Cost of Living Comparison Between Medellin and Akureyri Cost of Living Comparison Between Medellin and Akureyri

Monthly Cost of Living

A single person spends $1,031 per month in Medellin vs $2,878 in Akureyri, rent included.

A couple spends around $1,599 per month in Medellin vs $3,875 in Akureyri, rent included.

A family of three spends $2,167 per month in Medellin vs $4,871 in Akureyri, rent included.

Medellin is about 64% cheaper than Akureyri, driven mainly by Eating Out.

Medellin sits 23% below the global median, while Akureyri is 115% above – they fall on opposite sides of the world average.

Meal at Budget Restaurant

$6.16 COP 20.1K

$23.99 ISK 2,989

-74.32%

Three-Course Dinner for Two, Mid-Range

$32.60 COP 106.1K

$129 ISK 16.1K

-74.70%

Fast Food Meal (McDonalds, etc)

$7.34 COP 23.9K

$22.32 ISK 2,781

-67.11%

Cappuccino

$1.72 COP 5,599

$4.83 ISK 602

-64.39%

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

$1.05 COP 3,420

$3.39 ISK 422

-69.03%

Water (0.33 liter bottle)

$0.77 COP 2,515

$3.07 ISK 383

-74.92%

Local Beer (0.5 liter draught)

$1.69 COP 5,487

$10.69 ISK 1,332

-84.19%

Imported Beer (0.33 liter bottle)

$3.17 COP 10.3K

$9.08 ISK 1,132

-65.09%

Milk (1 liter)

$1.05 COP 3,423

$2.76 ISK 344

-61.96%

White Bread (500g)

$1.30 COP 4,236

$2.28 ISK 284

-42.98%

Rice (white) (1kg)

$1.40 COP 4,544

$3.00 ISK 374

-53.33%

Eggs

$2.16 COP 7,046

$7.93 ISK 988

-72.76%

Local Cheese (1kg)

$4.39 COP 14.3K

Chicken Fillets (1kg)

$5.88 COP 19.1K

$23.73 ISK 2,956

-75.22%

Beef Round Steak (1kg)

$8.64 COP 28.1K

Apples (1kg)

$2.28 COP 7,425

Banana (1kg)

$1.11 COP 3,603

Oranges (1kg)

$1.53 COP 4,982

Tomato (1kg)

$1.35 COP 4,410

Potato (1kg)

$1.13 COP 3,674

Onion (1kg)

$1.13 COP 3,692

Lettuce (1 head)

$0.85 COP 2,753

Water (1.5 liter bottle)

$0.91 COP 2,975

Cigarettes 20 Pack (Marlboro, Camel)

$2.34 COP 7,629

$13.56 ISK 1,689

-82.74%

Wine (Bottle)

$12.37 COP 40.3K

Local Beer (0.5 liter bottle)

$1.20 COP 3,909

Imported Beer (0.33 liter bottle)

$2.49 COP 8,104

One-way Ticket (Public Transport)

$0.84 COP 2,727

Public Transport Monthly Pass (Regular Price)

$40.57 COP 132.1K

Taxi Start (Normal Tariff)

$1.42 COP 4,623

Taxi (Normal Tariff) (1km)

$1.92 COP 6,235

Taxi 1hour Waiting (Normal Tariff)

$7.66 COP 24.9K

Gasoline (1 liter)

$0.99 COP 3,223

$2.54 ISK 317

-61.02%

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

$18.0K COP 58.7M

$40.4K ISK 5.0M

-55.40%

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

$26.6K COP 86.7M

$64.1K ISK 8.0M

-58.44%

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

$80.8 COP 263.1K

$120 ISK 15.0K

-32.79%

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

$9.95 COP 32.4K

$25.14 ISK 3,133

-60.42%

Internet (50+ Mbps, Unlimited Data)

$24.18 COP 78.7K

$160 ISK 19.9K

-84.88%

Gym Membership (Monthly)

$25.08 COP 81.6K

$84.0 ISK 10.5K

-70.13%

Tennis Court (1 Hour on Weekend)

$19.15 COP 62.3K

Cinema Ticket

$3.98 COP 13.0K

$15.09 ISK 1,880

-73.62%

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

$305 COP 993.4K

$367 ISK 45.7K

-16.80%

International Primary School, 1 Child (Yearly)

$6,059 COP 19.7M

Jeans (Levis 501 Or Similar)

$58.1 COP 189.2K

$82.0 ISK 10.2K

-29.08%

Summer Dress (H&M, Zara, etc)

$32.20 COP 104.8K

Sport Shoes (Adidas, Nike)

$101 COP 327.9K

$119 ISK 14.9K

-15.51%

Men's Leather Business Shoes

$108 COP 350.8K

1-bedroom Apartment, City Center (Monthly)

$477 COP 1.6M

$1,774 ISK 221.1K

-73.14%

1-bedroom Apartment, Outside City Center (Monthly)

$376 COP 1.2M

$1,782 ISK 222.0K

-78.89%

3-bedroom Apartment, City Center (Monthly)

$845 COP 2.7M

3-bedroom Apartment, Outside City Center (Monthly)

$730 COP 2.4M

$2,084 ISK 259.7K

-64.96%

Buy Apartment in City Center (m2)

$3,215 COP 10.5M

$6,329 ISK 788.6K

-49.20%

Buy Apartment Outside City Center (m2)

$1,372 COP 4.5M

$6,340 ISK 790.0K

-78.36%

Average Monthly Net Salary (After Tax)

$617 COP 2.0M

20-Year Fixed Mortgage Interest Rate (Annual %)

13.43

9.4

42.87%

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

Last update for Medellin: July 12, 2026

Last update for Akureyri: July 13, 2026

Cost Breakdown

A central one-bedroom costs $477 in Medellin versus $1,774 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 $33.00 in Medellin versus $129 in Akureyri. Monthly groceries follow the same trend: $193 vs $213 – making Medellin the more affordable choice for daily food spending.

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 179%, and the gap shows up most in Eating Out. It's not just housing either; the difference applies across most spending categories.

For a comfortable life, plan on about $1,546 per month in Medellin and $4,317 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. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

A mid-range dinner for two costs $33.00 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 it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A $1,500 monthly budget goes further in Medellin, where all-in costs run around $1,031, than in Akureyri at $2,878. In Medellin it covers expenses comfortably, while in Akureyri it requires careful planning or may not stretch far enough.

Families tend to lean toward Medellin – lower housing and cheaper childcare make a real difference, especially on a single income or when paying for private education.

Both have safer and rougher neighborhoods, but overall safety is comparable to other large cities. Neighborhood choice matters more than the city-level comparison – central, well-trafficked areas feel secure in both.

If budget matters most, go with Medellin. If higher salaries, better infrastructure, or specific career opportunities are the priority, Akureyri makes more sense. Both are solid long-term options with distinct trade-offs.