK 282

2.59%

Rice (white) (1kg)

$1.77 COP 5,712

$3.14 ISK 382

-43.63%

Eggs

$2.89 COP 9,320

$7.65 ISK 928

-62.22%

Local Cheese (1kg)

$10.19 COP 32.9K

$15.85 ISK 1,925

-35.71%

Chicken Fillets (1kg)

$9.87 COP 31.8K

$24.82 ISK 3,013

-60.23%

Beef Round Steak (1kg)

$13.99 COP 45.1K

Apples (1kg)

$3.97 COP 12.8K

Banana (1kg)

$1.55 COP 5,005

$2.92 ISK 354

-46.92%

Oranges (1kg)

$2.18 COP 7,039

$3.45 ISK 419

-36.81%

Tomato (1kg)

$2.18 COP 7,041

$6.08 ISK 738

-64.14%

Potato (1kg)

$1.96 COP 6,328

Onion (1kg)

$1.59 COP 5,125

Lettuce (1 head)

$1.15 COP 3,694

Water (1.5 liter bottle)

$1.24 COP 4,009

Cigarettes 20 Pack (Marlboro, Camel)

$3.96 COP 12.8K

$13.71 ISK 1,664

-71.12%

Wine (Bottle)

$13.68 COP 44.1K

Local Beer (0.5 liter bottle)

$1.66 COP 5,352

Imported Beer (0.33 liter bottle)

$2.26 COP 7,281

One-way Ticket (Public Transport)

$1.17 COP 3,766

Public Transport Monthly Pass (Regular Price)

$77.4 COP 249.5K

Taxi Start (Normal Tariff)

$1.27 COP 4,089

Taxi (Normal Tariff) (1km)

$2.05 COP 6,603

Taxi 1hour Waiting (Normal Tariff)

$8.55 COP 27.6K

Gasoline (1 liter)

$1.35 COP 4,343

$2.59 ISK 314

-47.88%

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

$34.1K COP 109.8M

$41.3K ISK 5.0M

-17.46%

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

$34.7K COP 111.8M

$65.2K ISK 7.9M

-46.82%

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

$170 COP 547.0K

$121 ISK 14.7K

40.44%

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

$13.55 COP 43.7K

$25.21 ISK 3,061

-46.25%

Internet (50+ Mbps, Unlimited Data)

$28.07 COP 90.5K

$165 ISK 20.0K

-82.95%

Gym Membership (Monthly)

$43.70 COP 140.9K

$84.3 ISK 10.2K

-48.15%

Tennis Court (1 Hour on Weekend)

$17.19 COP 55.4K

Cinema Ticket

$6.91 COP 22.3K

$15.53 ISK 1,885

-55.51%

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

$797 COP 2.6M

$367 ISK 44.6K

117.01%

International Primary School, 1 Child (Yearly)

$9,112 COP 29.4M

Jeans (Levis 501 Or Similar)

$84.7 COP 273.2K

$80.8 ISK 9,810

4.84%

Summer Dress (H&M, Zara, etc)

$58.0 COP 186.9K

Sport Shoes (Adidas, Nike)

$135 COP 435.2K

$122 ISK 14.8K

10.51%

Men's Leather Business Shoes

$97.9 COP 315.6K

1-bedroom Apartment, City Center (Monthly)

$1,208 COP 3.9M

$1,835 ISK 222.7K

-34.17%

1-bedroom Apartment, Outside City Center (Monthly)

$642 COP 2.1M

$1,833 ISK 222.5K

-64.99%

3-bedroom Apartment, City Center (Monthly)

$2,028 COP 6.5M

3-bedroom Apartment, Outside City Center (Monthly)

$1,012 COP 3.3M

$2,186 ISK 265.4K

-53.72%

Buy Apartment in City Center (m2)

$4,170 COP 13.4M

$6,596 ISK 800.8K

-36.78%

Buy Apartment Outside City Center (m2)

$1,910 COP 6.2M

$6,483 ISK 787.1K

-70.53%

Average Monthly Net Salary (After Tax)

$657 COP 2.1M

20-Year Fixed Mortgage Interest Rate (Annual %)

10.94

9.4

16.38%

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

Last update for Medellin: October 25, 2026

Last update for Akureyri: October 25, 2026

Monthly budget structure

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

Accommodation & Living

Medellin

$642 39.1%

Akureyri

–

Groceries & Markets

Medellin

$297 18.1%

Akureyri

–

Monthly Utilities & Internet

Medellin

$211 12.9%

Akureyri

–

Eating Out

Medellin

$170 10.4%

Akureyri

–

Clothing & Footwear

Medellin

$169 10.3%

Akureyri

–

Getting Around

Medellin

$94 5.7%

Akureyri

–

Sport & Entertainment

Medellin

$58 3.5%

Akureyri

–

Cost Breakdown

A central one-bedroom costs $1,208 in Medellin versus $1,835 in Akureyri. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

A mid-range dinner for two costs $47 in Medellin versus $129 in Akureyri. Monthly groceries follow the same trend: $297 vs $327 – making Medellin the more affordable choice for daily food spending.

Good to know

🇨🇴 Medellin

🇮🇸 Akureyri

🕒 Local time

14:26 2:26 PM

19:26 7:26 PM

5 h ahead of Medellin

🌤 Weather

👥 Population

2,486,723

19,219

💱 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 1, 2026: 1 USD = 3,224 COP (10,000 COP = 3.1 USD). 1 EUR = 3,600 COP (10,000 COP = 2.78 EUR).

Icelandic Króna exchange rates as of November 1, 2026: 1 USD = 121 ISK (1,000 ISK = 8.24 USD). 1 EUR = 136 ISK (1,000 ISK = 7.38 EUR).

USD to COP in detail →

On the map

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Between locations

Medellin Akureyri 7,940 km ≈ 10 h nonstop flight

From you

Medellin
Akureyri

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 Akureyri: Cost of Living - Frequently Asked Questions

Yes – Akureyri is pricier by about 89%, and outside of rent the gap shows up most in eating out.

For a comfortable life, plan on about $2,459 per month in Medellin and $4,659 in Akureyri. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Medellin, especially for central apartments: a one-bedroom in the center costs $1,208 there versus $1,835 in Akureyri.

A mid-range dinner for two costs $47 in Medellin and $129 in Akureyri. That’s a good indicator of the overall restaurant and café pricing gap between the two cities.

Groceries cost about 10% more in Akureyri, though the gap depends on what you buy.

A $2,500 monthly budget goes further in Medellin, where all-in costs run around $1,639, than in Akureyri at $3,106. In Medellin it covers expenses comfortably, while in Akureyri it requires careful planning or may not stretch far enough.

For digital nomads, it depends on budget. Medellin costs $1,639 versus $3,106 in Akureyri. Both appeal to remote workers, and the cost gap matters when income varies month to month.